Brands have already been exploring the capabilities of advanced technologies like Artificial Intelligence and automation to improve their marketing functionalities.
Even though marketers realize the importance of artificial intelligence within business, lack of training and knowledge is holding many of them back. A recent study by Drift and Marketing AI Institute reveals that most marketers still consider themselves as beginners in this space.
The report titled “2021 State of Marketing AI” indicated that a vast majority of marketers (50%) consider themselves as ‘beginners’ in terms of understanding AI capabilities as well as terminologies. Roughly 37% of marketers said they are intermediate, and only 13% said they have an advanced level of understanding of the technology.
Nearly 70% of the marketing leaders identified that the lack of adequate technical knowledge as a significant barrier to implementing AI into their business model. Unsurprisingly, marketers in forward-thinking organizations are using AI and other technologies to accelerate revenue and reduce costs.
The market is undergoing a once-in-a-generation uprising that will have a long-term impact on brands. This way they can build sustainable competitive advantages for offerings and users. Sadly, the lack of AI training and the low confidence to pilot AI are leading marketers to halt many of their digital transformation projects.
Looking into the aspects of marketing, marketers are involved in content marketing (69%), marketing analytics (60%), email marketing (58%), and they represent a diverse set of responsibilities and roles. The list includes CEO and President (22%), Chief Marketing Officer (12%), senior manager (10%), manager (10%), and director (10%).
When it comes to the confidence level around evaluating AI-powered marketing technology, many marketers (40%) ranked themselves as ‘medium’, and around 24% of marketing professionals leveled themselves as ‘low’. Indeed, there is still a lot of work that needs to be done around AI as only23% of marketers ranked themselves with “high” assurance.
In spite of the challenges linked with AI and martech, the investment in advanced technology is ramping up spanning different industry verticals. According to TOPO’s Marketing Technology Report, many marketers (27%) intend to increase their investment in technology by nearly 21% in the next 12 months.
Yet again, about 26% of organizations are planning to boost their investment in martech between 11% and 20%. And among the available advanced technology solutions, CRM (100%), marketing automation (98%), as well as webinar (88%) are the most preferred types of martech that brands cite utilizing regularly.
As mentioned in the research study, “The field of artificial intelligence (AI) is comprised of many disciplines, technologies, and subfields. There are dozens of terms that are used to describe AI technologies, and the definitions can be complex and confusing. The age of intelligent automation has begun in marketing – and most marketers know it. But the industry has a lot of work ahead.”
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