A CMO has a much harder job today than ever before. Digital has changed the environment, bringing both challenges and opportunities along with it. Marketers now have data to track consumer purchasing habits and the efficacy of marketing efforts. In 2016, “marketing budgets increased to 12% of company revenue…and CMO marketing technology spend is on track to exceed CIO tech spend in 2017.” As a result, executives are starting to take marketing more seriously and giving CMOs more responsibility. Along with a seat at the executive table and bigger budgets comes the expectation to track and prove return on investment. But predicting the success of campaigns is still difficult.
Marketers are up against an increasing number of media, the daily onslaught of new content, and the unpredictability of the consumer journey. To be successful, you must mine data to uncover insights, identify future trends, and intelligently apply learnings to more accurately predict the outcomes of future strategies. The methods for doing that are: work closely with a data scientist and adopt technology to supplement the humans.
Advances in big data, machine learning, and artificial intelligence (AI) have made those technologies the more practical, beneficial investments. The amount of data available makes it impossible for a human to analyze and make decisions in real-time. Instead, industry leaders are investing in artificial intelligence to make things that have pained marketers for decades possible. AI is a useful tool to uncover insights more quickly, turn those insights into guidance for future campaigns, and apply the learnings for better results, faster.