Report: 84% of promoting leaders use predictive analytics, however wrestle with data-driven choices

Synthetic intelligence (AI) holds nice promise for companies at this time, particularly for advertising and marketing groups who should anticipate prospects’ pursuits and conduct to realize their objectives. Regardless of the rising availability of AI-powered applied sciences, many entrepreneurs are nonetheless within the early days of formulating their AI methods.

There’s robust curiosity within the potential of AI-based predictive analytics, however advertising and marketing groups face numerous challenges in absolutely adopting this know-how. With no common playbook obtainable for integrating information science into advertising and marketing, numerous approaches have developed, with various success ranges.

Pecan AI’s Predictive Analytics in Advertising Survey report displays this complicated state of affairs and supplies key perception for advertising and marketing groups and enterprise leaders tackling challenges with AI, no matter the place they is perhaps on the adoption curve.

Key findings — integrating AI predictive analytics

Whereas many firms tout the criticality of shopper information throughout areas, from predicting future purchases to buyer churn, the truth is that greater than 4 out of 5 advertising and marketing executives report problem in making data-driven choices regardless of the entire shopper information at their disposal. The identical variety of respondents (84%) say their means to foretell shopper conduct appears like guesswork.

An awesome majority (95%) of firms now combine AI-powered predictive analytics into their advertising and marketing technique, together with 44% who’ve indicated that they’ve built-in it into their technique fully. Amongst firms which have fully built-in AI predictive analytics into their advertising and marketing technique, 90% report that it’s troublesome for them to make day-to-day data-driven choices.

Advertising and information science face distinctive challenges when attempting to collaborate. Consequently, information initiatives stall. The examine supplies perception into their struggles together with:

• 38% of respondents say information isn’t up to date shortly sufficient to be beneficial.
• 35% say it takes too lengthy to construct the fashions.
• 42% say information scientists are overwhelmed and don’t have the time to satisfy requests.
• 40% say these constructing the fashions don’t perceive advertising and marketing objectives.
• 37% of respondents point out that improper or partial information is used to construct fashions.

Methodology

The Pecan Predictive Analytics in Advertising Survey was carried out by Wakefield Analysis amongst 250 U.S. advertising and marketing executives with a minimal seniority of director. These executives work at B2C firms that use predictive analytics and have a minimal annual income of $100M. Contributors responded to an e mail invitation and an internet survey between September 13-21, 2022.

Learn the full report from Pecan.