The Cutting-Edge Technology Changing Marketing: A Look at Generative AI
In today’s ever-evolving marketing landscape, businesses must keep up with advancements to make a lasting impression. Generative artificial intelligence (AI) is a groundbreaking innovation that is transforming how marketers engage with their audiences. According to an infographic on “How Generative AI is Changing Marketing,” about 77% of companies are using or exploring artificial intelligence, including generative AI. This technology uses an algorithm that feeds existing content to create new iterations with various content formats such as audio, text, pictures, videos, and simulations. It “teaches” machine learning systems by using previous content examples, allowing the machines to create added content by artificially thinking.
Marketing professionals across various industries are rapidly adopting generative AI, with legal and professional services, high-tech and telecom, and financial services leading the pack. Generative AI is used in email marketing, customer service routing, fraud detection, cross-selling, and upselling, with the potential to enhance business productivity by up to 40%. AI-powered marketing tools, such as ChatGPT, Make-A-Video, DALL-E, Bard, and Nova, are creating new opportunities for businesses to personalize and enhance customer engagement. Despite its rapid growth, generative artificial intelligence is still in its infancy, and businesses must take caution while adopting it. Experts emphasize the importance of recognizing both the opportunities and challenges that AI presents, as over-reliance on AI can lead to a lack of human connection. Nevertheless, generative AI is set to revolutionize marketing, with a forecast of convergence of IoT and AI, greater reliance on AI marketing automation, and more accessibility for small businesses. As the possibilities for businesses are endless, it is time to forge powerful partnerships in the new world of AI marketing.