Data analytics in marketing have long been among the more sophisticated approaches found within companies. All sorts of predictive and prescriptive analytics are used to segment customers, identify which of them are most likely to buy, and which prices, promotions, and incentives will push them into converting. It's just as obvious that many firms have moved quickly toward digital marketing as their main growth driver for client acquisition and retention. Customers are spending vast amounts of time and attention across digital channels, and marketers are moving wherever they go with increasing spend online. A single company--even a relatively small one--may employ search engine optimization, online advertising, social media marketing, video advertising, landing pages, emails, and even more types if you include offline channels.
With AI or deep learning able to integrate with content marketing efforts, current data suggests that although 57.1% of US marketers remain unlikely to use AI or deep learning in their 2017 content marketing, a significant number felt differently. BrightEdge and Survey Monkey polled 1,019 marketers worldwide and found that a third (31.4%) of respondents said they would use AI to help flesh out their content marketing strategy this year. And an additional 8.7% said they were very likely to do so. Meanwhile, 2.8% said they're already using AI to develop their content efforts, eMarketer reports. Additionally, more marketers are likely investing in AI because they're confident there is a demand for it.
All of us consistently underestimate how fast things are changing, because the pace of change continues to increase–that means that changes don't just continue to happen, but that the rate of change is actually getting faster. So what does this have to do with marketing? Marketers are in a brave new world where 98% of the world's known data was created in the last two years. Marketers are in a world where Big Data is the rage but we haven't even done a good job responding to Little Data. Marketers are surrounded by technology that gets faster and cheaper each year, making things that were previously just nice to have possible, cheap, and seemingly necessary.
Spending on marketing analytics--quantitative data about customer behavior and marketplace activities--is expected to leap from 4.6 percent to almost 22 percent of marketing budgets in the next three years, representing a 376 percent increase. At the same time, marketers say barely a third of available data are used to drive decision making in their companies. These are among the latest findings from The CMO Survey. Conducted biannually since August 2008, and sponsored by the American Marketing Association, Deloitte, and Duke University's Fuqua School of Business, The CMO Survey is the longest-running survey dedicated to understanding the field of marketing. The latest edition received responses from 388 top marketing executives.