Generative AI is a form of artificial intelligence that is fed pre-existing media to enable it to ‘artificially think’ and generate content such as audio, code, text, videos, pictures, and simulations.
These systems are incredibly powerful– ChaGPT3 (a generative AI system) uses the equivalent of 1 million feet of bookshelf space. This capacity is being met with great interest– 77% of companies are currently using or exploring the use of AI and generative AI in their businesses.
The sectors most rapidly adopting AI are legal and professional services, high-tech/telecom, and financial services. These new technologies are believed to be able to boost business productivity by up to 40%.
The Future Of Generative AI In Marketing Looks Promising
In the past five years, use of AI has more than doubled. It is mainly used in email marketing, market lead scoring, and customer service, as well as by private citizens. Apps like ChatGPT, Make-a-Video, DALL-E, Bard, and Nova are all in popular use and increasingly visible in pop culture.
As AI begins to feel more accessible, professionals like Paul Roetzer of the AI Marketing Institute suggest that the popularity of these tools may boom: “Business professionals still see AI as some kind of abstract, sci-fi thing– I don’t think that they understand that it’s extremely approachable.” The future of AI marketing looks promising, with 22% of marketers having used a form of AI automation to craft promotional emails, paid advertisements, and personalize offers.
Marketing in particular is ripe for generative AI involvement. As Noah Briar of the company BrXnd has stated, “Marketing as a discipline is particularly well suited to the kinds of problems AI and machine learning are best at. At the end of the day, branding is fundamentally about generating patterns that lodge themselves in peoples heads and these new tools are perfect companions in that exercise.”
The incorporation of AI could potentially open up new jobs alongside the machines in marketing and incorporating these new technologies. New frontiers of AI involvement include marketing automation and the incorporation of generative AI in Internet of Things technology– i.e. smart cars, voice-activated virtual assistants like Alexa, and smart home appliances.
Use of AI isn’t restricted to enterprise brands, with 31% of small businesses having adopted AI tools to help with marketing tasks.
The time to capitalize on this technology is now; Dan Olley of dunnhumby is quoted as saying, “if [marketing companies] wait another three years, they will never catch up.” The time to investigate and incorporate this technology is now:
Source: Novacloud.ai
