Marketers often make the mistake of using the terms ChatGPT or Midjourney when referring to AI, according to a new report by Statista and Plus Company. And this simplification overlooks a crucial opportunity: the chance for a fundamental overhaul that could enable marketing departments to generate, drive and measure significant business value within their companies.

The study, titled Marketing’s AI Era: Strategies & Measurement Driven by AI-Powered Prediction, surveyed 200 CMOs from mid- to large-sized organizations across six sectors in order to shed light on the varied priorities and hurdles they encounter. The findings offer reassurance to marketers who may feel behind in adopting AI, revealing that 43% of respondents acknowledge AI’s potential, yet face obstacles in implementing it effectively.

The real game-changer lies in AI’s ability to forecast trends, promising a major shift in business operations, but this requires marketers’ willingness to truly adopt it. Data shows that 75% of CMOs admitted they haven’t prepared for the upcoming removal of third-party cookies, a key tool for tracking marketing effectiveness.

The report suggests there is a pressing need for companies to gear up for a significant transformation, and not making a decision on the implementation of AI is still making a decision. The report aims to navigate the complexities of advertising measurement, understanding consumer behaviour, audience targeting and evaluating creative influence, outlining the evolving responsibilities of marketers and the essentials for succeeding in the marketing industry of tomorrow. And anticipating a future without cookies and the necessity for novel strategies in planning and success metrics is critical.

Here are some of the key findings of the report:

“81% of marketers say they‘re using AI for planning marketing campaigns, but only 36% are using it for attribution.”

As digital marketing moves away from reliance on cookies, marketers are finding themselves at a crossroads, needing to adapt their strategies. The challenge now is to escalate AI integration, using data analytics for informed decision-making that boosts business outcomes.

Historically, AI’s role has centred on streamlining decision processes. However, with advancements in generative AI and the emergence of platforms such as ChatGPT and Midjourney, the emphasis has shifted towards creative generation. In the marketing space, these AI innovations are primarily used to reduce production costs and elevate efficiency. Yet, the potential of generative AI extends further into analyzing consumer behaviour data to forecast interactions likely to significantly influence sales, thereby enabling effective predictions in a post-cookie marketing environment.

“43% see AI potential but find challenges to implement it.”

While there’s recognition of AI’s capabilities in automating tasks, its adoption often stops at specific, standalone applications rather than being integrated as a comprehensive solution across marketing operations.

Yet, there’s an emerging trend of marketers increasingly interested in using AI for a range of strategic tasks, including identifying target demographics, forecasting campaign performance, customizing content, and simulating different campaign strategies. This indicates a move towards more sophisticated uses of AI within marketing strategies.

Sixty-nine percent of CMOs are convinced that insights derived from AI can help fine-tune advertising expenditure to enhance ROI. However, 40% of CMOs express difficulties in measuring the contribution of creative efforts to business success, as well as assessing the effectiveness of specific creative ideas.

Despite the recognized benefits, there’s a noticeable hesitancy among CMOs to deploy AI for distributing budgets across various channels. This reluctance could stem from a lack of confidence, the perceived intricacies of navigating budget-related politics and relationships, or a desire to maintain direct control over critical financial decisions.

“63% will explore Artificial Intelligence and Machine Learning to gain insight into consumer behaviour while adhering to privacy standards.”

While CMOs exhibit a strong interest in the possibilities offered by AI, this enthusiasm doesn’t consistently manifest in definitive plans or actions. The gap between excitement for AI and its practical application underscores a critical need for direction on how to effectively use AI technologies.

Nearly three-quarters (74%) of CMOs have expressed a desire to implement AI for strategic campaign planning and for evaluating the impact of their marketing activities. However, turning this interest into tangible progress in AI deployment necessitates that CMOs confront their own areas of uncertainty and evaluate their teams’ ability to embrace new technologies. Implementing AI effectively goes beyond merely acquiring technology; it demands a knowledgeable and skilled workforce capable of configuring and managing these systems. This emphasizes the importance of investments in training and professional development, preparing teams to work alongside AI.

“53% of marketers say there will be an increase in creative roles.”

The report indicates a growing trust among CMOs in AI capability to predict the impact of creative initiatives. This shift reflects a broader change in attitude towards AI and highlights an increased recognition of its potential to bolster creative strategies in the marketing landscape. In contrast with concerns about AI’s potential to encroach on creative professions, a majority (53%) of those surveyed believe in an uptick in creative job opportunities. This perspective suggests a view of AI as a complement to, rather than a competitor of, human creativity, poised to enhance capabilities within marketing teams. But despite this optimism, there remains an undercurrent of challenges not fully addressed in the integration of AI.

The discrepancy between individual experiences and the collective industry conversation about AI’s role points to a significant gap and underscores the need for a deeper dive into understanding AI’s impact on creativity in marketing.