A Shopify Podcast To Grow Revenue And Loyalty
Welcome to another episode of eCommerce Fastlane. Today, our guest is Mike True, the Co-founder and CEO of Prescient AI.
In this episode, Mike explains how Prescient leverages historical spending data and advanced AI technologies to optimize marketing budgets beyond the usual platforms like Facebook and Google. He will share insights into Prescient AI’s solutions for tackling complex challenges such as data privacy, accurate sales attribution, and creating sophisticated media mixes, tailored specifically for eCommerce businesses earning over $10 million annually.
Mike underscores the importance of tracking time-series data and details the “halo effect,” where advertisements on one platform elevate sales on another. We’ll explore the transition from traditional marketing strategies to multi-touchpoint approaches in the digital age.
During the conversation, Mike shares a compelling case study on HexClad, illustrating the tangible benefits of Prescient’s solutions. He also highlights the seamless onboarding process enabled by pre-built integrations and sophisticated AI models. Additionally, Mike addresses how Prescient adapts to the emerging data privacy landscape, including Apple’s iOS updates and Google’s cookie policy changes.
Amid all the advancements in AI, Mike emphasizes that human intuition and creative insights remain invaluable.
Join us for an enlightening discussion on how Prescient AI is revolutionizing eCommerce marketing.
This is Mike True’s Story:
Mike is the co-founder and CEO of Prescient AI, a company that’s transforming how online stores enhance their marketing strategies. Mike’s background includes key roles at tech giants like App Annie, IBM, and Oracle, where he honed his skills in utilizing technology to drive business growth and increase revenue.
In 2020, Mike, along with his friend Cody, founded Prescient AI with a mission to tackle a significant challenge in the music industry: identifying which ads and events truly led to more song listeners. They developed an innovative system that could forecast a song’s success based on various marketing efforts.
Recognizing the broader potential of their solution, Mike and his team expanded their focus beyond the music industry to include all types of e-commerce businesses. They’ve since partnered with renowned brands like Good American and HexClad, helping them optimize their advertising budgets effectively.
Mike is passionate about educating businesses on leveraging AI to make smarter decisions. He aims to support online stores in thriving amidst the ever-evolving landscape of the internet and marketing. His ultimate goal is to simplify the process for companies to identify their most effective ads and continuously improve their marketing efforts.
Key Takeaways From Our Conversation:
1️⃣ AI-Driven Budget Optimization: Michael explains how Prescient AI utilizes historical spend data and sophisticated AI models to optimize future marketing decisions. Their approach considers factors such as seasonality and word-of-mouth impacts, helping brands maximize revenue, return on ad spend (ROAS), and optimize acquisition costs. The platform’s unique ability to identify halo effects and map out accurate saturation points enables more precise budget allocation across various marketing channels.
2️⃣ Navigating Data Privacy Challenges: The episode addresses critical issues in data privacy, including Apple’s iOS 14.5 update and Google’s cookie changes. Michael details how Prescient AI tackles these challenges through advanced attribution methods and media mix modeling. Their approach avoids relying on user-level data, instead using time series data and statistical relationships to provide marketers with the necessary clarity in an increasingly complex digital advertising landscape.
3️⃣ Effective Customer Acquisition Strategy: The conversation emphasizes the importance of acquiring new customers while balancing retention efforts. Michael highlights how Prescient’s platform focuses primarily on optimizing top-of-funnel acquisition strategies, particularly for brands scaling beyond Meta and Google. While not directly involved in retention tactics, the platform’s insights can complement other tools like Klaviyo and Attentive for comprehensive marketing strategies. Michael stresses the continued importance of human intuition and creativity in marketing, alongside AI-driven insights.
Summary Of What We Covered:
- AI and Historical Data: The podcast explored how Prescient AI leverages historical spend data and advanced AI models to optimize marketing budgets across various channels, ensuring more efficient allocation of resources.
- Addressing Data Privacy: Michael explained how their platform tackles data privacy challenges brought on by updates like Apple’s iOS 14.5 and changes in Google’s cookie policies. The platform utilizes time series data and statistical relationships to navigate these hurdles.
- Halo Effect in Advertising: The concept of the “halo effect” in advertising was discussed, emphasizing how Prescient AI attributes sales accurately across different platforms and channels, enhancing overall marketing effectiveness.
- Unique Measurement Approaches: The episode detailed Prescient AI’s unique approaches to media measurement and budget optimization, including the use of non-linear regression models to identify saturation points in marketing campaigns.
- HexClad Case Study: Michael shared a compelling case study on HexClad, illustrating how they use data triangulation from multiple sources to validate and optimize their marketing efforts.
- Efficient Onboarding Process: Prescient AI’s efficient onboarding process was highlighted, which includes prebuilt APIs for major ad platforms and rapid training of models to adapt to specific business needs quickly.
- Human Intuition and AI: Michael emphasized that while AI-driven insights are valuable, the importance of human intuition and creativity in marketing cannot be overstated.
- Evolution of Marketing Models: The conversation touched on the evolution from traditional marketing models to sophisticated, multi-touch attribution approaches, signifying a step forward in modern marketing techniques.
- Advice on AI Adoption: Michael offered practical advice for brands considering AI tools for marketing optimization, stressing the importance of thorough evaluation and gradual implementation to ensure successful adoption and results.
Links and Resources Mentioned
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