By Harshal Wahane Published on : Feb 27, 2023
The current global AI market is valued at over $136 billion (Exploding Topics). ChatGPT, AR, VR, and self-driven cars are prime examples of how Artificial Intelligence has impacted the world. Intriguing, right? 84% of C-level executives believe that they need to adopt and leverage Artificial Intelligence to drive growth objectives (Simplilearn). Moreover, it would keep growing as AI reduces human efforts with its upgrade. Marketers have implemented AI to stay ahead of the curve and intend to keep it at the center of their marketing strategies in 2023. But the bigger question here is how AI benefits the B2B industry by overcoming the obstacles. Curious? Let’s dive into it.
Business analysts estimate that by 2026, the US AI market size will reach nearly $300 billion (PR Newswire). Hence, AI should be included in your marketing tactics. Marketers can utilize data to track their consumers’ purchasing patterns to send personalized content and messages in order to turn them into loyal customers. AI can examine individual customer journeys to forecast the moments and offers that can potentially improve engagement and generate sales.
According to Mckinsey Digital, AI-powered forecasting can reduce errors by 30 to 50% in supply chain networks. The decrease in human error is maybe the most significant advantage of AI. Forecasting cash flow is a time-consuming procedure prone to human error yet critical to corporate success. AI technology can assist a corporation in automating objective forecasting without manual involvement. This gives marketers greater visibility into their future finances, allowing them to make better decisions and take action to achieve their objectives.
Companies that use AI for SEO see an average increase of 53% in organic search traffic (Forrester Consulting). Marketing techniques need significant time and human labor that involves discovering topics, building backlinks, summarizing and labeling keywords, utilizing innovative systems to uncover existing content, analyzing market trends, and producing competitive information. AI provides marketers the advantage of automating time-consuming and labor-intensive SEO while producing marketing content. Compared to human search strategies, AI can optimize these processes and comprehend data patterns more effectively, producing high-quality information with little disturbances.
Companies see an 80% increase in lead generation when they use automation software in marketing (G2). Marketers must address and meet the needs of their end customers to thrive in the B2B sphere. As a result, businesses are constantly looking for detailed customer information. The software providing such detailed customer information offers broad coverage, and hence AI can easily capture more data from various platforms, such as websites, social media channels, and contact databases. AI can bridge the gap between the sales team and potential customers by identifying the best B2B targets for inward and outward marketing initiatives. Moreover, marketers can utilize AI-powered marketing and sales software that converses in real-time with every potential lead for your company.
However, implementing AI in the B2B industry also presents several challenges.
49% of businesses say that lack of quality data is a significant barrier to AI adoption (O’Reilly). Data usage is a prerequisite for AI to operate, but with data privacy as the primary concern, it is a difficult nut to crack in the B2B sector. It is uncommon for a client to permit vendors to use data points for system optimization. Even if the suppliers have the information, it is often stored in separate information systems utilized by different departments for various purposes. Thus, marketers must ensure that they have a solid data foundation to fuel AI.
Although intelligent systems can increase marketing and sales work quality, they will not replace marketing and sales managers. They do, however, provide whole new obstacles to the sales function. More specifically, for the sales team’s analytical ability and data affinity, they must be able to accurately interpret AI-generated insights and use them in a targeted manner or supplement them with further analysis. Hence, while projections of consumer behavior can be useful, they cannot substitute a comprehensive perspective of the B2B buying center. AI has so far been unable to replicate this unit, which is made up of many individuals, necessitating manual analysis by sales representatives, but is gradually making progress in enhancing the process.
Another issue the B2B industry faces while using AI is a lack of funds. AI technology is expensive to maintain since it demands high-performance hardware and complicated software. Although AI technologies provide an incredible return on investment, marketers must continue to invest in other innovative solutions. Small businesses are burdened since they already operate on a set budget and find it unproductive to spend extra money.
One basic principle that artificial intelligence in marketing should be used is the knowledge that it is a tool to achieve specific business objectives rather than the driving force. Businesses can describe their marketing requirements and goals by adopting a strategic approach, after which they can choose the best AI-powered solutions to assist them in achieving their objectives. This enables marketers to decide how much of their budget should be set aside for AI investments and to estimate the resources required to fund and support these projects.
AI is helping marketers to save time and money by automating repetitive tasks and offering faster and accurate customer support. By spotting patterns and trends in large datasets, predictive analytics can also assist businesses in making wiser choices. AI is also helping to optimize supply chain management by analyzing data on inventory levels, shipping times, and other factors, allowing companies to make more informed decisions and improve efficiency. Overall, AI is transforming the B2B industry into a more agile, efficient, and customer-focused, leading to increased competitiveness and success in the B2B market.
Need help transforming your B2B marketing game?
Contact us now!
The current global AI market is valued at over $136 billion (Exploding Topics). ChatGPT, AR, VR, and self-driven cars are prime examples of how Artificial Intelligence has impacted the world. Intriguing, right? 84% of C-level executives believe that they need to adopt and leverage Artificial Intelligence to drive growth objectives (Simplilearn). Moreover, it would keep growing as AI reduces human efforts with its upgrade. Marketers have implemented AI to stay ahead of the curve and intend to keep it at the center of their marketing strategies in 2023. But the bigger question here is how AI benefits the B2B industry by overcoming the obstacles. Curious? Let’s dive into it.
Business analysts estimate that by 2026, the US AI market size will reach nearly $300 billion (PR Newswire). Hence, AI should be included in your marketing tactics. Marketers can utilize data to track their consumers’ purchasing patterns to send personalized content and messages in order to turn them into loyal customers. AI can examine individual customer journeys to forecast the moments and offers that can potentially improve engagement and generate sales.
According to Mckinsey Digital, AI-powered forecasting can reduce errors by 30 to 50% in supply chain networks. The decrease in human error is maybe the most significant advantage of AI. Forecasting cash flow is a time-consuming procedure prone to human error yet critical to corporate success. AI technology can assist a corporation in automating objective forecasting without manual involvement. This gives marketers greater visibility into their future finances, allowing them to make better decisions and take action to achieve their objectives.
Companies that use AI for SEO see an average increase of 53% in organic search traffic (Forrester Consulting). Marketing techniques need significant time and human labor that involves discovering topics, building backlinks, summarizing and labeling keywords, utilizing innovative systems to uncover existing content, analyzing market trends, and producing competitive information. AI provides marketers the advantage of automating time-consuming and labor-intensive SEO while producing marketing content. Compared to human search strategies, AI can optimize these processes and comprehend data patterns more effectively, producing high-quality information with little disturbances.
Companies see an 80% increase in lead generation when they use automation software in marketing (G2). Marketers must address and meet the needs of their end customers to thrive in the B2B sphere. As a result, businesses are constantly looking for detailed customer information. The software providing such detailed customer information offers broad coverage, and hence AI can easily capture more data from various platforms, such as websites, social media channels, and contact databases. AI can bridge the gap between the sales team and potential customers by identifying the best B2B targets for inward and outward marketing initiatives. Moreover, marketers can utilize AI-powered marketing and sales software that converses in real-time with every potential lead for your company.
However, implementing AI in the B2B industry also presents several challenges.
49% of businesses say that lack of quality data is a significant barrier to AI adoption (O’Reilly). Data usage is a prerequisite for AI to operate, but with data privacy as the primary concern, it is a difficult nut to crack in the B2B sector. It is uncommon for a client to permit vendors to use data points for system optimization. Even if the suppliers have the information, it is often stored in separate information systems utilized by different departments for various purposes. Thus, marketers must ensure that they have a solid data foundation to fuel AI.
Although intelligent systems can increase marketing and sales work quality, they will not replace marketing and sales managers. They do, however, provide whole new obstacles to the sales function. More specifically, for the sales team’s analytical ability and data affinity, they must be able to accurately interpret AI-generated insights and use them in a targeted manner or supplement them with further analysis. Hence, while projections of consumer behavior can be useful, they cannot substitute a comprehensive perspective of the B2B buying center. AI has so far been unable to replicate this unit, which is made up of many individuals, necessitating manual analysis by sales representatives, but is gradually making progress in enhancing the process.
Another issue the B2B industry faces while using AI is a lack of funds. AI technology is expensive to maintain since it demands high-performance hardware and complicated software. Although AI technologies provide an incredible return on investment, marketers must continue to invest in other innovative solutions. Small businesses are burdened since they already operate on a set budget and find it unproductive to spend extra money.
One basic principle that artificial intelligence in marketing should be used is the knowledge that it is a tool to achieve specific business objectives rather than the driving force. Businesses can describe their marketing requirements and goals by adopting a strategic approach, after which they can choose the best AI-powered solutions to assist them in achieving their objectives. This enables marketers to decide how much of their budget should be set aside for AI investments and to estimate the resources required to fund and support these projects.
AI is helping marketers to save time and money by automating repetitive tasks and offering faster and accurate customer support. By spotting patterns and trends in large datasets, predictive analytics can also assist businesses in making wiser choices. AI is also helping to optimize supply chain management by analyzing data on inventory levels, shipping times, and other factors, allowing companies to make more informed decisions and improve efficiency. Overall, AI is transforming the B2B industry into a more agile, efficient, and customer-focused, leading to increased competitiveness and success in the B2B market.
Need help transforming your B2B marketing game?
Contact us now!
