Chatbots are the most popular AI-powered
marketing tool today, but companies recognize the opportunity to do
more — and are prioritizing data quality in order to get there
New research from Twilio (NYSE: TWLO), the customer engagement
platform that drives real-time, personalized experiences for
today’s leading brands, shows that AI automation has emerged as the
primary means by which businesses are looking to grow revenues and
operate efficiently.
Twilio Segment’s 2023 Growth Report, a study of 2,450 business
leaders, found that 88% of businesses are already using some form
of AI in their marketing efforts this year, and more than half
(54%) expect to spend even more on AI-powered campaigns in the
coming year. The findings show that leaders expect their AI
investments to pay off, with nine out of ten leaders (90%)
reporting that AI will deliver either time or cost savings for
their business.
The rise of generative AI chatbots appears to be having an
impact on marketing leaders, as chatbots are the most common way
businesses expect to use AI. Among the survey’s respondents, 38% of
businesses say they will be using AI chatbots in their marketing
efforts.
Additionally, businesses are tapping into AI models using
customer data to tailor their marketing, with 34% of leaders
integrating predictive AI. For example, Cisco uses Twilio Segment
to collect product analytics data, and is currently building an AI
model to predict user’s propensity and readiness to buy or upgrade
to a new product. Training AI models on real-time data creates a
flywheel – as the models analyze more data, it gets smarter to
understand, perceive, and activate on valuable customer insights
stored in the Customer Data Platform (CDP).
Data quality and CDPs are critical enablers
The report also shines a light on the essential role of data
quality: 40% of businesses are struggling with technology
infrastructure or low-quality data, highlighting the pivotal role
of relevant, 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 are having a positive effect in ensuring data quality:
Companies using a CDP experienced a 32% growth rate in the past
year, compared to a 21% growth rate at companies not using a CDP.
Because CDPs unify customer data that is collected across the
organization, it offers brands a single source of truth for their
customers’ needs. These powerful tools are displacing the
traditional customer relationship management (CRM) software — 24%
of respondents say they plan to simplify, remove, or reduce their
CRM spend in the coming 12 months. This shift points to the broader
trend of businesses investing more in alternative technologies like
data warehouses for customer data management that are powerfully
interoperable with CDPs.
Consumer privacy concerns persist
On the topic of customer data, privacy remains paramount. While
66% of leaders feel that customers would appreciate AI-enhanced
marketing if it leads to superior service, 28% express concerns
about data privacy associated with AI adoption. Addressing these
concerns, most businesses (85%) say it’s a priority to do a better
job of capturing and leveraging first-party data in the coming
year, marking a 14% increase from the 71% recorded in 2022.
“AI has taken the world by storm in 2023, and the data is clear
that businesses have embraced the technology wholeheartedly as a
means to attract, engage, and retain customers. The challenge now
is ensuring that these AI efforts bear fruit,” said Katrina Wong,
VP of Marketing at Twilio Segment. “Businesses have to prioritize
data quality just as much, or even more, than they’re prioritizing
AI. Otherwise, they’re leaving money on the table.”
AI to Take Center Stage at CDP Week 2023
For more about Twilio Segment’s 2023 Growth Report, and to
discover how to more effectively deploy AI and use CDPs to solve
data quality problems, tune into the virtual CDP Week, on October
24-26, 2023. Keynote speaker Sinead Bovell, a futurist and
MIT-certified AI ethicist, will share her perspective on the future
of work and life with advanced technologies. In addition, numerous
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
services roles at B2B companies with 75+ employees.
To download Twilio Segment’s 2023 Growth Report, please visit:
https://segment.com/the-growth-report/
About Twilio Segment
Twilio Segment’s Customer Data Platform (CDP) provides companies
with the data foundation that they need to put their customers at
the heart of every decision. Per IDC, it’s the #1 CDP in worldwide
market share four years in a row (2019-2022). Using Twilio Segment,
companies can collect, unify and route their customer data into any
system where it’s needed to better understand their customers and
create seamless, compelling experiences in real-time. Over 25,000
companies use Twilio Segment to make real-time decisions,
accelerate growth and deliver world-class customer experiences. For
more information, visit https://segment.com.
About Twilio
Today's leading companies trust Twilio's Customer Engagement
Platform (CEP) to build direct, personalized relationships with
their customers everywhere in the world. Twilio enables companies
to use communications and data to add intelligence and security to
every step of the customer journey, from sales to marketing to
growth, customer service and many more engagement use cases in a
flexible, programmatic way. Across 180 countries, millions of
developers and hundreds of thousands of businesses use Twilio to
create magical experiences for their customers. For more
information about Twilio (NYSE: TWLO), visit: www.twilio.com.
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