We’re excited to announce the launch of the 2023 Growth Report, Twilio Segment’s annual thought leadership report highlighting how businesses are approaching growth, marketing, and new technology against this year’s specific economic and business change.
This year’s focus? All things AI. What once was material right out of Sci-Fi is now a part of daily life. From personalized product recommendations to ChatGPT, people are more curious about artificial intelligence than perhaps ever before.
Despite some of the pessimistic rhetoric surrounding AI, like the innovation before it (the printing press, the computer, the internet, the cell phone anyone?), new technology brings new opportunities and 2023 is the year that AI exploration has begun to take root.
While last year’s Growth Report focused on how ‘the growth at all costs era’ was over, this year we dove into what it means to grow sustainably despite economic hardships and how companies are using AI to do just that.
Below is an overview of our findings from 2,450 marketing, customer experience (CX), and data leaders from across industries all around the world.
AI is officially everywhere.
With 88% of businesses using some form of AI in their organization this year, the buzz around AI isn’t just hearsay. It’s happening across industries, across continents, around the world.
And while budgets remain relatively prudent during economic uncertainty, businesses are betting on AI to deliver results for them with more than half of businesses (54%) expecting to spend more on AI-driven campaigns in the next 12 months.
What comes next is anyone’s guess, but AI certainly appears to be becoming more of a long-term business strategy than a passing trend.
AI is changing the CX & marketing game, specifically with chatbots and personalized product recommendations.
While ChatGPT has garnered a lot of headlines over the past six months, our survey results show that businesses are experimenting with AI in a variety of ways across marketing channels.
Specifically, AI will be leveraged most by respondents in the form of automated chatbots (38% of our respondents already use them or are planning to in the next 12 months).
But chatbots are just one part of how businesses are using AI. Over a quarter (26%) of respondents are also using it to help build intelligent customer journeys for marketing campaigns, while 24% use AI to automatically create personalized product recommendations.
From data to dollars, AI is delivering real ROI.
While many individuals are still figuring out just how to use AI in their work (22% say they either want to experiment with AI further to form an opinion and 26% are still trying to understand where it will be most useful), the general feeling about AI in the workplace is positive. Over a quarter of respondents believe AI will bolster marketing, notably in content creation (41%) and research (36%).
However one of the most compelling reasons that businesses are using AI is that 90% of organizations believe AI will yield either time or financial benefits for their bottom line.
The key to unlocking AI? Quality data.
Overwhelmingly (71%) our respondents agreed that the true potential of AI in driving ROI hinges on the quality of the data it’s given.
Never has it been more important to focus on gathering quality, real-time first-party data, and businesses are making this a top priority as they continue to do more and more AI-driven campaigns. 85% of businesses said they are prioritizing capturing and leveraging first-party data better in the coming year; more than the 71% who said the same in 2022.
Check out the full report
As businesses continue to look for new (and sustainable) pathways to growth, making sure they have access to the best information to power their campaigns (in whatever capacity) will be integral to that success. The 2023 Growth Report offers key insights into making those informed decisions.
Read the full report out now here.
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