Almost half of AI marketing initiatives fall short of objectives

New Research Reveals Challenges in Harnessing AI for Marketing Success

Artificial intelligence (AI) has become a buzzword in the marketing world, with many companies rushing to integrate AI technologies into their strategies. However, new research suggests that despite this widespread adoption, nearly half of AI initiatives in marketing are failing to deliver the expected business value.

The Infosys CMO Radar 2024 report sheds light on this discrepancy, revealing that while 73% of enterprises have integrated AI technologies, only 52% are actually achieving the desired business outcomes. This highlights a significant challenge in effectively harnessing AI’s potential within marketing strategies.

One key finding of the report is the correlation between AI fluency among Chief Marketing Officers (CMOs) and improved business outcomes. CMOs who are fluent in AI are better able to anticipate increased influence across corporate decision-making processes by leveraging AI tools to boost personalization, optimize marketing campaigns, and enhance efficiency.

Despite the potential benefits of AI, CMOs continue to face obstacles in aligning AI strategies with wider business objectives and processes. The report categorizes CMOs into three groups based on their AI fluency: Leaders, Learners, and Laggards. This categorization is based on their ability to derive business value from AI across various marketing activities.

To generate business value from AI, the report outlines four primary tactics that AI-fluent CMOs employ: embedding AI into business processes, aligning AI with broader business strategies, integrating risk management in AI-powered marketing solutions, and ensuring that MarTech infrastructures are scalable for AI applications.

Satish H C, Executive Vice President and Chief Delivery Officer at Infosys, emphasizes the importance of reimagining marketing end-to-end and embracing a holistic approach to innovation. By focusing on disintermediation for agility, businesses can adapt to changes and enhance their competitive edge in an AI-first future.

Sumit Virmani, Executive Vice President and Global Chief Marketing Officer at Infosys, highlights the dual challenge that CMOs face in fueling short-term growth while articulating the value of brand investments in the medium term. He underscores the potential of AI, especially generative AI, to help rewire marketing for greater effectiveness and amplify marketing impact on the business.

The research, conducted through an anonymous survey of 2,600 marketing executives across various sectors and regions, emphasizes the critical need for companies to strategically align AI initiatives with overarching business goals to realize substantial business value.

In conclusion, the findings of the Infosys CMO Radar 2024 report underscore the importance of AI fluency among CMOs and the need for strategic alignment of AI initiatives with broader business objectives. By adopting these tactics and embracing AI-powered transformation, marketing leaders can stay ahead in the rapidly evolving landscape of AI in marketing.

LEAVE A REPLY

Please enter your comment!
Please enter your name here