The CMO’s 5-point Guide to Embracing Artificial Intelligence
AI and machine learning have made a huge impact in marketing. The integration of AI in marketing strategy is enabling smarter, data driven decision making in automation, allowing marketers to optimize their time and resources. According to a study, by 2021 70% of organizations will integrate AI in the workplace to assist and increase the productivity of their employees. Artificial Intelligence is having a big impact on marketers as well as customers, and CMOs who fail to adapt will struggle to keep their brand relevant.
In this emerging era of AI-driven marketing, CMOs must ensure that their teams stay ahead on AI adoption. To unlock the power of AI here’s what chief marketers need to remember.
Build the right team
It is very important for CMOs to build the right team. The team also needs to have the right talent to execute the strategy and deploy AI powered technology. It is imperative to have the right internal skills to support AI initiatives, as they enable to invest in the right technology. It is also essential to recruit the right digital marketing talent that can adapt to the shift of AI, interpret and leverage the insights from AI correctly. It is very important to manually monitor and support AI and its subfields to scale work and drive significant results. Therefore, the right organizational structure, with the right roles and manpower to fill them is essential to launch AI to its fullest potential.
Turning insights into action
A seamless view of information is given to marketers, as AI assists in identifying and understanding the patterns in data from the various platforms that are used within the organization. It is very important for marketers to apply these insights as it optimizes the marketing processes and enhances the complex customer journey. It is also imperative for marketing teams to comprehend the insights the AI tools are informing them to decipher into practical measures. The CMO must see how effective the team is in utilizing the key findings.
Understand the impact
AI technology is a great asset to CMOs as it assists marketers and makes them become successful. CMOs must have a detailed understanding of the capabilities of AI. This would help them set objectives, create strategies that ensure results and measure performance to assess the ROI. It is not necessary for CMOs to know the technicalities of NLP or robotics. But need to understand the impact AI has on the team and customers, so as to effectively strategize and orchestrate the correct AI driven decisions. It also offers insights into the customers. AI saves a great deal of time for marketers, as tasks are automated, and it goes through massive amounts of data. AI offers a clear picture of the needs and expectations of the customers, important parts of the customer journey, hyper-targeted campaigns, accurate customer targeting, hyper-personalized messaging, effective content and potential for growth. AI has a huge potential to reshape marketing, but it very important to understand how to adopt it successfully.
Know your marketing technology stack
Before making any major changes in investments, CMOs must consider what AI capabilities their present technology stack has or need. You must ensure that your AI technologies enable your team to make smart decisions, by addressing the needs of the customer. The CMO must manage the performance of the stack and discern how each tool is performing, in order to enhance customer experience and achieve their business goals. It is very important to identify how the AI tools that are used, contribute to your marketing efforts and give maximum results. AI, deep learning and machine learning are essential to enhance processes. It is also important to find the right vendors that can help overcome challenges.
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For the benefit of the organization in the future, CMOs must be able to identify the new opportunities on the rise. Voice search is one such development that has hit the market recently, like the AI powered voice assistants Alexa, Siri, Cortana and Google Assistant. According to a report 17 % of internet users presently own a smart assistant and 34% say they will soon be purchasing it. Voice led search is essential for every business these days. CMOs must see how it can benefit their organization. As voice search is at its early stage it is not too late to adopt it. The purchase and behavior of consumers has considerably transformed due to the developments of AI powered technology, like voice search. One must constantly identify growth opportunities to stay updated with the latest market trends and give a delightful customer experience.
In conclusion, CMOs and organizations need to keep up with the latest digital innovation by using the right technology. CMOs must ensure that technology does not outpace customer’s needs and the business. Though AI can work wonders by itself, human support and intelligence are essential for driving better results. AI should be used to complement marketers and not replace them. CMOs should also remember to guide their teams to adapt to its capabilities.
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