Investing in AI Tools Leads to Better Outcomes for Marketers

The hype for AI has reached a crescendo, with companies across all industries introducing AI tools and endless amounts of news coverage touting its potential as a game-changer. While it has mostly remained a buzzword for many industries, it has already become a difference maker for marketers.

According to a recent study, 41% of marketers are using AI-driven tools for measurement and forecasting capabilities, with more than half of marketers planning to invest in AI/ML tools in 2024. AI can significantly improve forecasting and measurement for marketers, leading to increases in revenue and ROI. In fact, those who have invested in AI tools have reported seeing an average increase in revenue of 24% as a result.

AI can be a tremendous resource for marketers. Here’s how:

Finding the Optimal Forecast

With AI’s ability to easily synthesize vast amounts of data, it can improve forecasting capabilities by analyzing historical data and market indicators to provide a more accurate picture of the market, helping marketers better allocate their dollars and predict consumer behavior. Additionally, AI can create more optimized marketing plans by using historical datasets and projections on outside factors like price changes or category movement to build a more effective marketing strategy.  By using AI to look at what channels will be most effective and provide insights into how many dollars to allocate to those channels, marketers can maximize their dollars and ensure that they’re able to meet the most optimistic predictions of their forecast.

Analytically-Driven Measurement

Further, AI can improve measurement capabilities by analyzing performance data in real-time. AI and machine learning technology can synthesize vast amounts of data in minutes, giving marketers a view into how a campaign is performing in real-time. This helps marketers adjust their campaign strategies if necessary, allowing them to optimize its performance throughout its life cycle. For instance, if a new product being advertised on television isn’t resonating, marketers can instead shift more dollars to a channel that AI algorithms have identified as having a higher success rate, such as social media. More than half (57%) of companies that have invested in AI tools feel they can make better future marketing investment decisions, so investing in these tools can help companies save money across the board.

AI as a Market Differentiator

Investing in AI and machine learning can also improve business outcomes and help marketers stand out from their competitors. Marketers want to feel like they’re working on the cutting edge of the industry by using the latest technology and data analytics tools. This includes AI as almost half of marketers not using this technology would prefer to work for a company that uses AI. As such, it’s important for companies to invest in tools like AI and machine learning to maintain a competitive edge and ensure that they’re at the forefront of their industry. It will also free up their employees’ time for other revenue-generating activities, which can help boost the company bottom line.

Companies don’t need to completely overhaul their marketing departments in order to bring in AI tools and machine capabilities to their business. Instead, they can invest in platforms that use AI and machine learning algorithms to create forecasts or help with measurement. These AI tools can be used in tandem with the already existing day-to-day activities of their employees, optimizing their time, which can be especially important for smaller marketing teams. By embracing these tools, companies can help create a better working environment.

AI is more than just a buzzword for marketers. It leads to more effective forecasts and improves measurement capabilities, while giving companies a leg up on their competition. Embracing AI and machine learning positions marketers for long-term growth and ensures that they can thrive in an increasingly data-driven world.