A recent shift in consumer behavior driven by the increasing use of Artificial Intelligence (AI) is expected to significantly impact marketing and revenue models. Most boards view the AI-driven changes as a marketing problem, but it is, in fact, a revenue problem that requires a strategic approach. The changes are already reflected in the numbers, and boards must decide what changes to make in measurement and spend before the impact is felt on their margins.
The first phase of this shift is characterized by a decline in clicks on traditional links, with a Pew study finding that users click on traditional links only 8% of the time when an AI summary is present, compared to 15% when no AI summary is present. This decline in clicks is not immediately noticeable, as rankings and impressions may still appear to be fine. However, sessions may start to drift down by a few percent each month, with no clear cause.
As the shift continues, the funnel math starts to bend, with referral volumes dropping and paid channels having to carry more of the pipeline. This leads to an increase in CPMs on channels that still convert, as competitors vie for a shrinking pool of in-market buyers. Conversion rates on remaining organic traffic may appear to improve, but this is because the people who still click are further along in the buying process.
The effect of this shift is uneven across sectors, with some feeling the impact more than others. According to Kellogg Insight, traffic drops of 20-40% were recorded across retailers, news publications, and marketing agencies in 2025, with most of this decline coming from lost organic search. A content-heavy B2B site may feel the impact first, while a brand with strong direct demand may feel it later.
As the shift continues, the Customer Acquisition Cost (CAC) reprices, and payback periods stretch. The honest answer is that the free top of the funnel has gotten smaller, so the paid portion is doing more work at a worse rate. This is a board-level issue, as CAC and payback period are board metrics, and the assumption that organic traffic is a durable, roughly free input to the revenue model is being invalidated.
Boards must take ownership of the question and force three key questions onto the agenda before the next planning cycle. They must change the measurement before adjusting the spend, as the current dashboard is no longer measuring what matters. A more useful approach involves rebuilding the measurement to include brand-lift and assisted-conversion signals that don't depend on a referral click.
The boards that handle this shift well will be those that put it on the governance agenda early, rewrite the measurement before the margin story gets written, and give the operating team cover to invest through the transition instead of defending last year's model one quarter at a time. By doing so, they will be better equipped to adapt to the changing landscape and stay competitive.
Key points
- Boards must adapt to changes in consumer behavior driven by AI.
- The shift in consumer behavior is characterized by a decline in clicks on traditional links.
- Boards must change the measurement before adjusting the spend to stay competitive.
