Is the Marketing Funnel Dead? Or has marketing just gotten more complicated?
Recently, Fast Company released and article proclaiming the marketing funnel dead - replaced by AI: https://www.fastcompany.com/91410436/the-new-brand-growth-engine-for-the-ai-era
They're not alone. Here on LinkedIN, practically every marketing thought leader is proclaiming the marketing funnel dead. Its easy to see why:
Reinventing or debunking a commonly accepted truth gets eyeballs and clicks
Consumers are truly charting their own purchase paths, which has been evolving rapidly
AI has upset the table that has been set for product discovery since early 2000s
Don't get me wrong. As a Gen Xer, I continue to be amazed at the stuff that I can find online that was not possible. For example, I needed a very specific screw for my new snowboard bindings. I tried local Ski shops, I tried REI. I eventually found the exact screw I needed on Amazon.
However, beyond the clickbait, I honestly believe that the marketing funnel is still one of the best models to overlay intent and action onto marketing activities that we have for a few reasons:
People still need to learn about new stuff somewhere and somehow. Whether its seeing something on TV, in my social feeds or on the highway when I'm driving, traditional and digital advertising are still a good way to expose consumers to new brands and products. This is not meant to drive sales as much as pique interest and drive exploration.
However, we need to look at the channels where our consumers spend their time…and double down there. Podcasts? Twitch? Dischord?
Lastly, content creators are the new brand. Where before, brands worked tirelessly to establish and build on trust with their target, consumers now trust the content creator more than the actual brand. If I follow my favorite creator who recommends a sick pair of adidas, I have a higher likelihood of purchase than if I'm served an ad alone. I'm buying the creator over the brand now.
Open AI and the LLMs are definitely upending the brand growth potential, but they are just becoming a new innovation in a long line of innovations to help connect brands with people who want to buy their products
