January 22, 2018 - Comments Off on Are you ahead of the curve?

Are you ahead of the curve?

Here at Bloom, we believe that the future of marketing is anchored in Artificial Intelligence (AI). In recent months, we’ve been talking to lots of marketers and brands, all with varying levels of understanding of the power of AI, and this has got us thinking – will those with very little understanding of AI actually be a harm to UK businesses?

We set out to research into what marketers know and understand about AI, and how they think it will impact their businesses. We found that there is real potential for brands to get left behind.

The possibilities presented by AI are limitless. As a marketing agency, we’re already using this technology for our clients every day, and we’ve got the results to prove it. Already at Bloom, half of our revenue is grounded in AI and we expect this to increase in the coming months. The technology presents an opportunity to devote more time to creative and strategic tasks, while also delivering the benefits of machines performing certain tasks more efficiently than humans. We wanted to know what the wider industry thought, so we asked 100 senior UK marketing decision makers for their views on AI and its applications.

Our research indicated that a lack of knowledge about AI is preventing businesses from remaining competitive and delivering effective marketing strategies. It reveals that, despite the majority of marketing decision makers (66%) believing AI will have a significant impact on the industry overall, half of marketers (49%) have only a basic understanding of the technology.

What do marketers see as the benefits of AI?

According to our report, a third of marketers believe that staying ahead of the competition is the most important benefit of AI, followed by the potential to free up more time (23%) and deliver ‘always on’ marketing campaigns (22%).

While it is encouraging to see that the majority of marketers see the potential for AI to transform the industry, there’s a clear lack of knowledge amongst key decision makers that means many companies are already falling behind the competition. The pace of development in this field is phenomenal and the gap between those embracing AI and those not is widening all the time.

Innovate to create

There are some surprising results in the report, most notably looking at the difference between how large companies (with revenues over £100m) are lagging behind smaller brands (with revenues of £10m – £100m) when it comes to understanding the impact of AI on the marketing industry. This could be an indicator that smaller businesses are more agile and able to adopt and embrace emerging technologies.

The report also reveals the areas that marketers think AI will impact the most. Want to know what they are? The full report can be downloaded here: Mind the gap