Marketing teams lack “mission-critical” skills
New research has found that marketers lack the skills to leverage technology based on artificial intelligence (AI) and don’t understanding AI marketing.
A study by Forrester Consulting on behalf of cloud marketing company Emarsys, found that 70 per cent of business decision makers believe their marketing team lacks the technical skills to leverage AI marketing technology, and don’t necessarily understand AI marketing.
This is despite the fact that the vast majority of those polled believe AI-powered marketing will dramatically change their role in future, with 86 per cent saying AI will make marketing teams more efficient and effective, and 82 per cent stating it will reinvent the way that marketers work.
A handful of retail organisations (11 per cent) are considered ‘experts’ in the AI marketing readiness domain, and they are strategically and organisationally prepared to leverage AI technology innovations to enjoy its business benefits, whilst more than 25 per cent are considered ‘laggards’.
On average, three out of five retail and e-commerce firms polled expect to implement AI marketing technologies within the next 12 months, but 63 per cent of all those polled said it will take more than 3 years to fully leverage AI marketing. However, 54 per cent of ‘experts’ believe it will take less than two years.
The top reasons respondents cited for wanting to implement AI marketing were to drive revenue and better serve customers.
According to the Forrester report, it is “mission-critical” for retail decision-makers to understand their AI readiness internally in order to be industry leaders.
“For retailers to harness the value of AI marketing and combat competitive threats, such as Amazon’s growth into adjacent markets, requires a clear understanding of how AI can change the marketer’s role, as well them challenging the misconception that adopting such technology requires technical skills,” said Allen Nance, CMO at Emarsys.
Forrester surveyed 717 businesses for the study in US, UK, Germany, France and Australia that had revenues from at least $50 million to more than $5 billion.