Marketing in the USA has tech backlog
US companies spend an average of 19.9% of their marketing budget on technology (martech). According to The CMO Survey, this percentage is expected to rise to 30.9 percent in five years.
This forecast applies despite the fact that only 56.4 percent of the martech tools purchased are actually used, according to the survey. Furthermore, almost half of marketing managers see a significant discrepancy between the benefits of marketing technology and their hopes for these benefits.
Large language models rarely in use
At the same time, the survey shows that US marketers are unsure how to harness the full potential of the technologies to improve performance. The survey also found that only ten percent of companies are using large-scale language models for marketing activities, even though generative AI is already having a positive impact on companies in terms of lower overhead costs (seven percent), higher customer satisfaction (6.1 percent) and increased sales productivity (5.1 percent). "Our data shows that there is huge potential for the further introduction of AI in companies and therefore a great opportunity for marketing," says Christine Moorman, head of the CMO survey.
However, marketing managers who have integrated generative AI into their processes report significant hurdles in the survey, such as scarce funds for investment in the necessary hardware. In addition, "even the scores for key strategic challenges, such as ensuring that generative AI is a good fit for the brand and target markets, are only average, suggesting that the tools need to be optimized for better performance," Moorman said. (pte/swi)
The recently published CMO Survey was conducted for the 32nd time. For the survey, 292 marketers in management positions were interviewed.
This article originally appeared on markt-kom.com - https://www.markt-kom.com/de/markom/marketing-in-den-usa-hat-tech-nachholbedarf/
