AI is reshaping the role of CMOs, their teams, and their companies

The integration of AI into marketing is a top priority. Nearly 60% of organizations worldwide are integrating genAI into their marketing efforts, and almost 80% had allocated or planned to allocate budget to genAI in their marketing initiatives in the six months following an October 2023 survey by Capgemini. AI offers benefits but also introduces ethical and regulatory considerations and the need to improve data management.

• Proactive innovation is necessary to succeed with AI. CMOs need an approach to AI that embraces innovation and experimentation. It will be imperative to stay informed about technological developments to maintain a competitive edge and ensure long-term success.
• Budgetary impact on adoption of AI. Demonstrating ROI will be necessary to show the value of AI-powered marketing initiatives and drive overall company growth. But AI budgets haven’t necessarily caught up with the price of AI tools. Over half of respondents plan to allocate less than 10% of their marketing budget to AI tools, per an October 2023 Matter Communications survey.
• CMOs need to transform their marketing strategies and teams. CMOs must combine human intelligence and empathy with AI capabilities, in addition to prioritizing use cases that meet customer needs and enhance the experience. CMOs should ensure their teams are knowledgeable about and trained on AI tools and consider hiring AI-specialized talent, such as prompt engineers and data analysts.

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