Embracing AI’s promise: Navigating the future of marketing

As the dawn breaks on the digital age, marketers face a horizon gleaming with the promise of Artificial Intelligence. For Temus, an upstart in the fast-evolving business of digital transformation, the future of marketing is a captivating narrative — a story of transformation, unprecedented possibilities, and discerning navigation through uncharted territory.

This intricate narrative rests on three pillars that define Temus’s outlook.

The future of marketing: Why does it matter to Temus

Firstly, Temus recognises that the path of digital transformation is still being paved – not just for us but for our customers, stakeholders, and the entire industry. We believe in the strength of thought leadership that advocates for holistic organisational change and places people at the heart of any transformation as the way forward.

“When Temus was founded, it was much about building capabilities and value creation as it was about organically developing digital talent. People and talent are central to any transformation and close to the purpose of Temus and at the heart of what we do (and) how we do it,” said Srijay Ghosh, its founding member and chief revenue officer.

Secondly, we understand that in this world of shifting landscapes, trust is our compass. Temus’s credibility is anchored in our unwavering consistency and customer-centric approach, which forms the bedrock of our partnerships with employees, customers, and stakeholders. We acknowledge that reputation is the only currency in the marketplace of trust, and it’s the ethos that our marketing ethos continually strives to strengthen.

Also Read: Digital transformation: It starts and ends with our people

Lastly, we cannot discuss the future of marketing without acknowledging the impact of digital operating models, particularly AI. The potency of AI to transform industries is already apparent — think CGI rendering of Princess Leia in “The Rise of Skywalker” or Paul McCartney’s project regenerating John Lennon’s voice. Yet, the vast oceans of data still remain uncharted, trapped in digital silos, or lying dormant in human memories.

Some lessons from marketing’s digital frontrunners

For marketers, the question is not about the existence of these digital resources but how to effectively leverage them. It’s crucial to remember that the marketing industry is not monolithic; it’s a rich tapestry of brand communicators, growth strategists, and product marketing professionals. Some have embraced the AI frontier more readily, revealing the landscape’s promises and pitfalls.

Consider the case of programmatic advertising, where AI-driven ‘click, bid, serve’ operations have reduced the Cost Per Thousand Impressions (CPM) by 16 per cent, extended reach by 44 per cent, and increased conversions by 18 per cent. Yet, it has also been a landscape marred by issues such as ad fraud, with 56 per cent of budgets wasted and 30 per cent of clicks originating from non-human traffic.

The opportunities that AI presents in the realm of the Digital Marketing Stack are significant, with marketers achieving a near-complete view of customer journeys, from Analytics and Activation to Experience and Data Management. Here, companies like Singapore Airlines have set the benchmark, using AI to construct personalised customer experiences and transform journeys.

However, while AI lights up the path to opportunity, there are areas that remain shadowed. For instance, the value of earned media in trust-building, a domain still dominated by human gatekeepers running newsrooms, is often elusive. In Singapore, traditional media’s trust level has climbed, with a score of 46 points according to Reuters Institute and 59 points in the Edelman Trust Barometer — matching the trust scores of institutions like the United Nations.

Herein lies the paradox. While AI accelerates our journey into the digital age, we must also discern the boundaries and possibilities of analogue in this digital world.

“(We) believe that we will not be competing against AI, but competing in the age of AI. To succeed, we must do so hand-in-glove with machines to achieve meaningful digital transformation. This will continue to impact the way we regard talent development, effect change in business operations, and ultimately drive our economy forward in the digital age.” said KC Yeoh, Chief Executive Officer at Temus.

Also Read: Debunking misconceptions about FinOps and cloud spending reduction

We must understand that AI’s greatest power will be unleashed when it augments and elevates human potential, and conversely, humans should be prepared to sharpen these tools for humanity’s service.

Raising marketing’s appeal to humanity with AI

For this co-evolution to occur, we need an industry-wide mindset shift. A McKinsey Global Institute report estimates that by 2030, as much as 14 per cent of the global workforce may need to switch occupational categories. We need to equip marketers with the necessary skills, from Python to Power Fx to Natural Language Processing, to navigate the AI landscape and make AI a partner, not a threat.

But technical skills are only one side of the coin. Navigating AI’s landscape requires a unique blend of science and art — analytics with creativity and algorithms with empathy. This narrative of AI is not one of displacement but of empowerment, amplification, and elevation.

We stand at a crossroads, looking forward. To paraphrase a visionary, “The people who are crazy enough to think they can change the world are the ones who do.” AI presents an opportunity for us to rethink and reimagine the marketing landscape. For those bold enough to navigate this new terrain, the journey promises to be as rewarding as the destination.

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Image credit: Canva Pro

This article was first published on July 5, 2023

The post Embracing AI’s promise: Navigating the future of marketing appeared first on e27.

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