Published: Apr 16, 2023
by Gabrielle Pickard-Whitehead
In Small Business News
0
Marketing strategies are always evolving and seeking the next advantage, and they have taken a huge leap forward recently with the introduction of generative artificial intelligence (AI) technology.
AI marketing experts Nova conducted interesting research to gauge the impact of generative AI, with the results exhibited in an excellent generative AI infographic created by design agency Nowsourcing. Here we summarize some of Nova’s findings which show how big an impact generative AI is having on the marketing landscape.
Generative AI in Marketing
Nova discovered that the use of AI has doubled over the past five years, with 77% of companies now ‘using or exploring’ AI technology, including generative AI.
The popularity of generative AI for marketing purposes is primarily based on its ability to enhance business productivity by up to 40%. It can be used for a variety of marketing tasks, with 83% of generative AI in marketing used for both customer service routing and marketing lead scoring. A significant 64% is used for fraud detection, with a similar amount used for cross-selling and up-selling.
So far, only 47% of generative AI in marketing is used for service chatbots, although a massive 87% is used for email marketing.
AI Marketing Opportunities
AI tools are creating new many opportunities in marketing, such as ChatGPT and Bard enabling interactive dialogue and AI-generated conversations.
Make-a-Video is another AI tool that enables users to create videos from text-based prompts, while DALL-E is a deep learning tool that generates stagnant AI images based on prompts.
Nova is another generative AI tool that focuses on brand marketing with a lean on personalization, which has been shown to boost marketing results by 60% to 170%.
The Future of Generative AI Marketing
Generative AI marketing has only really just started, and the future is exciting indeed. You can expect to see a convergence of the Internet of Things with generative AI, as well as a greater and greater reliance on AI marketing automation. Nova also expects generative AI to become more and more accessible to small businesses.
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Image: Depositphotos
Gabrielle Pickard-Whitehead is a professional freelance writer and journalist based in the United Kingdom. Since 2006, Gabrielle has been writing articles, blogs and news pieces for a diverse range of publications and sites. You can read “Gabrielle’s blog here.”.
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In today’s quickly changing and competitive business environment, companies are increasingly relying on generative AI to create automated marketing strategies that generate maximum return on investment (ROI) and drive customer loyalty. This form of artificial intelligence, which leverages big data and advanced algorithms, is transforming the marketing landscape, optimizing campaigns and products, and delivering unparalleled levels of efficiency and customer targeting.
Generative AI utilises natural language processing (NLP) to learn analytics and intuitively create customer-centric campaigns that go beyond the existing constraints of humans. This technology helps marketers personalise their campaigns, while providing greater scalability, improved time to market, and greater accuracy and flexibility. For example, generative AI can identify which customers are most likely to respond positively to a new product offering and develop tailored campaigns to reach them. This technology also enables marketers to combine human intelligence and AI insights for recommendation-driven campaigns that reach the right customers at the right time.
Generative AI does not come without its challenges, however. Many marketers are concerned about the ethical implications that this technology presents and its ability to manipulate people’s behaviour. To ensure accuracy, fairness and compliance, businesses must carefully assess the data sets and algorithms used to develop marketing strategies.
Despite its challenges, generative AI is making a significant impact on a company’s bottom line. With its ability to quickly collect customer data, develop customer segmentation and personalise campaigns, it enables marketers to deliver more effective strategies without increasing costs or compromising data security. By leveraging generative AI, businesses can further automate processes, reduce time to market, increase marketing effectiveness, and maximise customer satisfaction.
Generative AI is becoming an integral part of modern marketing, offering new ways to understand consumer behaviour, optimise campaigns, drive customer engagement and improve customer loyalty. By leveraging this technology, businesses can unlock the power of AI to unlock their marketing potential and create more personalised campaigns to generate maximum ROI.
