Friday, May 24, 2024

g-f(2)2422 Navigating the New Search Paradigm: Marketing in the Age of LLMs

 


genioux Fact post by Fernando Machuca and ChatGPT



Introduction


In the rapidly evolving digital landscape, large language models (LLMs) like ChatGPT and Google's Search Generative Experience are transforming how consumers interact with search engines. These advanced models promise to deliver answers directly rather than merely providing links, fundamentally altering the search experience. This shift presents both challenges and opportunities for marketers, who must adapt their strategies to ensure their brands remain visible and favorably represented in this new paradigm. In their article "How Marketers Can Adapt to LLM-Powered Search," Stefano Puntoni, Mike Ensing, and Jarvis Bowers explore the implications of LLMs on marketing and provide actionable insights for leveraging these technologies effectively.



genioux GK Nugget


"The advent of LLM-powered search engines necessitates a new marketing approach, focusing on optimizing brand visibility and representation in natural-language outputs rather than traditional search engine rankings." — Fernando Machuca and ChatGPT, May 24, 2024



genioux Foundational Fact


Large language models (LLMs) are revolutionizing search by providing direct answers to queries, thus bypassing traditional web links. This shift requires marketers to develop new strategies, dubbed LLM optimization (LLMO), to ensure their brands are accurately and favorably represented in these natural-language outputs. Effective LLMO will involve monitoring brand mentions, sentiment, and visibility across multiple LLM platforms to stay competitive in this emerging landscape.



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  1. Transformation of Search Experience: LLMs like ChatGPT and Google's AI Overviews provide answers instead of links, changing how consumers interact with search engines.
  2. Need for LLM Optimization (LLMO): Just as SEO emerged with traditional search engines, LLMO is now crucial for ensuring brand visibility in LLM responses.
  3. Metrics and Monitoring: Marketers must develop metrics to monitor brand appearances, sentiment, and visibility in LLM outputs to manage their representation effectively.
  4. Impact on Traditional SEO: Traditional SEO techniques focusing on metadata and backlinks will be less relevant as LLMs prioritize comprehensive, accurate responses from diverse content sources.
  5. Retrieval-Augmented Generation (RAG): LLMs use additional context, such as company documents or web content, to enhance their responses, highlighting the need for strategic content management.
  6. Experimentation with Strategic Text Sequences: Research demonstrates that adding specific text sequences to product pages can significantly influence LLM recommendations, underscoring the importance of content strategy.
  7. Evolving Job Roles: The shift to LLMO will create new job opportunities and demand for professionals skilled in managing brand visibility across multiple LLM platforms.
  8. Visibility Beyond Websites: Brands must ensure they are mentioned in LLM responses early in the search process, as users may make decisions before visiting any websites.
  9. Diverse Content Utilization: LLMs compile responses from various content types, including reviews and user-generated content, necessitating a holistic content strategy.
  10. Future Monetization Models: The monetization of LLMs could follow different paths, such as subscription models or ad monetization, potentially diversifying the search experience ecosystem.



Conclusion


The rise of LLM-powered search engines is a game-changer for marketers, requiring a strategic shift from traditional SEO to LLM optimization. As these models provide answers directly rather than through links, ensuring brand visibility and favorable representation in LLM outputs becomes paramount. This new approach offers exciting opportunities for those who adapt, creating a demand for LLMO expertise and paving the way for innovative marketing strategies in the AI-driven future. The transformation underscores the need for continuous learning and adaptation in the marketing field to harness the full potential of LLMs.






REFERENCES

The g-f GK Context


Stefano PuntoniMike Ensing, and Jarvis BowersHow Marketers Can Adapt to LLM-Powered SearchHarvard Business Review, May 24, 2024.



ABOUT THE AUTHORS


Stefano Puntoni is a professor of marketing at the Wharton School, University of Pennsylvania, and the co-author of Decision-Driven Analytics: Leveraging Human Intelligence to Unlock the Power of Data (Wharton Press).  


Mike Ensing is the CEO and co-founder of Revere. He is an entrepreneur, advisor, and tech-industry executive focused on generative AI and its applications for enterprises and brands and has held senior and advisory positions with leading companies such as RealNetworks, Microsoft, and McKinsey.


Jarvis Bowers is the COO and co-founder of Revere, an emerging marketing-technology company focused on elevating brands with LLMs and generative AI. Jarvis is an experienced marketing leader focused on the use of consumer and creative insights, customer data, and emerging platforms to deliver unique brand experiences.



Classical Summary


The Harvard Business Review article "How Marketers Can Adapt to LLM-Powered Search" by Stefano Puntoni, Mike Ensing, and Jarvis Bowers, explores the transformative impact of large language models (LLMs) on search engines and the subsequent implications for marketers. LLMs, such as those used by ChatGPT and Google's Search Generative Experience, provide direct answers to queries rather than traditional links, creating a consultative and conversational search experience. This shift necessitates that marketers develop new strategies to ensure their brands are accurately represented in these natural-language outputs. The article suggests that marketers need to measure and monitor their brand's presence and representation in LLM outputs, understand the new optimization methodologies, and adapt to the complex and evolving landscape of LLM-based search. This adaptation will likely involve a new field of expertise, termed LLM optimization (LLMO), analogous to traditional SEO but tailored for LLMs. Additionally, while there are concerns about job displacement, the article posits that new roles and opportunities will emerge in this evolving field.






Stefano Puntoni


Stefano Puntoni is the Sebastian S. Kresge Professor of Marketing at The Wharton School, University of Pennsylvania¹. Prior to joining Penn, Stefano was a professor of marketing and head of department at the Rotterdam School of Management, Erasmus University, in the Netherlands¹³. He holds a PhD in marketing from London Business School and a degree in Statistics and Economics from the University of Padova, in his native Italy¹³.


His research has appeared in several leading journals, including Journal of Consumer Research, Journal of Marketing Research, Journal of Marketing, Nature Human Behavior, and Management Science¹. He also writes regularly for managerial outlets such as Harvard Business Review and MIT Sloan Management Review¹. Most of his ongoing research investigates how new technology is changing consumption and society, including how humans are adopting and evolving with AI¹.


He is a former MSI Young Scholar and MSI Scholar, and the winner of several grants and awards¹. He is currently an Associate Editor at the Journal of Consumer Research and at the Journal of Marketing¹. Stefano teaches in the areas of marketing strategy, new technologies, brand management, and decision making¹.


Source: Conversation with Copilot, 5/24/2024

(1) Stefano Puntoni – Marketing Department. https://marketing.wharton.upenn.edu/profile/puntoni/.

(2) Stefano Puntoni - Wharton Executive Education. https://executiveeducation.wharton.upenn.edu/faculty/stefano-puntoni/.

(3) prof.dr. (Stefano) S Puntoni | Erasmus University Rotterdam. https://www.eur.nl/en/people/stefano-puntoni.

(4) prof.dr. (Stefano) S Puntoni | Erasmus University Rotterdam. https://www.eur.nl/people/stefano-puntoni.



Mike Ensing


Mike Ensing, Co-Founder & CEO of Revere, brings a wealth of experience from his tenure as President and COO of RealNetworks and serving in senior capacities at Microsoft. Mike also has held CFO and COO roles with $billion+ private equity backed companies and consulting roles at McKinsey and Deloitte.


Mike Ensing is an accomplished entrepreneur, advisor, and tech-industry executive with a focus on generative AI and its applications for enterprises and brands¹². He has held senior and advisory positions with leading companies such as RealNetworks, Microsoft, and McKinsey¹².


Ensing served as the President and Chief Operating Officer at RealNetworks, where he assumed worldwide responsibility for the operations of Real’s core businesses and helped guide strategic decision-making¹². Prior to that, he held several financial leadership positions at Microsoft Corporation, and earlier in his career, he held various positions at consulting companies, including McKinsey & Co. and Deloitte Consulting².


Ensing is recognized for his strategic acumen and operational expertise, particularly in the realm of artificial intelligence. His work in generative AI has been instrumental in driving innovation and growth for enterprises and brands¹².


He holds an M.B.A. from the Kellogg School of Management at Northwestern University and a Bachelor of Science degree from the University of Michigan². His extensive experience and leadership in the tech industry make him a sought-after advisor and executive¹².



Source: Conversation with Copilot, 5/24/2024

(1) Mike Ensing, Realnetworks Inc: Profile and Biography. https://www.bloomberg.com/profile/person/17741648.

(2) RealNetworks Appoints Mike Ensing President and Chief Operating Officer .... https://realnetworks.com/press/releases/2020/realnetworks-appoints-mike-ensing-president-and-chief-operating-officer.

(3) Michael Ensign - IMDb. https://www.imdb.com/name/nm0258117/.



Jarvis Bowers


Jarvis Bowers is the COO and co-founder of Revere, an emerging marketing-technology company that is committed to elevating brands with Large Language Models (LLMs) and generative AI¹²³. With his extensive background in global marketing and digital transformation, Bowers is an experienced marketing leader who focuses on the use of consumer and creative insights, customer data, and emerging platforms to deliver unique brand experiences¹²³.


Bowers has spearheaded global digital initiatives for Carnival Corporation and has executive experience at renowned companies such as American Express, The Walt Disney Company, ESPN, and Microsoft¹². His leadership complements that of his co-founder, Mike Ensing, and together they drive Revere's innovative approach¹².


Revere is at the forefront of developing products and services that allow marketers to discover, monitor, and optimize how their brands are portrayed by LLMs¹². The company's first product, Brand Luminaire, offers an innovative platform for marketers to gain insights and monitor how their brands are engaged within the AI-driven digital space¹².


Bowers' work at Revere is a testament to his commitment to leveraging the power of AI and data to transform the way brands interact with their customers. His leadership and vision continue to drive Revere's mission to empower marketers in the rapidly evolving digital landscape¹²³.


Source: Conversation with Copilot, 5/24/2024

(1) Generative AI Solutions Announces the Launch of Revere - PRWeb. https://www.prweb.com/releases/generative-ai-solutions-announces-the-launch-of-revere--committed-to-elevating-brands-in-a-world-of-generative-ai-302044416.html.

(2) Revere by Generative AI Solutions: Pioneering Brand Transformation in .... https://multiplatform.ai/revere-by-generative-ai-solutions-pioneering-brand-transformation-in-the-age-of-ai/.

(3) How Marketers Can Adapt to LLM-Powered Search - Harvard Business Review. https://hbr.org/2024/05/how-marketers-can-adapt-to-llm-powered-search.



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genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)2422, Fernando Machuca and ChatGPTMay 24, 2024, Genioux.com Corporation.



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