new! listen to article
As we enter the new year, one thing is clear. That means artificial intelligence (AI) is at the forefront of the marketing conversation.
It is no longer a question of whether AI will take over. Rather, the question is what the use cases will be and where the true value of AI lies in business functions.
Throughout 2023, companies moved from mere interest to full-scale adoption of AI to address specific challenges such as data analysis, content creation, and customer service efficiency.
Looking ahead, we foresee four trends that will shape the marketing landscape in 2024.
Trend 1: Harmony of AI and human creativity will enhance the role of marketing
The partnership between AI and human expertise will redefine the role of marketing in the coming year, evolving rather than replacing it.
In 2023, marketers realized the potential of AI to become a strategic and creative partner by streamlining workflows and increasing efficiency. In 2024, the partnership between AI and human expertise will redefine, rather than replace, the role of marketing, creating synergies that amplify overall outcomes.
I foresee a dynamic shift in content creation as marketers and sales teams leverage AI for audience personalization. Content creators are no longer just producers, they are now collaborators with AI to develop content that resonates with their target audience. AI handles the heavy lifting, but human oversight is still important for consistent editing and curation.
Marketers are working to engage audiences and improve the performance of their marketing efforts by improving ad creative and copy, increasing the accuracy of ad targeting, and creating more timely and authentic engagement with consumers. We need to recognize that AI technology can be a powerful tool. .
Trend 2: AI tackles the ghosting problem in retail customer service
Today's customers have no shortage of digital spaces to share their shopping experiences with other customers, including business profiles, review sites, and e-commerce portals. These are real opportunities for retailers to actively participate in the conversation. However, too many companies still treat customer reviews passively and often ignore them completely.
Ignoring customer reviews is akin to ghosting and is costly, costing the U.S. retail industry alone a staggering $2.4 billion annually. In 2024, advances in AI promise to change that narrative.
Imagine a world where AI frees brands from ghosting tendencies and allows them to respond quickly and on brand. Technology already exists to automate answers to frequently asked questions and turn overlooked questions into opportunities for meaningful dialogue. AI-powered personalization will take center stage, allowing retailers to create responses that resonate with their target audience. result? Enhance digital engagement, increase revenue, and enhance customer satisfaction.
In 2024, AI will be the beacon that guides retailers toward more meaningful online experiences and real connections with customers.
Trend 3: AI-driven shift requires martech streamlining
To truly reap the benefits of AI, data integration will be essential. Over the past decade, companies have amassed many marketing technology solutions, resulting in an overwhelming martech stack. The average business now handles more than 100 applications, and for enterprises, that number has jumped to 664.
Too many platforms penalizes marketers for cross-channel integration and prevents them from seeing the complete picture of customer behavior and preferences. Additionally, a bloated technology stack complicates workflows, slows down response times, and increases the burden on marketers when it comes to implementing real-time marketing strategies.
As companies harness the power of AI, the need for data integration and integration becomes paramount. Businesses will be forced to face the reality that their data is spread across siled and disparate platforms, and the new reality of AI will not solve that.
Trend 4: Strategic data management unlocks the power of AI
In 2024, companies will need to confront their martech bloat and provide AI tools with the data they need for optimal performance. His recent BCG research found that companies using generative AI significantly improved performance.
However, getting the best value from AI depends on strategically managing your data. This includes a holistic view of customer interactions across all channels to facilitate personalization, predictions, modeling, and other AI-powered tasks.
Businesses must also keep data security and compliance risks in mind. Managing data across numerous platforms increases the risk of security breaches and compliance issues. Integrating data across channels gives marketers a more unified and secure approach to data management. This is especially important as privacy regulations tighten and require companies to take strong measures to protect customer data.
As AI takes center stage in 2024, effective data management will be central to businesses staying competitive in a rapidly evolving environment.
Looking towards a promising 2024
As we move further into the new year and industry leaders learn from the successes and shortcomings of their peers, we have many reasons to be optimistic.
Companies dedicated to integrating innovative strategies and evolving customer experiences are growing, and advances in AI are continually discovering new ways for businesses to succeed.
So we recommend asking yourself the following questions: “What do I need to do now to bring the benefits of a new era of AI integration to my team, as well as to my clients and customers?”
More resources on AI marketing trends
ChatGPT is now #1: What have we learned from a year of AI breakthroughs?
How CMOs can leverage AI to create career-changing strategic business impact
How AI-powered marketing tools can help small businesses
