Chatbot is the most popular tool, but companies recognize the opportunity to do more and are prioritizing data quality to get there, with investment growing towards 2024
New research from Twilio, the customer engagement platform that delivers real-time, personalized experiences for today's leading brands, shows that artificial intelligence (AI) automation has emerged as the primary way companies seek to grow revenue and operate efficiently. O Growth Report Twilio Segment's 2023 study of 2,450 business leaders found that Brazil is a leader in AI adoption in Latin America, with 98% of companies experimenting with the technology in marketing channels. Additionally, globally, 88% of companies are already using some form of AI in their marketing efforts, and more than half (54%) expect to spend even more on AI-powered campaigns in the next year. The findings show that leaders expect their investments in AI to pay off, with nine in ten leaders (90%) reporting that AI will save their business time or costs.
The rise of generative AI (GenAI) chatbots appears to be having an impact on marketing leaders, as chatbots are the most common way companies hope to use AI. Among survey respondents, 38% of companies say they will use AI chatbots in their marketing efforts.
Additionally, companies want to explore AI models using customer data to personalize their marketing, with 34% leading the way in integrating predictive AI. For example, Cisco uses Twilio Segment to collect product analytics data and is currently building an AI model to predict user propensity and ease to purchase or upgrade to a new product. Training AI models on real-time data creates a new rule of thumb: as models analyze more data, they get smarter by understanding, perceiving, and activating valuable insights into the customer data that is stored in the Customer Data Platform (CDP).
Data quality and CDPs are essential enablers
The report also highlights the essential role of data quality: 40% of companies face difficulties with technology infrastructures or low-quality data, highlighting the fundamental role of relevant and timely data in unleashing the full power of AI. 71% of respondents say AI could be more useful with access to higher quality data.
CDPs have a positive effect on ensuring data quality: companies using a CDP recorded a growth rate of 32% last year, compared to a growth rate of 21% for companies not using a CDP. Because CDPs unify customer data collected across the organization, they offer brands a single source for their customers' needs. These powerful tools are replacing traditional customer relationship management (CRM) software – 24% of respondents say they plan to simplify, remove or reduce their CRM spend over the next 12 months. This change points to the broader trend for companies to invest more in alternative technologies, such as data warehouses for managing customer data, which are strongly interoperable with CDPs.
Consumer privacy concerns persist
When it comes to customer data, privacy remains paramount. While 66% of leaders feel that customers would appreciate AI-enhanced marketing if it led to superior service, 28% express concerns about data privacy associated with AI adoption. Responding to these concerns, the majority of companies (85%) state that it is a priority to do a better job of capturing and leveraging their own data next year, recording an increase of 14% compared to the 71% registered in 2022.
“AI has taken the world by storm in 2023, and the data is clear that companies have wholeheartedly embraced the technology as a means to attract, engage and retain customers. The challenge now is to ensure that these AI efforts bear fruit,” says Katrina Wong, vice president of marketing for the Twilio segment. “Businesses need to prioritize data quality as much or even more than they prioritize AI. Otherwise, they are leaving money on the table.”
AI will take center stage at CDP Week 2023
To learn more about the 2023 Growth Reports and discover how to deploy AI more effectively, as well as use CDPs to solve data quality issues, watch CDP Virtual Week, CDP Week, October 24-26, 2023. Keynote speaker Sinead Bovell, MIT-certified futurist and AI ethicist, will share her perspective on the future of work and life with advanced technologies. Additionally, several speakers will offer sessions on increasing customer lifetime value (LTV), improving customer engagement, assessing your company's data maturity, and more.
About the report
Twilio Segment conducted the research behind the Growth Report using an online survey prepared by Method Research and distributed by Cint. The audience included 2,450 full-time employees from the United States, United Kingdom, Brazil, Germany, France and Australia who are familiar with the company's growth strategy, working in marketing, engineering, UX, product and customer service roles across companies B2B. with more than 75 employees.
To download the Growth Reporet, visit: https://segment.com/the-
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