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

Synthetic intelligence (AI) holds nice promise for companies at present, particularly for advertising and marketing groups who should anticipate clients’ pursuits and habits to realize their targets. 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 totally adopting this know-how. With no common playbook accessible for integrating knowledge 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 scenario and offers key perception for advertising and marketing groups and enterprise leaders tackling challenges with AI, no matter the place they is likely to be on the adoption curve.

Key findings — integrating AI predictive analytics

Whereas many firms tout the criticality of shopper knowledge throughout areas, from predicting future purchases to buyer churn, the truth is that greater than 4 out of 5 advertising and marketing executives report issue in making data-driven selections regardless of the entire shopper knowledge at their disposal. The identical variety of respondents (84%) say their means to foretell shopper habits looks 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 utterly. Amongst firms which have utterly 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 selections.

Advertising and knowledge science face distinctive challenges when making an attempt to collaborate. Consequently, knowledge initiatives stall. The research offers perception into their struggles together with:

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

Methodology

The Pecan Predictive Analytics in Advertising Survey was performed 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. Members responded to an e mail invitation and an internet survey between September 13-21, 2022.

Learn the complete report from Pecan.