85.5% of UK businesses surveyed said they plan to increase AI usage in 2020 and that AI is driving marketing benefits
Artificial intelligence (AI) and its use by technology marketing leaders needs to become a value exchange based on improved and trusted engagement a study by the Director of Innovation at Goldsmiths University of London and WordPress technology company WP Engine has revealed.
Despite concerns about AI consumers in the UK are prepared to share information in return for an improved experience. The WP Engine report found that 59% of its respondents would "happily" share personal information in return for a "better overall experience and service" in what the reports authors WP Engine and Dr Chris Brauer, Director of Innovation at Goldsmiths, University of London describe as a value exchange.
"Our survey shows that 89.6% of UK consumer respondents expect to receive high value in exchange for the data they share with companies," the report states. You can download the full report from WP Engine here. https://wpengine.com/more/ai-research-us/
"According to our research, there is also a strong relationship between strong personalisation and return on investment (RoI), with the top two factors affected by strong personalisation being increased sales revenue (42.5%) and customer satisfaction (42%)," the report states. Personalisation relies on marketing teams collecting large amounts of data, which in turn is driving technology marketing leaders to adopt AI technologies to effectively manage the data and then use data to the consumer's benefit. "AI-powered data analytics, can better predict and anticipate the behaviour of customers, allowing businesses to better personalise and target their offerings."
The authors remind technology marketing leaders that accurate and clean data and data gathering are essential for personalisation to be effective.
"Our survey shows that 88.1% of consumers say accuracy of personalisation is highly important. This aligns on the business end as well, with 82% of UK businesses signaling that the accuracy of personalisation received by each customer is important."
Technology marketing leaders targeting the enterprise face similar challenges the report finds, with 76.6% of businesses taking part in the survey expecting increased value in exchange for their information.
"Consumers in our survey view the data-value exchange as important in a variety of experiential contexts. The top three value-adding features were that websites are fast and efficient (91.3%), those sites offer useful information immediately when the consumer needs it (85.9%) and it helps them learn something new (65.7%)."
Following the introduction of GDPR across Europe and similar regulations coming into force across the Americas and Asia trust is seen as vital by consumers and therefore plays a vital part in the value exchange.
"87.8.% of those responding to this survey said it was important to have a degree of control over personalisation services they received and over 90% demand transparency over the use of their data (92.7%).
The research shows emotional engagement is important. Learning something new was cited as a driver of emotional engagement by 65.7% of respondents and 40.3% of respondents said that emotional engagement would lead to a return visit.
AI on the rise
Given that most of the respondents demonstrated a positive attitude towards how AI will improve personalisation, it is no surprise to see the report's survey group were largely positive about the overall impact of AI. 57.6% of the survey's respondents said AI will be positive for the world, although 41.8% are concerned about inherent bias as a result of AI.
Businesses responding to the survey report that AI is delivering a positive RoI and 85.5% of UK businesses surveyed said they plan to increase AI usage in 2020, with 32% planning to increase the AI budget "significantly" and 63% stating the business is already investing over £1m per annum in AI.
"41.5% said they saw an increase in sales revenue, 37.5% saw an increase in customer satisfaction, and 29% saw an increase in website visitors," the report states.