In episode #2664, we discuss the importance of investing in creativity and the need to shift focus from customer acquisition to customer retention. We share anecdotes and insights on how companies are spending significant amounts on creative endeavors, compare the effectiveness of human-generated creatives to AI-generated ones, and delve into the role of creativity in running successful ad campaigns. Additionally, we touch upon the concept of lifetime value (LTV) and explore how companies like Amazon and Google generate revenue by keeping customers engaged and coming back for more. The episode concludes with a discussion on the various marketing and distribution channels mentioned in the book 'Traction' and emphasizes the importance of finding the right channels to reach target audiences.
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Check out more of Eric’s content (Leveling UP YT) and Neil’s videos (Neil Patel YT)
TIME-STAMPED SHOW NOTES:
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(00:00) Today’s topic: How Much People Spend on Creative, AI Ads vs. Human Ads: Stop Wasting Money on Getting New Customers and the 19 Marketing Channels for 2024
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(00:35) Anecdote about a company spending on creative
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(01:24) Importance of creative in ad campaigns
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(02:23) Test results comparing human and AI-generated creatives
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(04:18) Benefits of combining human and AI-generated creatives
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(04:53) Discussion on the advancements in AI-generated creative
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(05:22) Pricing models for creative services
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(06:08) Shifting focus from customer acquisition to customer retention
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(07:20) The difference between companies that focus on the front end vs. the back end
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(08:30) Exploring the lifetime value of customers on Amazon
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(09:40) Examples of companies with high customer lifetime value
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(09:40) Microsoft's ownership and influence in various companies and products
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(10:05) Neil Patel's plan to purchase the Microsoft HoloLens Vision Pro
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(10:27) Neil Patel's willingness to buy the Microsoft HoloLens Vision Pro for his assistant
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(11:08) Eric Siu's recommendation to use Superhuman for email management
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(12:02) Introduction to the 19 possible marketing and distribution channels
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(13:03) Leveraging creativity and unique strategies in marketing
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(14:25) Importance of adapting to current trends and audience preferences
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(14:42) That’s it for today! Don’t forget to rate, review, and subscribe!
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