The Current State of Marketing and Technology
The conversation around marketing and technology is complex and multifaceted. While there is excitement about the potential for explosive growth in tech adoption, marketing budgets as a share of revenue are down, and the share of the budget dedicated to tech is also decreasing. This doesn’t mean that content marketers aren’t interested in technology, but rather that leaders are being cautious with their spending due to uncertain economic expectations and the fact that marketers are not fully utilizing the capabilities of their current martech stack.
The Impact of Economic Expectations on Marketing Budgets
The current economic climate is causing C-suites to ask marketers to do more with less, a trend that was also seen last year. This means that marketers need to be strategic with their budgets and focus on investments that will have the greatest impact. Despite the challenges, research shows that many of the same tech trends that made us more efficient and impactful last year are still relevant today.
The Role of Generative AI in Content Marketing
Generative AI is one of the hottest technologies in marketing right now, and it’s not just a passing fad. Two years after its release, marketing leaders are still excited about its potential and payoff. A survey from Boston Consulting Group found that 70% of marketing functions already use generative AI, with half of them using it to create content. The economic benefits of adopting generative AI could be significant, with McKinsey estimating that it could result in between $6.1 to $7.9 trillion in value.
How Generative AI is Enabling Content Marketing Teams
Generative AI is enabling content marketing teams to produce more content faster and with greater accuracy. This is helping to address one of the top challenges in content marketing, which is creating enough content to meet demand. Generative AI is not replacing human talent, but rather augmenting it and allowing teams to focus on higher-level tasks.
The Importance of Customer Data in Content Marketing
AI’s extended reach is creating an opportunity for marketers to up their game with customer data. With the ongoing retirement of third-party cookies, businesses need more maturity in customer data and analytics. By leveraging customer data, content marketers can produce more targeted content that results in higher customer engagement.
How Customer Data is Improving AI-Generated Content
Most marketing functions adopting generative AI are using off-the-shelf solutions, but the most tech-forward organizations are building their own large language models using their own data. This allows them to create more tailored and effective content. Even organizations that don’t have the resources to build their own model can still augment standard models with in-house data to improve outputs.
How Customer Data is Driving Better Content Marketing Engagement
Customer data is not only improving AI-generated content, but it’s also enabling content marketers to use predictive analytics and machine learning to uncover insights into customer needs. By collecting and analyzing direct and indirect sources of customer data, content marketers can create more targeted and effective content.
The Future of Content Creation
Even with generative AI and better data, content teams will need to up their game with sound processes and an easy-to-use technology stack. This means leveraging content marketing platforms to drive collaboration and streamline workflows.
Frequently Asked Questions
How are Marketing Budgets Expected to Change in the Next Few Years?
Sources like the semi-annual CMO Survey predict that if economic conditions improve, marketing budgets will gradually increase. In the meantime, content teams need to optimize how they work and show positive returns from current investments.
What are the Potential Drawbacks of Relying Heavily on Generative AI for Content Creation?
One potential drawback of using AI for content is creating high volumes of low-quality content that includes misinformation. To avoid this risk, it’s essential to keep a human involved in the content creation process and implement strong fact-checking practices.
How can I Leverage Data to Improve Content Marketing?
Leveraging data is not just about knowing your customer, but also about knowing what is working in your content marketing program and what you need to stop doing to get the most out of your budget. This requires tracking content performance and identifying opportunities for amplification.
Conclusion
The current state of marketing and technology is complex, but by understanding the trends and challenges, content marketers can make informed decisions about how to allocate their budgets and resources. Generative AI and customer data are two of the most significant trends in content marketing right now, and by leveraging these technologies, content marketers can create more targeted and effective content. By staying on top of the latest trends and best practices, content marketers can drive engagement and growth, even in uncertain economic times.