AI-Driven Marketing Initiatives Directly Contribute to Increase in Revenue, According to 89% of Executives
May 21 2024 - 9:15AM
Business Wire
New Report Shows Strategic Use of AI for Specific Use Cases
Results in Increased Revenue; AI's Ability to Deliver Trustworthy,
Brand-accurate Information Remains A Top Concern
Conversica, Inc, the leading provider of AI-powered Conversation
Automation solutions for enterprise revenue teams, today announced
the results of its latest research study The 2024 Marketing
Executive AI Sentiment Report.
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the full release here:
https://www.businesswire.com/news/home/20240521225037/en/
New report explores the advantages
marketing leaders believe AI brings to revenue growth and their
brand over the past year, and plans for its use in the next 12
months. (Graphic: Business Wire)
The Report explores the advantages marketing leaders believe AI
brings to revenue growth and their brand over the past year, and
plans for its use in the next 12 months by CMOs, VPs, and marketing
executives. The Report also reveals top use cases where marketing
leaders are leveraging AI for revenue growth, and highlights their
general AI trust sentiment.
Key Findings:
- 89% of marketing leaders reported AI-driven initiatives
have directly contributed to an increase in revenue within the last
year
- 90% plan to increase investment in AI by expanding the
use of current tools or exploring new AI applications in the next
year
- Marketing leaders believe AI technologies have the greatest
potential to impact the middle of the funnel (44%), with
lead nurture and qualification topping their list of use cases with
the greatest impact on conversion rates and revenue
(45%)
- 69% of respondents reveal their top concern is AI's
ability to deliver trustworthy, brand-accurate information
- 53% of marketing leaders are concerned about losing
human oversight in customer interactions with the use of AI
Download the full survey report here.
AI Adoption in Marketing
With fewer than 5% of marketing executives reporting no AI usage
in the past 12 months, The 2024 Marketing Executive AI Sentiment
Report confirms AI has been widely adopted for marketing in the
last year. Data on respondents’ plans for the future show that AI
for marketing use will continue to grow over the next 12 months,
with 46% planning to increase investment in AI technology they
already use and 44% planning to experiment with new
applications.
“Conversica’s latest Report shows businesses have moved past the
ChatGPT frenzy and beyond the experimental stage to understand how
AI becomes their competitive advantage,” said Jim Kaskade, CEO of
Conversica. “Savvy marketing leaders who strategically adopt
comprehensive AI-powered Conversational Automation solutions for
revenue-centric business operations such as lead generation,
engagement, and conversions are already experiencing steady growth
and concrete revenue-generating results. In fact, I’ll be as bold
to say, ‘adopt or die’. For CMOs executing on the status quo, get
ready for the unemployment line.”
A key finding from the Report identified a correlation between
specific AI use cases and sales conversions that resulted in
revenue. Marketing leaders who plan to prioritize AI use for
inbound lead engagement and outbound lead generation next year were
more likely to have experienced a direct increase in revenue
attributed to AI use within the last year.
Looking beyond their own immediate plans, nearly half (45%) of
Marketing leaders rated lead nurture and qualification as the AI
use case with the highest potential to impact conversion rates and
drive revenue growth.
Over the next 12 months, respondents' plans for AI use cases to
impact the funnel include:
- Improving real-time engagement and responsiveness to leads
(65.5%)
- Scaling outbound marketing for lead generation (59.5%)
Inbound follow-up, which the group selected as their top planned
use case for the next year, was a distant second when compared to
potential conversion rate impact, with less than a quarter placing
it at the top of their list.
“As new tools are launched and marketing use cases continue to
expand across businesses and industries, we expect to see
organizations focus on refining their AI strategies and
applications to harness their full potential. In the next year, AI
will deliver even more revenue opportunities and impact growth as
marketing executives scale their use cases and reap the benefits,”
added Kaskade.
Overall Trust in AI is High, With Brand Accuracy a Top
Concern
The Report revealed that 89.5% of marketing leaders trust AI at
least somewhat to act autonomously within their organizations, with
44.5% reporting complete trust and 44.5% some trust. When asked to
highlight their specific concerns for Conversational AI use cases,
respondents cited AI's ability to deliver trustworthy,
brand-accurate information most (69%), followed by losing human
oversight in customer interactions (53%).
Given these concerns, to ensure a reliable AI integration
process within a company, leaders must create a transparent process
that allows human oversight and only acquire solutions from trusted
AI providers that have proven track records for success in the
specific use cases they’re seeking to deploy. Learn more about the
ethical use of AI in Conversica’s AI, Ethics and Corporate
Responsibility Report.
About the Study
The research study was conducted online using a random sample of
454 CMOs, VPs, and marketing executives within the United States by
SurveyMonkey on behalf of Conversica in February 2024.
About Conversica
Conversica delivers two-way conversations that activate all
parts of the funnel with precision, proactively increasing
conversions and growth. Whether the focus is converting leads in
Marketing, closing deals in Sales or growing existing customers in
Customer Success, Conversica’s Powerfully HumanⓇ conversations are
informed by the industry’s most advanced enterprise-class,
self-learning AI models derived from billions of human interactions
over more than a decade. The Conversica Conversational AI platform
is powerful enough to hold meaningful dialog in real-time across
the entire customer lifecycle and smart enough to seek out and fill
the ‘conversation gaps’ in the funnel, delivering the right message
at the right time to put any hint of interest on the fast track to
conversion. Attack each gap and slowdown point in the buyer journey
with precision, influencing and persuading leads, prospects and
customers through automated 1:1 interactions tailored to the unique
needs of each contact.
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version on businesswire.com: https://www.businesswire.com/news/home/20240521225037/en/
Conversica Media Contact: Trevor Turner for Conversica
conversica@msrcommunications.com (415) 989-9000