According to a survey by Influencer Marketing Hub, “61% of marketers in 2023 have used AI in their marketing activities.” AI is inevitably making its way into the marketing field. As a marketing executive, the decision lies with you whether your company should embrace it now or wait.
Names like Chat GPT and Bard may be familiar, but the truth is, there is a plethora of AI automation platforms that serve different purposes. Whether you’re considering automating entire systems or specific tasks, identifying what part of your business you want to automate is the first step to finding the right tool.
Implementing new technology takes time, and every company does it at its own pace. From startups to large corporations, companies are finding that AI increases productivity, shortens the sales cycle, and improves customer retention all which drive revenue. In fact, a study by Accenture states that businesses that integrate AI see an average increase in ROI of 30%. Join them and take advantage of AI’s capabilities using the steps below:
1. Identify challenges in your marketing funnel:
Ask yourself how you can use AI throughout the sales cycle and the buyer’s journey to address challenges in your marketing funnel. Ronald van Loon, CEO and principal analyst of Intelligent World, urges CMOs implementing AI to “focus on areas where AI can have a tangible impact.”
Great candidates include advertising, content creation, improving the customer experience, email creation, and almost anything else. Consider how frequently the process occurs and how your employees will interact with the automation, if at all.
Areas ripe for automation are repetitive tasks that are tedious, expensive, and time-consuming. These include:
- Email Automation
- Lead Scoring and Nurturing
- Customer Service and Communications
- Predictive Analytics
2. Research your options:
Conduct thorough research once you have identified how to implement AI into your business. AI tools can be expensive. Whether you choose to stick with Chat-GPT 4 Plus for $20 a month or opt for another platform costing $1000+ a month, it is crucial to find a program that suits your specific needs.
3. Set KPIs:
After selecting the right AI system for your marketing team, you must establish measurable goals to test its effectiveness. It is vital that you compare the results using AI with your previous procedures to identify if there is incremental improvement. Comparing the metrics of your previous campaigns, blogs, ads, etc., to current ones that use AI will help you and your team decide if your AI algorithms require fine-tuning and if you’ll make the shift to automation.
Important metrics to evaluate are:
- Customer Satisfaction Score (CSAT): Assess customer satisfaction with personalized experiences delivered through AI.
- Click-Through Rate (CTR) for Personalized Content: Track the CTR for content and recommendations tailored by AI.
- Return on Investment (ROI): Calculate the ROI of AI-driven marketing campaigns.
- Lead Generation Rate: Identify new leads generated through AI strategies.
- Average Sales Cycle Length: Calculate the average time from lead acquisition to purchase using AI.
4. Pitch to the C-suite team:
According to IBM, 8 out of 10 CEOs consider AI the building block for digital transformation. That said, you may encounter pushback. When you pitch to fellow C-suite executives, seek to “demystify” AI. Ensure they broadly understand its value, risks, and capacity and be sure to address:
- Projected ROI
- Competitive advantages
- Partnership opportunities
- Risk factors and mitigation
- Implementation approach
View AI as an asset that, when used correctly, will help your business achieve its goals and stand out from competitors. Do not wait too long to leverage AI; the future of marketing is here, poised to propel your company to new heights.
Need help identifying challenges in your marketing funnel?
Sources:
https://blog.hubspot.com/marketing/ai-marketing-automation
https://influencermarketinghub.com/ai-marketing-benchmark-report/
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