Revenues Lost−34% of Marketing Executives Not Sure How to Use AI
According to a global survey of 600 executives, nine out of 10 companies use AI to improve their marketing outcomes.1Most importantly, studies show that three-quarters of businesses improve revenue with AI-driven marketing.2 Yet, there is untapped potential left in the wings. A recent Business Insider Intelligence report found that “when asked to choose which trending technology they felt most unprepared for, AI was the answer of 34% of global marketing executives.” 3 Sky Cassidy, CEO of Mountain Top Data, says, “Although AI has helped companies stay ahead in today’s dynamic market landscape, there is a lot of untapped business left in the marketplace. If more marketing execs understood how to use AI, their companies would experience bigger boosts in revenues.”
Utilizing AI to its full potential for email marketing is especially important since email still reigns king as the number one source for online sales. It is estimated that 87% of online marketers use email—more than any other form of lead generation.4 Email marketing also offers the highest ROI with roughly $38 made for every $1 spent.5
Yet, given that 34% of marketers feel AI challenged, revenues would be considerably higher if marketing executives fully understood AI. Also, it is estimated that cumulative bad marketing data costs online businesses 611 billion dollars per year,6 in part because of the lack of understanding of AI by many executives.
A helpful way for marketing executives to utilize AI is to think of it as offering research methods. In this fashion, AI falls in the same class as surveys, descriptive statistics and focus groups. AI then becomes a set of tools for answering important business questions. When viewed this way, it forces the marketer to think about what questions are vital to know answers to. If the right questions aren’t asked, then the AI tools will be of little use. Ask the right questions and a new world of potential can open. This helps bring practical understanding to AI. In this way marketing professionals are forced to focus on real world solutions instead of being mystified by their AI toys.7
Therefore, it is a combination of artificial intelligence and human intelligence that gets results. Like any type of market research, in-depth thought should be given to the questions asked so useful answers are given.7
As an example of AI marketing done correctly, Netflix has projected that its AI-powered personalized recommendations save it $1 billion in revenue annually by avoiding canceled subscriptions via engaging customers with relevant email content.8
“There is perhaps no greater area where AI helps marketing than with emails,” Sky Cassidy emphasizes. “The most successful email marketing campaigns focus on creating highly personalized emails. AI helps determine the interests of customers so you can generate insightful, data-driven messages. However, you will only derive benefits from personalized messages in direct relation to the accuracy of your lists. Having accurate data with correct addresses, and as much information depth as possible is top priority in achieving maximum response.”
About Mountain Top Data
Mountain Top Data, headquartered in Los Angeles, CA, has been providing data services for B2B marketing for almost two decades. With an unrelenting commitment to quality they were the first company to guarantee the accuracy of their licensed data and business emails. They provide marketing lists, data cleaning, data appending, data maintenance and email campaign management services. Their data services have been used by some of the world’s biggest brands across a multitude of industries from multi-national telecommunication companies to office technology, to PR firms and more. For more information visit:https://www.mountaintopdata.com