Assembling high-performing marketing teams is a dynamic and complicated process. The skills, experience, and role-specific expectations marketing leaders search for are constantly evolving, especially as we become more reliant on digital tools. With the marketing landscape becoming increasingly crowded with new channels, the pressure on marketing teams is higher than ever. Keen wanted to gain a better understanding of the challenges faced by these teams and how technology is being harnessed to overcome them.
Keen recently surveyed full-time marketers at mid-market or enterprise companies. In this blog, we will share the findings of the 600+ respondents about how they feel artificial intelligence (AI) is impacting the performance of their marketing team.
In 2023, AI made significant waves and its integration into various industries is set to expand in the coming years. The field of marketing is no exception to this trend. Currently, 41% of marketing teams that utilize tools for measurement or forecasting are already utilizing AI-driven technology. Furthermore, two out of three marketers have stated that their companies are directing investments towards AI and machine learning tools specifically for marketing performance measurement in 2024.
AI-Driven Technologies: A Game Changer in Revenue Growth
One of the most tangible advantages of AI in marketing is its impact on revenue. Half of the respondents who reported that their company invests in AI tools claimed to have witnessed increased revenue as a direct result. Interestingly, senior leadership individuals were 42% more likely than average to express this sentiment. On average, the implementation of AI-powered tools has led to a revenue lift of around 24%.
However, AI’s significance extends beyond immediate returns on investment; it empowers marketers to confidently navigate the future. Marketers who currently invest in AI have reported numerous favorable outcomes, including a greater ability to make better future marketing decisions (57%) and improved forecasting (49%). Once again, senior leadership individuals were 33% more likely to acknowledge these benefits.
While AI is not intended to replace human workers, marketers must adapt and embrace this technology to remain competitive. An overwhelming 86% of respondents agreed that adaptability to emerging technologies is a core competency for marketing team members. Moreover, providing teams with the latest and most advanced technology is vital for employee retention. Roughly 60% of teams currently invest in AI tools to support marketing measurement, and 47% of those who do not expressed a preference to work for a company that does.
The Risks of Overlooking AI in Marketing Strategies
Companies that neglect AI investments risk falling behind their competitors and placing unnecessary strain on their marketing teams. Marketers lacking AI tools for marketing measurement argue that such tools would grant them more time to focus on revenue-generating activities (65%), make their jobs easier (65%), and enhance overall campaign performance (60%). It is evident that AI is becoming a crucial element in the marketing industry, with organizations and marketers recognizing its potential and embracing its capabilities for future success.
Download the “Mastering Measurement: The CMO’s Guide to Building High-Performing Marketing Teams in 2024″ eBook of complete survey findings here.