Yahoo Finance Insights from Kellanova's marketing journey with Artificial Intelligence
CHICAGO, June 10, 2024 /PRNewswire/ -- How do you use Artificial Intelligence (AI) in your day-to-day? Do you use it in your personal or professional life? From personalized recommendations to automated customer service, generative AI is not just a futuristic concept but a present-day reality that is transforming companies and the way we interact with them.
Google predicts that by 2030, 80% of marketing will rely on AI*. This transformation is not just on the horizon; it is here. Companies embracing AI today are setting the stage to outperform their competitors. Surprisingly, less than 35% of businesses currently use AI, with 80% of AI projects failing*. So why, when AI holds so much promise, are so many companies failing to realize the opportunity?
Throughout our journey at Kellanova, and previously Kellogg Company, we have embedded some critical principles that have meant our AI initiatives are starting to have a real business impact. It is not AI we are competing with; it is other marketers using AI. Some AI marketing tools are game changers, but our edge lies in how we use these tools to differentiate ourselves and standout.
How we're differentiating ourselves in our AI marketing strategy:
Put people first in our AI journey. Consider how AI will reshape our consumers' and shoppers' experiences and expectations.
AI is a tool, not a magic solution. Start with a clear problem and specific business goals.
Invest in capabilities as much as in technology. Develop the skills within your team to leverage AI effectively.
We are seeing results and continuing to test and learn to drive real business value:
Forecasting growth and scenario simulation: We started small with a simulation dashboard, empowering our teams to experiment before scaling up to more sophisticated predictive tools.
Media optimization: Analyzing campaign data unearthed insights traditional methods could not provide, leading to improved return of investment (ROI) and tangible business value.
Building addressable audiences: Merging data sets and using advanced techniques identified receptive audiences and led to custom, impactful messaging.
In today's fast-paced digital landscape, Kellanova is experimenting and leaning into this spirit as we learn, mature and embed capabilities. We are committed to being a data-driven organization using advanced analytics to transform how we understand consumers and shoppers. A few years ago, we saw AI's potential to revolutionize our marketing to connect with consumers.
Today, we stand on the cusp of a new era, where AI is not just a tool but a strategic enabler in our quest to become the best global snacking company. With AI, we are reimagining how we engage our consumers delivering personalized experiences at scale and delighting them at the speed of desire.
AI will continue reshaping marketing. By embracing these principles and seeing AI as a strategic tool, we can continue to drive toward our vision of being the world's best snacks-led powerhouse.
There are many benefits of AI in marketing, but there are throughout the business as well. Recently, our Chief Technology Officer, Ramesh Kollepara, shared how we're leaping into the future with AI as we continue to reimagine the way we do every aspect of business. To learn more about our AI work at Kellanova, read his post here.
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