The Impact of AI on the Marketing Industry: Insights from Funnel’s Second Annual Report
The rapid rise of artificial intelligence (AI) is transforming the marketing industry, forcing marketers to adapt to new ways of working with data. Funnel, a marketing data hub, recently released its second annual report titled “Marketing Data State of Play 2024,” which provides valuable insights into marketers’ perspectives on AI, the future of the industry, and the steps they are taking to stay relevant in an AI-driven landscape.
One of the key findings of the report is that a significant number of marketers express concerns about the potential threat AI poses to their jobs. Nearly two-thirds of marketers surveyed fear that AI may replace their roles within the next five years, and 75% believe that AI tools will have an impact on their pay or value.
Furthermore, the report reveals that marketers spend a considerable amount of time on computational tasks that can be automated. Approximately 63% of marketers admit to spending time on tasks that could easily be handled by AI tools. For instance, some respondents reported spending up to 25 hours per month compiling reports.
While AI can automate data cleaning and organization, certain marketing roles still require robust data skills. Account management, analytics, product marketing, and search engine optimization (SEO) demand expertise in data analysis. Marketers who possess these skills will be better equipped to leverage automation and AI effectively. The report suggests that marketers are aware of this demand and are actively upskilling to keep up with the evolving industry. In fact, a staggering 85% of respondents reported updating their data skillsets in response to AI.
Per Made, the CMO at Funnel, emphasizes that marketers should not fear AI but rather focus on upskilling and leveraging automation and AI tools to boost productivity. By automating mundane tasks and dedicating more time to critical thinking, marketers can tap into their creativity and continue delivering value in an evolving landscape.
The full report, containing more insights, can be accessed on Funnel’s website [source].
– Funnel’s “Marketing Data State of Play 2024” report