The past few years have been a whirlwind for the marketing industry. The emergence of artificial intelligence and machine learning capabilities in marketing has completely revolutionized the way brands interact with customers. While many businesses are just catching up to this new wave of technology, early adopters have already seen massive growth from AI.
Increased Use of AI Capabilities in Marketing
The use of AI in marketing is increasing rapidly as top marketers move from early adopters to mainstream users. The investment is paying off with rapid scaling and acceleration of marketing results. AI has provided CMOs with a god's eye view of process and performance, helping them to make informed decisions that drive revenue. It has delivered multidimensional insights across channels, powering effective budget utilization and massive conversions.
Marketing Spend on AI Predicted to Increase
Companies of all sizes are adopting AI in their marketing strategies, not just because they want to be on the bleeding edge of innovation. CMOs now understand that artificial intelligence is no longer a competitive edge - it's a necessity.
Data by Statista shows that AI in marketing is a $15.84 billion market. 50% of bosses have an AI marketing budget, and 20% say they will increase allocation in the coming years. AI-related cost savings and revenue increases are the biggest motivators for adopters.
Essential AI Functions Leveraged by Top Performers
Overall, high-performing brands are using Artificial Intelligence to reduce friction and eliminate redundancy across sales and marketing while increasing productivity and revenue. They are using AI to serve their customers with relevant messaging that speaks directly to them on their terms—and in real-time.
In a well-equipped marketing department, AI finds use everywhere, from lead generation to conversion rate optimization. Common tools available include keyword intelligence software, writing assistants, search intent trackers, customer support bots and search performance analytics.
AI writing assistants provide extensive ways to improve business writing and reduce costs. Businesses can use writing assistants to make content more engaging and improve its lifetime value. However, AI does not eliminate human writers. It simply provides insightful support that powers accelerated content creation and hyper-personalization across channels.
Conversion Rate Optimization
AI-CRO is the latest iteration of AI, which uses machine learning to help you optimize your website for conversion rate. It can identify areas of your website that need improvement, suggest changes to content and CTAs, and even recommend a new layout for your campaigns.
Early adopters have seen impressive results from AI-powered CRO functions, including:
- Increase in page views
- Increase in email opt-ins
- Increase in demo requests
- Increase in call button clicks
AI conversation capabilities like Chat GPT allow organizations to leverage analytics and machine learning techniques to improve their marketing efforts. By using the power of AI chat interfaces, businesses can:
- Answer customer questions more efficiently and effectively
- Use data from past interactions with your customers to create better product recommendations
- Collect valuable insights into how your customers feel about products/service interactions
How Top Performers Stay Ahead With AI
When looking at AI's impact, it's clear that early adopters are pulling ahead of the competition. These companies have focused more on AI driving revenue than reducing costs.
They've unlocked maximum value in AI marketing by linking their campaign strategies with key business outcomes. They have also engaged in key AI frontier practices that help scale SEO marketing with AI, such as improving the quality of marketing data fed into AI programs for bigger and better results.
To catch up, it's vital to prioritize AI initiatives with the most business value in your marketing department. This may include using AI to improve targeting or find unique sales angles that could result in better marketing ROI for your company.
You will need collaboration for even greater success. Appoint an "AI initiatives leader" to work closely with peers to drive key projects and ideas that leverage AI technologies to improve revenue.
Making Artificial Intelligence Work Harder in Marketing
You can make the most of your AI investment by ensuring that your data is ready to be used. Data governance and quality control are key here. Make sure your data is clean, structured, accurate and complete before you even begin to consider using it for AI processes. Inaccurate data could lead to catastrophic outcomes.
Increase your digital technology budget. Catch up with or outperform competitors by investing more money in the critical areas of AI in lead generation, customer support and performance tracking. Make sure that an AI budget is set aside to enable these innovations before competitors beat your digital technology capabilities – for good.
Track, test and monitor outcomes. That includes things like A/B testing of different AI-driven campaigns. If some aspects of your sales content could be improved upon, then take action based on the data.
Managing AI Talent in Marketing
The solution is not just about hiring new employees that have AI experience. Instead, it is about integrating artificial intelligence into your talent management model. CMOs must focus on skills development for the marketing team.
There is an evergrowing need to reskill and upskill teams on artificial intelligence and related technologies such as analytics and machine learning. Data-savviness should be a requirement for anyone seeking higher positions where these skills will be critical in company performance
The key is to use artificial intelligence to improve your employees' performance and job satisfaction in general without replacing them completely with automated systems.