AI can improve business results, says MMA South Africa

There is no doubt that the AI wave is fundamentally shaping and changing the role of marketing within an organisation. Because of this seismic shift, CEOs and their CMOs across sectors and industries are regrouping and ramping up their digital innovation to increase competitiveness. Retaining existing customers and gaining new ones is now an outright battle fought with AI-driven technology tools that have changed the game, irrevocably. It is indeed a new era. And it’s happening at the speed of light. 

While one could now consider the ChatGPT phenomenon as “old news”, it’s worth recapping how quickly the application gained traction: the large language model reached the pivotal 100-million users in just two months. This makes Meta’s and X’s adoption rate to acquire that same number of users (4.5 and five years respectively) a snail’s pace.

Since ChatGPT’s launch, AI in its various facets and applications has exploded and, buoyed by its rapid growth and implementation, AI-driven marketing is set to drive 45% of the total global economy by 2030. This includes using deep data analytics to make better business decisions, hyperpersonalising the customer experience, enhancing predictive modelling, automated ad buying and using the somewhat contentious Generative AI content creation tools (will we be able to discern between what is real and what is automated, or fake, for instance?)

 In fact, the industry is evolving so quickly that globally, MMA members have — through the body’s AI Leadership Coalition initiative — expressed that the most critical areas in which they want to upskill in AI is via audience development (32%), the activation and personalisation of advertising (29%), marketing measurement, attribution and predictive analytics (24%) as well as legal and responsible deployment of AI (22%), to mention just a few.

As the local chapter of the Global MMA industry association, the MMA South Africa is the leading marketing body that supports and enables marketers to drive business impact. Once focused exclusively on mobile — the channel innovation of its time — the MMA South Africa has always been focused on researching and sharing insights into the latest technology trends and tools to provide member CMOs with unique insights that can be applied back into their businesses, at pace.

Whichever way you look at it, the marketing landscape looks nothing like that of even the recent past. Because of this gigantic leap forward, CMOs across the country need to upskill, and understand and implement AI-driven efforts for their businesses and brands to retain market share.

In 2024, as a case in point, the MMA South Africa will focus on AI personalisation, data maturity and analytics, marketing growth frameworks, marketing measurement, omnichannel experience and marketing org and AI. Through its proprietary think thanks that are based on international benchmarks, ALC (AI Leadership Coalition), MATT (marketing attribution), DATT (data and customer experience) and MOSTT (marketing organisation structure), it will provide CMOs with the most current marketing intelligence and tools at industry gatherings and through the distribution of materials and resources.

The SMARTIES, its flagship annual awards event, will also identify and honour brands, businesses and tech enablers that are implementing AI and other tech innovations to drive tangible business impact measurably n terms of customer acquisition and retention, revenue growth and even moving the share price.

 Given how Generative AI will profoundly affect business and operating models, coupled with the fact that CEOs believe that technology will significantly affect their industry over the next three years, CMOs and their teams must get on board the AI train or risk being left behind as competitors get to grips with this new technology and the power it can yield, says Mark Raskino, vice-president analyst at Gartner.

And they are getting on board, as is evidenced by a recent Gartner survey that revealed 85% of marketers intend to increase their AI investment by 2025 to enhance consumer analytics and campaign performance.

 While once e-commerce efficacy or customer experience integration were the latest business game-changers, AI’s ability to mine deep data, directly engage targeted customer segments with highly personalised and compelling GenAI content, is the new competitive leveller.

 This tech-led revolution requires a heightened level of technological proficiency and an ongoing commitment to creative and strategic leadership. As the MMA South Africa our intention, as we evolve alongside the marketing industry, is to give CMOs access to well-researched, highly regarded and peer-reviewed information and insights that will empower them to make more informed decisions and take decisive action in their marketing efforts, to drive better business impact and grow their brands’ dominance in their sectors. 

Sarah Utermark is the country director of the MMA SA.

The big take-out: CMOs and their teams must get onboard the AI train or risk being left behind.