Dive Brief:
- Fifty-three percent of surveyed B2B marketers believe artificial intelligence (AI) will boost how effective marketing is in driving revenue, according to a survey by EverString and Heinz Marketing whose findings were made available in a news release.
- More than 30% say AI will help provide more detailed analysis of marketing campaigns. Other findings show that 71% of marketers are interested in using AI for personalization and 58% for customization. It was also reported that 59% expect the technology to help them identify prospective customers, and about 40% believe it will help them identify "macro market trends" and opportunities.
- Of those surveyed, only 21% said they were "very confident" in meeting their marketing goals using their current marketing data. Most respondents (86%) noted that a campaign's success was measured based on key performance indicators that were tied to revenue or pipeline.
Dive Insight:
The EverString and Heinz Marketing research shows marketers' current struggle to measure campaign success and the hopes many have for AI to meet these challenges. The report notes, however, that there's still confusion and uncertainty about what exactly AI technology is, what it can really do and how it can impact marketing strategies.
Despite the confusion, brands are beginning to embrace AI-powered tools to improve customer service, as well as gather and analyze large quantities of data. While the technology shows promise, one of the challenges for marketers will be finding the balance between using technology to boost efficiency without losing the personal touch and creative edge consumers want.
AI is also playing an important role in marketing as an automation tool that can help marketers with predictive analysis and more precise ad targeting. Spending on cognitive and AI systems is expected to reach $19.1 billion in 2018, a 54.2% increase over 2017, according to forecasts from the International Data Corporation. Retail is projected to be the industry leader in cognitive/AI spend, with many investing in automated customer service agents, shopping advisers, product recommendations and merchandising across multiple channels.
