Lomit Patel, VP of growth at IMVU and best-selling author of Lean AI, shares lessons learned and practical advice for app marketers to unlock open budgets and sustainable growth with machine learning.
The first step in the automation journey is to identify where you and your team stand. In his book Lean AI: How Innovative Startups Use Artificial Intelligence to Grow, Lomit introduces the Lean AI Autonomy Scale, which ranks companies from 0 to 5 based on their level of AI & automation adoption.
A lot of companies arent fully relying on AI and automation to power their growth strategies. In fact, on a Lean AI Autonomy Scale from 0 to 5, most companies are at stage 2 or 3, where they rely on the AI of some of their partners without fully garnering the potential of these tools.
Heres how app marketers can start working their way up to level 5:
Put your performance strategy to the test by setting the right indicators. Marketers KPIs should be geared towards measuring growth. Identify the metrics that show whats driving more user quality conversions and revenue, such as:
Analyzing data is a critical step towards measuring success through the right KPIs. When getting data ready to be automated and processed with AI, marketers should make sure:
The better the data, the more effective decisions it will allow you to take. By aggregating data, marketers gain a comprehensive view of their efforts, which in turn leads to a better understanding of success metrics.
Youve got to make sure that youre giving them [partners] the right data so that their algorithms can optimize towards your outcomes and clearly define what success is. Lomit Patel.
The role of AI is not to replace jobs or people, but to replace tasks that people do, letting them focus on the things they are good at.
With Lean AI, the machine does a lot of the heavy lifting, allowing marketers to process data and surface insights in a way that wasnt possible beforeand with more data, the accuracy rate continues to go up.
It can be used to:
With our AI machine, were constantly testing different audiences, creatives, bids, budgets, and moving all of those different dials. On average, were generally running about ten thousand experiments at scale. A majority of those are based on creatives, its become a much bigger lever for us. Lomit Patel.
Theres a reason why growth partners have been around for a long time. For a lot of companies, the hassle of taking all marketing operations in-house doesnt make sense. At first, building a huge in-house data science team might seem like a great way to start leveraging AIbut:
Performance partners bring experience from working with multiple players across a number of verticals, making it easier to identify and implement the most effective automation strategy for each marketer. Their knowledge about industry benchmarks and best practices goes a long way in helping marketers outscore their competitors.
Last but not least, once you find the right partners, set them up for success by sharing the right data.
These recommendations are the takeaways from the first episode of App Marketers Unplugged. Created by Jampp, this video podcast series connects industry leaders and influencers to discuss challenges and trends with their peers.
Watch the full App Marketers Unplugged session with Lomit Patel to learn more about how Lean AI can help you gain users insights more efficiently and what marketers need to sail through the automation journey.
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Recommendation and review posted by Ashlie Lopez
