CMOs discover GenAI as a market research tool

According to PYMNTS Intelligence, about half of chief marketing officers (CMOs) already use generative artificial intelligence (GenAI) for routine tasks. However, only a relatively small percentage are using technology to conquer more challenging tasks.

A key takeaway from our latest CAIO 2024 Report is “Are CMOs missing the potential of GenAI?The report, based on surveys of 60 CMOs working on behalf of US companies earning at least $1 billion in annual revenue, determined that about 50% of CMOs surveyed use GenAI for relatively simple projects such as email design and data visualization.

One reason for this limited use may stem from common challenges that CMOs report encountering when integrating Gen AI into their existing systems. A significant part they say bump obstacles, including many CMOs working for very advanced companies. Forty-two percent of CMOs overall say they struggle with not knowing the full capabilities of GenAI within their organizations, while another 42% say they encounter issues around integration. In particular, integration issues are slightly higher for enterprises that are now using technology for low-impact tasks (46%).

PYMNTS Intelligence concluded that overcoming these challenges is essential if CMOs hope to maximize the full potential of GenAI in their enterprise marketing efforts, and nearly every CMO we surveyed believes GenAI has an important role to play in those efforts.

As the figure below illustrates, about 80% of CMOs are considering GenAI to become very important to contribute to a positive customer experienceWHILE three-quarters think technology can be very or extremely useful in providing market research and insights. And while 68% THINK GenAI can play an important role in analyzing marketing analytics, more than half (53%) THINK can be used to improve lead generation and sales enablement.

Product marketing and marketing analytics are also highly valued, reflecting the additional emphasis on data-driven strategies. Meanwhile, the interest to use it for marketing strategy, advertising AND the promotion reflects GenAI’s perceived value in comprehensive planning and outreach. Finally, 45% believe that GenAI has the potential to ensure that corporate marketing materials meet regulatory compliance requirements.

Data shows that high-impact CMOs—those using GenAI for the most complex, riskiest GOLD strategic tasks — prioritize its use in marketing strategy and brand management. In contrast, users with low and medium influence put more emphasis on operational applications, such as customer experience monitoring.

So that all CMOs to realize the full potential of GenAI, efforts must be made to address integration challenges. Additionally, comprehensive training—especially among low- and medium-impact users—can help marketing teams unfamiliar with the technology maximize the true potential of GenAI in marketing functions.