Amid the buzz that is AI, the technological advancement has played a vital role in decision-making when it comes to organisational marketing spending.
In an analysis by Bain & Company, it was revealed that AI is demanding excellence in execution across all aspects of marketing.
The management consulting firm mapped out the "four Cs" that drives success in marketing, thereby making investments worthwhile: comprehensive AI; consumer obsession; continuous experimentation; and commanding attention.
Comprehensive exploitation of AIÂ by the companies leading in marketing - Bain's report finds that organisations' marketing leaders are 10 times more likely to see AI and machine learning as core capabilities, correlated with more than a doubling of sales growth on average. They revealed that companies leading in marketing are also scaling up generative AI more broadly across go-to-market functions.
Consumer obsession - Bain highlights hallmarks of success, as leaders are found to be more likely to leverage AI to deliver the enrichment of their data, boosting their first-party data with third-party data so that when using enriched data they can realise more than double the average sales growth of laggards.
Continuous experimentation - Bain finds that the best performing companies are eight times more likely to perform 100 or more marketing experiments each month, while the leaders are twice as likely to scale learnings from these experiments across their organisations.
Commanding attention - It was revealed that balancing brand activity with modular, automated marketing technology commands attention, with leaders coming up as more likely to have mature marketing technology stacks across four areas: (1) data collection and enrichment; (2) measurement; (3) automation; and (4) workflow management.
