Edition 2: All About Automation

Gartner’s latest State of Marketing Budget and Strategy report shares a telling insight:

75% of CMOs are being asked to do more with less in 2023.?

Faced with a looming recession, increasing costs, and reduced budgets brands are evaluating marketing automation technologies to achieve efficiencies and reduce cost.??

In this edition of Relevantly Yours, we share the latest trends in marketing automation: where are marketers investing, what benefits are they seeing, and how can they use the latest automation technologies to continue driving relevance???

Automation in Marketing: Why, Where and How

Per the latest trends, marketers are embracing automation across the board to achieve operational efficiencies and enhance the customer journey.

Here are the latest stats:

New Frontiers in Marketing Automation

Email and social media have historically been the most popular channels for automation. Rapid advancement in marketing technology, however, has increased the scope for brands to automate labour-intensive tasks in new areas such as:???

• Content Generation: As per McKinsey , Generative AI can improve the productivity of the marketing function with a value between 5% and 15% of the total marketing spending. It has the potential to significantly reduce turnaround times for content production and enable team members to collaborate and combine ideas into a single piece of content. However, since Gen AI models are trained on publicly available data, concerns around plagiarism and copyright infringement abound. The future according to many experts does not involve replacing humans with AI but rather humans co-creating with AI to amplify their creativity.?

• Personalization: Salesforce’s latest State of the Connected Consumer report finds that 73% of customers expect companies to understand their unique needs and expectations. Most brands understand the value of personalization but the challenge lies in achieving scale. Generating variations customized to different audience segments and serving the right variation at the right time across multiple channels cannot be achieved through manual means. A smart Dynamic Creative Optimization (DCO) solution can automate the entire spectrum of a personalized digital campaign resulting in significant cost savings. For instance, a brand that recently used Jivox automated DCO realized $15m cost savings a year by replacing manual work with automation.?Read their story here .

• Product discovery and recommendation: The boom in online shopping has created an expectation among customers to receive relevant product recommendations from brands. Simple retargeting based on past products viewed or purchased may not convince customers to buy. Automated Machine Learning (autoML) can pull together vast reserves of first-party data, discern patterns and recommend products that appeal to individual customer preferences. The autoML market is expected to grow at a compounded annual growth rate of nearly 50% in the next seven years and the largest growth is expected to come from enterprise sales and marketing management.

The Marketers: Ctrl + Alt + Personalize

Since we’re on the theme of automation, we thought you might enjoy a fun summer read.

Imagine most of your marketing budget disappeared overnight. Your sales team stands to lose 60% of its leads. Now picture a group of office employees, in a similar situation, trying to figure out what they could do to keep generating leads and customers. Can their cantankerous, office know-it-all, Bright come to the rescue with an automation solution that will keep the leads flowing AND reduce costs?

Keep reading to find out more.

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