A survey by Gartner found that chief marketing officers (CMOs) are struggling to maintain an equilibrium between the use of AI in marketing and maximizing returns on existing technology. With a better safe than sorry mindset, martech use has dropped by 33% in B2B marketing campaigns this year. This has created risk in terms of process automation and a disconnect between the marketing AI stack and overall business goals.
What are the challenges?
The biggest challenge CMOs faced was aligning their martech features with their business operations. Another stumbling block is whether to opt for the top technologies available in a specific domain or to go for a more integrated approach. Most CMOs prefer to chart the specific functions and then decide upon the tools and vendors.
This makes sense as integrated solutions require long-term buy-in and may not be the right fit in some contexts. For example, the integrated approach is fraught with risk when you are trying to map data from an external set within the suite itself. Similarly, best-of-breed technologies serve the purpose from an automate-as-you-go approach but require in-depth expertise from a martech as well as a strategic point of view.
Creating hypothetical scenarios
Marketing leaders suggest that CMOs create a hypothetical scenario based on anecdotal data, the present requirements and where they are planning to take the process. Also, be clear about how you are going to measure the impact of martech implementation. Define the key performance indicators by asking for inputs from all stakeholders, whether internal or external.
Another challenge that CMOs faced was going through the request for proposal (RFP) route to select vendors. With the longer timelines associated with RFPs, the martech stack often ends up being partially obsolete before the entire process gets implemented.
The best way to prevent this scenario from arising is to perform a regular audit of your entire martech landscape. This will let you identify the gaps in the use of tools, any case of overlap and areas where the tools are not aligned with your goals. Look to your audience, daily users and your tech team to know where you are excelling and where you need to improve.
Your ultimate goal should be to bring the technology, its features, utilization and results on the same page. Test martech solutions with a proof of concept by requiring vendors to demonstrate how the technology serves your purpose.
Is everybody invested in the approach?
A different type of roadblock faced in the implementation of AI marketing tools was deciding upon the ownership of the strategy among different stakeholders. Often, the CMO, chief information officer (CIO) and chief digital officer (CDO) need to work together to come up with a digital experience that delivers in terms of results and resources. The marketing team needs to have the know-how to lead this process with its core strategies, complemented with sufficient tech exposure.
Visionary leaders also don’t overlook the impact disruptive technologies are having in their domain. Marketers are no exception to this trend and most CMOs are keeping an eye out for emerging technologies such as generative AI and AI marketing bots.
The challenges faced by chief marketing officers (CMOs) in harnessing the power of AI in marketing are real and multifaceted. As the Gartner survey highlighted, the struggle for balance between AI utilization and maximizing returns on existing technology is a pressing concern. However, there is hope for CMOs who take a proactive and strategic approach.
It is crucial for CMOs to align their martech features with their business operations and carefully evaluate the choice between integrated solutions and best-of-breed technologies. Creating hypothetical scenarios, setting clear KPIs, and conducting regular audits of the martech landscape can help ensure that your marketing technology stack remains agile and aligned with your goals.
In this dynamic landscape, it’s essential for CMOs to involve all stakeholders in the decision-making process and promote collaboration among different leaders, including the CIO and CDO. Moreover, visionary CMOs are exploring the potential of emerging technologies like generative AI and AI marketing bots to stay ahead of the curve.
For a more in-depth exploration of AI’s role in marketing and strategies to overcome these challenges, I recommend checking out the comprehensive whitepaper available at TechPapersWorld. It provides valuable insights and guidance on how to unlock the true potential of AI in marketing.
