Generative AI (which stands for artificial intelligence) is gaining popularity. But what is generative AI, and how can it be used as a tool for the purpose of marketing?
Algorithms that can take written text entered by a human user and create new content are called generative AIs. This new content can be pictures, videos, audio, written text, code, or even simulations. These algorithms are based on the idea of learning; the user has to provide existing knowledge, such as a sample of written text, in order to ‘teach’ the algorithm how to come up with something new. So, how is this relevant to marketing?
Generative AI can be used for email marketing, marketing lead scoring, customer service routing, fraud detection, cross-selling and upselling, and service chatbots. Currently, email marketing is the most popular use for generative AI in the marketing world, with 87% of companies who use AI choosing to use it for this purpose.
Understanding how AI can help with all of the aforementioned functions is crucial – AI is gaining popularity because of its unprecedented effects on efficiency. It is believed that AI can enhance businesses’ efficiency by up to 40%. Furthermore, since the year 2000, 14 times as many AI startups have been organized.
Some examples of AI websites that can be used as tools in the marketing world include ChatGPT, Make-A-Video, Dall-E, Bard, and Nova. Perhaps the most well-known of these is ChatGPT, which is an AI chatbot that can actually interact with people by having dialogue.
Experts have given their opinions on the introduction of AI into marketing. Rob May, the CEO and founder of Nova, sees AI technology as a good thing, the latest and greatest innovation that can speed up the process of creating marketing content. He was quoted saying that he believes society is “about to enter a Cambrian explosion of generative AI startups”.
Founder and CEO of the Marketing AI Institute, Paul Roetzer, feels that business professionals should keep an open mind when it comes to generative AIs. He worries that some people may have misconceptions about AI, and said that he “[doesn’t] think they understand that it’s extremely approachable”.
As we consider the implications of AI and the way it may affect the future of marketing, here are some things to consider. The use of generative AIs to automate certain features of marketing is becoming increasingly more popular, with 22% of marketers using AI as a tool to automatically create offers and emails to be sent out. Additionally, AI does not just benefit major corporations; 31% of small businesses have begun to incorporate AI into their marketing strategies. Of these small businesses, 46% also believe that AI will lead to new marketing roles in the future.
As Dan Olley, who is the CEO of dunnhumby, stated: “If CIOs … wait another three years [to invest in machine learning], they will never catch up”. The time to learn about how generative AIs can be beneficial to your marketing plans is now.
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