Summary:
In an era where technology is reshaping every industry, the Marketing AI Institute’s 2024 State of Marketing AI Report provides crucial insights into how AI is transforming marketing. This fourth-annual report (sponsored by Drift) draws from nearly 1,800 respondents, shedding light on the evolving landscape of AI in marketing.
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AI Literacy: The Need for Speed
The Institute released the Report’s findings during a webinar, which emphasized the urgent need to accelerate AI literacy among marketing professionals. Paul Roetzer, Founder & CEO of Marketing AI Institute (who was also joined on the webinar by the Institute’s Chief Content Officer, Mike Kaput), stressed that while many marketers are eager to embrace AI, they are often unsupported by their organizations. This gap highlights the critical need for companies to invest in AI training and education to stay competitive.
Thoughts About the Survey Participants
While some of the adoption numbers from the report seem a bit optimistic, it’s important to note that participants were likely “eager adopters” of AI in their organization. The Institute promoted the survey and created visibility from their massive podcast audience, members of the Institute’s training programs, and their robust Slack community. Many of these individuals are “plugged in” to AI and likely much further along the learning and adoption curve than your typical business - especially those in the banking industry (where we tend to spend our time).
That being said, the report is still a great read and something that we encourage you to download and familiarize yourself with. It provides great insights into where AI is headed, particularly in the marketing area, for any type of organization.
Rising AI Adoption and Understanding
A significant finding from this year’s report was the rising adoption and understanding of AI. According to the report, 99% of respondents are using AI in some capacity, with 36% integrating it into their daily workflows—an increase from 29% last year. Furthermore, 15% of respondents stated they can't live without AI, indicating a shift from mere experimentation to practical, daily utilization.
Demographic Insights
The report gathered insights from a diverse group of respondents:
- 64% are director-level or above.
- 29% work in professional services, particularly marketing.
- 88% work in B2B sectors.
- 51% are from firms with $10M or more in revenue.
- 53% work at firms with 50 or more employees.
- This year’s survey included 25 questions covering various aspects of AI adoption and usage.
Top 10 Findings from the Report
- AI Adoption and Understanding are on the Rise: 36% of respondents report that AI is infused into their daily workflows, and 15% say they can't live without it. AI adoption is moving from experimentation to daily use.
- The Majority of Marketing Teams are Now Piloting or Scaling AI: 51% of marketing teams are either piloting or scaling AI, with 41% in the piloting phase and 10% in the scaling phase.
- Saving Time with AI is the #1 Outcome Desired (by far): Reducing time spent on repetitive tasks emerged as the top outcome desired by organizations, cited by 80% of respondents.
- ChatGPT is the Most Popular AI Platform Licensed in Organizations: 55% of organizations provide licenses for ChatGPT. Other platforms include Copilot (31%) and Gemini (17%).
- Lack of AI Education and Training is Still a Massive Barrier: The main barriers to AI adoption are lack of education and training (67%), lack of awareness or understanding (56%), and lack of strategy (43%).
- Only 34% of Companies Have Generative AI Policies (But That's Up 55% Over 2023): Generative AI policies are on the rise, but still only a third of companies have them.
- The Vast Majority of Companies Lack AI Councils and Roadmaps: 71% of organizations lack an AI council, and 81% do not have an AI roadmap. Larger companies are more likely to have these in place.
- Nearly Half of Respondents Believe AI Will Eliminate More Jobs Than It Creates in the Next Three Years: 47% of respondents believe AI will eliminate more jobs than it creates, highlighting the need for strategic workforce planning and reskilling initiatives.
- Overall Sentiment About AI’s Impact is Positive, But Many Have Concerns About Near-Term Negatives: 68% of respondents express optimism about AI's impact, but concerns about rapid change, misuse, and data privacy remain significant.
- It’s Clear That We Stand at a Crossroads: AI is here to stay, but mixed feelings (concerns, confusion, lack of training/preparedness) indicate that many companies are not fully ready for its exponential growth.
Key Outcomes and Popular Tools
Reducing time spent on repetitive tasks emerged as the top outcome desired by organizations, cited by 80% of respondents. This reflects a broader trend of leveraging AI to handle mundane tasks, allowing marketers to focus on strategic and creative endeavors.
Among the AI tools, ChatGPT stands out as the most popular platform, with 55% of organizations providing licenses for it. Other favored tools include Copilot (31%) and Gemini (17%). However, it's important to note that having licenses does not necessarily equate to active usage. Paul mentioned a number of times conversations he’s had during conferences and on-site discussions with organizations who have purchased licenses for AI platforms but lacked the training to help ensure staff understood how to use the tools in their daily job.
Barriers to Adoption: Education and Policy Gaps
Despite the enthusiasm for AI, the report identifies significant barriers to adoption. A lack of AI education and training remains the most cited challenge, with 67% of respondents highlighting this issue. Additionally, only 34% of companies have generative AI policies, although this marks a 55% increase from the previous year. This points to a need for more comprehensive frameworks to guide AI use in marketing.
The Human + Machine Future
Roetzer and Kaput both predict that AI will augment human capabilities, transforming knowledge work at an unprecedented scale. The report suggests that up to 80% of daily tasks could be AI-assisted within the next 1-2 years, emphasizing the need for marketers to understand and ethically apply AI in their roles.
Positive Sentiment Amid Concerns
Overall, the sentiment towards AI remains positive, with 68% of respondents expressing optimism about AI's impact on marketing, business, and society. However, concerns about the speed of AI development, potential misuse, and data privacy remain prevalent, indicating areas where organizations must tread carefully.
Employment Impact
The report reveals mixed feelings about AI's impact on jobs. Nearly half (47%) of respondents believe AI will eliminate more jobs than it creates in the next three years. This underscores the importance of preparing the workforce for AI's disruptive potential.
AI Continues to Evolve
The 2024 State of Marketing AI Report highlights a critical juncture for marketers. As AI continues to evolve, organizations must prioritize AI literacy, develop robust policies, and address ethical considerations. By doing so, they can harness AI's full potential, driving innovation and growth in an increasingly AI-driven world.
For those eager to dive deeper, the full report and a recording of the accompanying webinar are available on the Marketing AI Institute's website. You may also like to know WSI also provides numerous “free” AI resources on our website for you as well - Get started today!