Lead the Charge: How CMOs Can Champion Innovation in their Organizations
We’re crossing the chasm with Artificial Intelligence
To ignore the use of artificial intelligence in marketing is to fall behind.
The introduction of ChatGPT in late 2022 meant that many could interact simply with a tool that allows users to consider the art of the possible. Since then, the race is on for brands and agencies to include AI in their content creation and processes, but more thoughtfulness needs to be placed on how AI is used.
In McKinsey’s most recent report Economic Potential of Generative AI: The Next Productivity Frontier, the think tank’s latest research estimates that generative AI could add up to $4.4 trillion annually in value across all industries. Four business functions account for 75 percent of the total annual value of AI: Customer operations, marketing and sales, software and engineering, and R&D.
Artificial Intelligence is crossing the chasm - the technology is becoming more adopted and mainstream. Now is the time for marketers to jump in and take hold of this incredible opportunity to leverage AI to create competitive advantage. Trailblazing marketers who integrate AI with high-quality data will realize true business value and drive superior customer outcomes.
A Time to Champion AI
By now most marketers have dabbled in AI and introduced AI-fuelled creative tools to their organizations.
However, looking at the data, marketing organizations have a tremendous opportunity to make a significant contribution to the business and the bottom line, as well as build a competitive advantage for the company with AI.
The potential is palpable across all industries - now is the time for CMOs to dive in, lead the way and champion AI within the organization.
Artificial intelligence has highlighted a need for quality data. While ‘garbage in, garbage out’ has become an adage borne out of years of poor data and results, AI has highlighted the need for strong data health, data management and data governance to enable more efficient customer predictive analytics and more effective marketing campaigns.
For marketing and creative services agencies, like those in the Plus Company network, the possibilities are endless. In the next 3-5 years, we see the creative industry making dramatic shifts in these areas thanks to artificial intelligence:
- Efficiencies in workflow and delivery times
- Responding and engaging with target audiences more quickly
- Personalizing content to the human level, not cohort
- Audience analysis and predictive models
Experimenting with AI
At Plus Company, we've incorporated AI into our processes and creative philosophies to drive efficiencies for our clients such as augmenting creativity and what we offer, allowing for faster time to market, decreasing production costs, and more. Some examples of innovative ways we’re using AI are:
- Citizen Relations is using AI to gather conversational intelligence, mining huge data sources to identify trends and create suggested content and reports. This has created efficiencies in a process that used to take 24 hours.
- We are Social is using an AI-powered measurement and attribution tool to automate reporting, getting reports back to clients faster and fuelling strategic planning.
- Mekanism is using AI to help prepare pitches for potential clients with creative ideas and visuals. AI also helps the agency predict the questions they might be asked about a proposal, and responses a competitor might give.
- Kobe created an AI-driven influencer management system that creates more efficient influencer plans for brands using a wide range of data including historical pricing, followership size, engagement rates and more to increase campaign effectiveness.
Part one of our three-part series examining the importance of Artificial Intelligence and data to marketers.
Read part two: High Quality Data is Essential to Unleash AI's Potential
Read part three: Upskilling and How AI will Change the Way We Work
>>> Want to learn more? DOWNLOAD our full report