AI for CMOs: Data-Driven Insights for 2024
While there's just slightly more than a week left until 2024, notable figures like Bill Gates and Simon Kahn; and companies like Gartner, McKinsey, and Accenture are publishing their predictions for AI in the new year.
Utilizing AI for CMOs for marketing efficiency seems to be the common ground of all those publications and predictions:
Maximizing Marketing Efficiency with AI in 2024
Gartner reports that in 2024, 75% of Chief Marketing Officers face the challenge of achieving better results with limited resources for profitable growth, simply forced to do more with less.
A significant 86% of these CMOs recognize the need for substantial changes in marketing operations to meet these goals.
But, how do we as marketers get more done with fewer resources given to us, you may ask.
Keeping the status quo is not an answer here, leading to many CMOs shifting their attention towards artificial intelligence to improve their marketing strategies: maximizing their return and minimizing effort.
CMOs Embracing AI for Enhanced Team Skills
Accenture's recent findings reveal a growing comfort with AI among CMOs and their marketing teams, especially as we get closer to 2024.
More than 70% of CMOs acknowledge that generative AI is elevating their team's skills.
About another 70% have stated that they have already initiated generative AI training for their employees, creating a new type of workforce that can harness AI’s capabilities to its fullest.
Expert CMO Opinions on Artificial Intelligence’s Effect on Marketing:
According to Simon Kahn, Google's Vice President of Marketing for Asia Pacific, generative AI plays a crucial role in the field of marketing. He highlights its significance by stating:
"In marketing, I see two immediate opportunities for generative AI:
1) enhance productivity
2) complement creativity
I’ve seen my team use Bard to do everything from simplifying briefs to brainstorming engagement ideas. Tools like Bard can be a powerful collaborator, giving us a boost by getting the repetitive work done more quickly, improving our communication, and kickstarting creative flows by overcoming the hurdle of a blank page.
Like everyone else, we’re just beginning to scratch the surface of AI’s transformative potential and are excited to continue engaging the industry as we uncover new opportunities.”
Christina Kozloff, the CMO of Plenty of Fish also talks about AI’s effect on marketing from a different point of view by saying:
“Marketers can personalize, optimize, and tailor marketing messages to specific audience segments, leading to higher engagement and conversion rates.”
Marketing Processes AI Can Take to the Next Level
The chart shows marketers are putting more money and investment into almost all digital ad areas.
It suggests that CMOs and marketers are mainly looking to get smarter with their spending, using AI to make ads that connect with people.
This fits with what we're seeing for 2024 and what we’ve read from experts like Kahn and Kozloff: AI is becoming a must-have for successful marketing.
1. Enhanced Personalization
Following Kozloff’s quote about enhanced personalization made available by AI tools, it is only fair to say that in 2024 CMOs will be all about utilizing AI to get what customers want efficiently.
AI helps CMOs and marketers see patterns and trends in customer data, making it easier to figure out what people like and don’t like, and act accordingly.
This means CMOs can make marketing that hits the mark for each customer separately and on from a more personalized tone.
Our Co-founder and COO Selin Ergin puts forth the idea of personalization being one of the three top aspects of what AI can enhance alongside measurability and transparency, resulting in efficiency.
Personalization with AI for Ergin is:
“Creative works converted into hundreds of versions parallel with the brand's target audience and their own data, or artificial intelligence solutions that enable learning who the target audience is that looks at and/or purchases the product.”
She puts forth Enhencer, Pulsar, and Adin.Ai as examples of target audience-focused AI solutions.
2. Real-time Marketing Optimization
In 2024, AI is set to revolutionize marketing campaigns. Tools like our AI Media Planner continuously analyze data, identify trends, and optimize marketing campaigns in real-time.
This leads to CMOs ensuring that every dollar spent delivers the best possible return on investment in a place where they are expected to do more with less.
3. Automation of Routine, Daily Tasks
As Simon Kahn of Google APAC pointed out, using AI for automation helps in “enhancing productivity,” ensuring teams are more focused on innovative and strategic tasks.
By automating these daily tasks, AI not only saves money but also makes the whole marketing process smoother and more efficient.
4. Complement Creativity
The second immediate opportunity for generative AI, says Simon Kahn, is basically its potential to complement creativity.
AI doesn’t just analyze how well content does; it also gives CMOs ideas to make it better and complement the teams’ creativity.
Several tools like DALL-E and Midjourney can even help create content by keeping up with the latest trends and insights, providing your team support on creative parts.
5. Data-driven Decision Making and Smart Reports
AI-driven product features like Smart Reports allow marketers to dive deep into campaign analytics.
Valuable insights into audience behavior, engagement metrics, conversion rates, and more become only a click away. Enabling you to make data-driven decisions that drive faster, smarter, and higher results.
A small step for you, a giant leap for your company with Adin! To stay ahead in 2024, stay empowered with AI ADvantage. See you next week!