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Attention Marketing Leaders
Marketers these days are looking to AI's content-creating abilities to gain an edge as the technology develops faster than people can understand its ramifications.
But consumers and agitators using free and cheap generative AI technologies are raising the stakes of the threat posed by bogus content on online platforms. As a result, brand managers have an even greater obligation to engage in content monitoring as part of their attempts to preserve their customers' faith in the products they sell.
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The requirement to obtain first-party data to strengthen relationships and loyalty among existing customers compounds these difficulties.
This year's marketing forecasts by Gartner have addressed these issues by emphasizing the increasing importance of content verification and the use of artificial intelligence to generate content. Moreover, this analysis offers a glimpse into the future of marketing, where brands and businesses will forge deeper bonds with their customers.
This was highlighted by Andrew Frank, Distinguished VP Analyst in the Gartner Marketing Practice, who stated, "Against a backdrop of unrelenting social and economic pressures, marketing leaders look toward a future where smarter marketing leads to deeper, deeper, more valuable connections between customers and brands."
The following are the top five predictions for marketing leaders:
Prediction #1
AI-enhanced processes permit smarter data-driven choices.
The application of artificial intelligence to enhance content and journey orchestration will maximize efforts to segment and personalize audiences. As generative design with AI accelerates time to market, marketers may utilize data to drive more agile reactions.
The Result
• Key performance indicators (KPIs) like timeliness, quality, and consistency are expected to improve when AI is used.
• Through machine learning and analytics, mountains of measurements may be transformed into proactive operations, giving them unparalleled availability and efficiency.
• Managing AI will necessitate a heightened emphasis on upskilling existing staff and an end-to-end focus on diversity, equity, and inclusion.
The Prospects
• Concentrate on accountable AI that considers business and societal value.
• Establish a marketing, data, and IT fusion team to collaborate on the technological stack.
• Start small. Once in production, you should begin refocusing resources on data and insight initiatives.
Prediction #2
Increasing volumes of false content necessitate ongoing surveillance.
The growth of generational AI and user-generated content (UGC) will significantly increase the quantity and type of content that marketers must monitor. Reputation management will become more challenging in a turbulent, politicized, and high-velocity environment.
The Result
- As the scope and complexity of AI-generated content grow, your business will require specialized resources to effectively manage huge amounts of information.
- You will need technology and specialized teams to monitor many concurrent thematic threads in real time for false or defamatory content at scale.
- Choreographed marketing initiatives will enable you to respond more effectively to social toxicity and content authenticity challenges.
The Prospects
- Determine the resource requirement by evaluating your current capabilities for monitoring content authenticity and social toxicity issues.
- Adopt a more comprehensive strategy for managing your organization's reputation and addressing content authenticity challenges.
- Invest mostly in reputation and social toxicity response tools and resources.
Prediction #3
Customers regard product placement positively.
By 2023, 85 percent of consumers with household incomes exceeding $120,000 (about 16 percent of the U.S. population) will pay to escape advertisements.
Two-thirds of customers in 2022 prefer product inserts within entertainment material to distinct advertisements.
The Result
Luxury customers are making greater efforts than ever to avoid online commercials, despite digital video and digital display advertising being two of the top five channels businesses put more cash in 2022. According to surveys, sponsored content, including product placement, is a method of marketing that people mainly support.
The Prospects
- Examine how comfortable consumers are with your goods and get ready to test the waters with product placement.
- If product placement does not work for your brand's products and services, invest more in sponsored content formats that customers find more bearable than traditional digital advertising.
Prediction #4
Loyal clients are crucial for expansion.
Aside from loyalty programs, there are other ways to incentivize repeat business and keep clients happy. Engaging high-priority segments with personalized loyalty material helps increase wallet retention and growth. By 2023, B2B and B2C organizations will raise the proportion of their marketing budgets allocated to loyalty programs.
The Result
The struggle for the attention of customers and their first-party data will continue. The most effective loyalty programs will encourage continual digital interaction and customer data collecting.
Personalization will become a competitive advantage and essential for all industries' marketers.
The Prospects
- Focus the objectives of your client loyalty program on their needs and expectations.
- Collect loyalty program metrics for both attitude and transactional success measures.
- Utilize first-party data to segment member bases and send hyper-targeted communications.
Prediction #5
AI can be used for both good and bad in marketing.
As marketing organizations rely more heavily on AI, corporations must avoid employing smart technology creepily or unfairly to influence consumers.
By 2024, at least a dozen businesses will be criticized for unethical marketing automation practices in the media and judicial proceedings.
The Result
As governments establish standards for the ethical use of artificial intelligence, marketing is ideally positioned to comprehend customer perspectives and the threats to a company's trust and reputation. This places the responsibility for addressing ethical AI challenges, such as algorithmic discrimination, data protection, transparency, explanation, and consent, on marketers.
The Prospects
- Instead of focusing solely on securing consent, consider going beyond privacy to eliminate manipulation and bias.
- Ensure that internal and external marketing professionals are well-versed in the applicable data ethical guidelines.
- Permit customers to drill down into explanation text on demand, make opt-outs the default, and explicitly label AI-generated elements for users.
AI - Chatbots
As you can see, the use of chatbots on digital platforms has increased in adoption by every business over the past year, making it a vital element of implementing conversational marketing strategies thanks to technological advancements and AI. This indicates that AI might be at the helm, ensuring it is used constructively. Marketers think that chatbots are one of the most promising ways to use conversational marketing because they can talk like humans. Setting up a chatbot to guide a user through their journey reduces the need for human help, but it could take much work to organize the conversation flows for different persona groups based on what they need from a business.
Do you know
By 2027, the worldwide conversational AI market is predicted to bring in USD 18.02 billion at a CAGR of 21.02%.
So what's next?
Marketing leaders will undoubtedly benefit from Gartner's forecasts of marketing trends. As CMO, you can take stock of where you are now and work out how to improve your setup or introduce new marketing strategies to dominate your industry in 2023.
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