Marketers may be overestimating consumer interest in AI and NFTs

Despite what marketers may tend to think, the shiny, new thing isn’t always what consumers want. While two-thirds (66%) of marketers are excited about the potential that artificial intelligence will bring to society, only 39% of consumers feel the same way, according to a new study conducted by Morning Consult and Advertiser Perceptions. The study was conducted in August and surveyed roughly 2,200 consumers and 200 marketers. Ad Age Media Summit Hear from industry leaders during October event in NYC Register here The finding contrasts with the approach that many brands are taking with respect to AI, namely, by flaunting their use of the technology. Coca-Cola this week launched an AI-inspired flavor of Zero Sugar, which was promoted as its first offering to be co-created by artificial intelligence. McDonald’s, Burger King and Virgin Voyages have also foregrounded AI in recent ad campaigns. The study at large sheds light on the disparity between consumer values and behaviors and the perception marketers have of what consumers want. These illusions appear across all categories, from perceived trends in food to sports to travel, but seem particularly pronounced in the field of technology. Roughly 40% of consumers said they’ve never heard of NFTs, and for those who had, the digital tokens ranked among their top choices for what they considered to be “cringe.” Of course, NFT marketing has seen a drastic pullback compared to its heyday 18 months ago, when it seemed like every brand was showering consumers with digital tokens. Even after such a marketing blitz, many consumers not only remain unfamiliar with NFTs but also feel antagonism toward them. This illustrates an undesirable consequence of excessively promoting a new piece of technology. At the heart of this misunderstanding is a conflation of consumer interests with those of marketers, according to iHeartMedia, which commissioned the study and presented it, along with Malcolm Gladwell-owned Pushkin Media, at its annual AudioCon event in New York on Wednesday. Also read: Nike, Starbucks show how brands are rethinking NFTs In the case of NFTs, for example, every marketer reported being familiar with NFTs. The theory held by iHeartMedia suggests that marketers’ familiarity led to an overestimation of familiarity and value for consumers. “This research is a reminder of how different we marketers are from today’s consumers, especially post-pandemic,” said Bob Pittman, chairman and chief executive of iHeartMedia, Inc, in a press statement. A similar line of thinking could be drawn with respect to AI-focused marketing practices—a possible explanation for why consumers report lower enthusiasm for the technology than marketers. Check out the latest Ad Age events and award programs Interestingly, consumers and marketers reflect similar feelings of fear around AI: 63% of consumers and 68% of marketers claim to be scared of the threats that AI poses to jobs in the future, per the study. Why this fear does not dissuade enthusiasm for the majority of marketers is unclear, but could have something to do with motivation. The study found that marketers are three times as motivated by fear as consumers, and more than twice as motivated by fortune. Consumers, on the other hand, are far more strongly motivated by family and friends. These differences reflect the possible explanation that, when making marketing decisions, marketers can be distracted by their own values and not those of consumers.

Marketers may be overestimating consumer interest in AI and NFTs

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