Just over half (52%) of businesses have seen an increase in sales through the use of AI in marketing efforts, with many increasing their spend on the technology in the next htree years, according to a new survey.
The research, conducted by Quantcast with Forbes Insights, has revealed that 53% of marketers intend to increase spend on AI in the next three years, however, only 30% currently see it as crucial to their efforts.
Based on the research, Quantcast developed a Maturity Scorecard to classify brands as ‘leaders’ or ‘laggards’ depending on their adoption of AI. 20% of ‘leaders’ grew revenue by 15% in 2018, compared with 7% of laggards.
Other key findings can be found below:
- 52% of businesses saw an increase in sales through the use of AI in marketing efforts
- 53% of brands plan to dive enthusiastically into AI over the next three years, totalling a 25-49% increase in AI spend
- 80% of marketers say AI technology will enable them to focus their time on strategy by removing some of their day-to-day tasks
A survey of more than 500 marketing executives worldwide revealed that more than half saw an increase in sales and a similar proportion saw lift in customer retention.
Based on the results, Quantcast and Forbes Insights developed a Maturity Scorecard, classifying brands as leaders or laggards depending on their adoption of AI. Twenty percent of ‘leaders’ grew revenue by 15 percent of more in 2018, compared with seven percent of laggards.
Quantcast, which owns and operates the world’s largest audience platform for the open internet, conducted the research in partnership with Forbes Insights and has published the results in its report Lessons of 21st Century Brands. The study investigated how AI is being adopted and used by brand marketers across the world. Key highlights included:
- Greater business impact through the use of AI in their marketing efforts
- 52 percent saw an increase in sales
- 51 percent saw an increase in customer retention
- Brands plan to dive enthusiastically into AI over the next three years
- 53 percent plan to make a 25-49 percent increase on AI spend
- Almost a fifth (17 percent) promise a boost of between 50-74 percent
- Marketers are optimistic about the benefits AI will deliver
- 80 percent say AI technology will enable them to focus their time on strategy by removing some of their day-to-day tasks
- 58 percent stated it will refine the online customer experience
- Over half (55 percent) generate targeted, personalized messaging
Ben Murphy, UK managing director at Quantcast said: “Look past the hype surrounding AI and machine learning today and, as this research shows, you’ll find brands generating very real and positive results. Shifts in consumer behaviour and preferences happen too quickly for any human to possibly keep up. Machines can help identify patterns in preferences more accurately and adjust campaign targeting and activation automatically. Marketers should strive to make sure they’re among the leaders when it comes to deploying AI and machine learning technology, either in house or via specialist partners.”
About ‘Lessons of 21st Century Brands’
The research in this report is based on a survey of 504 high-level marketing executives conducted in May 2018 by Forbes Insights in partnership with Quantcast. The survey included top leaders—primarily CMOs (20%), heads of marketing (16%), heads of digital (10%), and CDOs (8%)—across a spectrum of industries, including media and entertainment (13%), technology (12%), telecommunications (11%), automotive (11%), and financial services (10%).
Survey participants work at a cross-section of traditional brands with an e-commerce presence (33%), traditional brands with little or no e-commerce presence (32%), direct brands with a physical presence (32%), and a small selection of direct brands with no physical presence (3%).
