Lauren Mead is a featured contributor to The Impact of AI on Modern Marketing: 50 Categories Ranked, 70 Experts Sound Off report.
Here's the complete contribution:
With the modern CMO’s technology spending exceeding even that of the CIO, it’s no surprise that in many companies, it’s the marketing department that is leading technology adoption, including the adoption of AI.
For example, marketing adoption of automation technology is high (51%), but marketing automation can only take you so far because it requires marketers to mine the data and manually decide what to do next.
AI is the natural next step for marketers in terms of predicting what customers want next, sometimes even before customers recognize what they want.
Marketing is a great fit for AI because of the wealth of data that marketers often have available to them, but the ability to efficiently mine that data for actionable customer insights is a big challenge for marketers.
This is where AI comes in. AI takes insights that have traditionally been reserved for huge marketing departments with large teams of data analysts and makes it available to companies of all sizes.
With the ability to gain insight into customers and their buying journeys, and to be able to automate actions against that information, marketers can more quickly identify and respond to market changes and better personalize the customer’s experience.
An example of where AI will provide huge value to marketers is lead scoring. Traditionally, marketers have been left to manually determine which attributes and actions make up the most promising customers and how they should react to them.
AI takes the guesswork out of this process, not only telling marketers which attributes and actions indicate the most valuable customers, but also the most effective way marketers can engage those customers.
This results in an increased number of buyers, higher customer spending and improved customer satisfaction.
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