AI’s The New Buzzword, But Few Understand: Study
Eight out of 10 marketing executives believe that Artificial Intelligence (AI) will revolutionize marketing over the next five years, but only a quarter (26 percent) are confident they understand how AI is used in marketing and only 10 percent are currently using it, according to a survey by account-based marketing provider Demandbase. The study is done in collaboration with Wakefield Research.
Overall, the research shows that marketers are excited about the potential AI brings to the world of sales and marketing. While they believe, it has the potential to significantly impact the entire industry, there is a clear discrepancy between this enthusiasm and marketers’ confidence in how to implement AI into their marketing programs.
The top challenges marketers are worried about when it comes to using AI technology are, Integrating AI into their existing technology (60 percent); Training employees (54 percent); and Difficulty interpreting the results (46 percent) as per the report.
The study stated that surprisingly, concern with the cost of implementing AI is lower on the list at 42 percent. Overall, there is a lack of general understanding around AI technologies available, and how to begin using them. Further education and hands on experience will be required to ensure the use of AI technology to support marketing is successful.
“As someone who has been studying AI for many years, I’ve recognized the promise of AI and B2B marketing for some time, which makes it really rewarding to see this vision is now shared by marketing executives,” said Aman Naimat, SVP of Technology at Demandbase. “This data reveals that in order to be successful, marketing leaders need to lead the charge and present opportunities for AI instruction and experience for their teams, to ensure implementing it into their B2B technology stacks is effective.”
More frequently, customers are demanding a more personalized, tailored experience with vendors. The results of this survey revealed that AI has the potential to help marketers personalize the customer experience at an entirely new level, which allows for one-on-one conversations with marketers who know the pain points, goals and ambitions of their prospects.
The top benefits from AI that marketers listed, include; better insights into accounts which is 60percent; more detailed analysis of campaigns which is 56 percent; identifying prospective customers which is at 53 percent; and expediting daily tasks which is at 53 percent.
When it comes to measuring the success of AI, the survey found that AI must impact a company’s top line and drive revenue to be determined successful. While there are major challenges that B2B marketers will face as they develop and launch AI programs, the final arbiter of whether AI will be successful is likely to be the bottom line, and if a company is driving more revenue because of its use.
To be worth pursuing, marketers stated that AI must generate a better sales close rate; Increase revenues; Improve website traffic and engagement;and convert more leads.
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