The latest study conducted by the CMO Council and Zeta Global indicates that marketing technology is undergoing a significant transformation. Entitled “CMO Intentions 2024: Fueling Martech Innovation Through AI”, the report surveyed approximately 200 CMO Council members in North America and Europe. The findings of the study suggest a notable shift in marketing technology as a result of the integration and application of Gen AI, with a strong emphasis on enhancing productivity, effectiveness, and innovation.
With companies such as Zeta Global leading the way in AI technology, three key Generative AI drivers are expected to have a profound impact on shaping the marketing landscape. Consequently, 60% of the surveyed marketers anticipate that marketing will offer the highest value and ROI by 2024.
Furthermore, the study reveals that over 40% of CMOs are turning to AI to improve content origination, reduce errors in marketing communication, and achieve more predictive outcomes from their creative investments. They are seeking increased levels of automation, productivity, and efficiency in both internal and agency teams, leading to improved output and inspiration with fewer personnel.
An intriguing aspect of the findings is the strong focus on using AI applications in marketing to target content creation for greater innovation, impact, and personal resonance. CMOs anticipate that AI-driven execution will enhance brands’ ability to connect and engage with individuals across cultures, borders, and shopper demographics.
Donovan Neale-May, the executive director of the CMO Council, commented on the shift in marketing technology procurement intentions, with around 60% of marketers foreseeing it offering the most value and ROI in 2024.
The study also highlights that nearly 46% of marketing leaders view customer data as the essential lubricant, underscoring its critical role in driving personalized engagement with valued buyers and loyal shoppers. It further emphasizes the importance of gaining a deeper understanding of customer journeys, as well as improving processes, productivity, and workflow, which are high on the agenda for marketing technology investment in 2024.
The concept of Generative AI, hailed as the catalyst for sophisticated CMOs to identify superior technologies and tools, is a significant revelation brought to light by the study. According to Steven Gerber, President and COO of Zeta Global, the study reinforces that CMOs are in the early stages of a Replacement Cycle, with an increasing reliance on technology and tools to deliver better experiences for consumers and improved results for their brands.
The survey findings also indicate that a notable 50% of chief marketers prioritize functional alignment and unified execution in 2024, followed by acquiring customer insights for improved outcomes. Additionally, only 17% of CMOs believe their teams lack digital skills, while just 18% face resistance to change.
Based on a Q1 online survey of nearly 200 chief marketing executives, the study also highlights the top priorities for nearly 60% of respondents—top-line revenue growth, operational efficiency, and cost reduction, with high expectations for AI’s impact on productivity and performance.
The research findings from the CMO Council offer valuable insights into the evolving landscape of marketing technology and the increasing reliance on AI to drive personalization and performance improvements. These findings, backed by a robust sample of CMOs, indicate a significant shift in marketing technology trends for the future.