Generative AI is changing the marketing landscape, revolutionizing how businesses engage with their audiences. According to the infographic, 77% of companies are exploring artificial intelligence, including generative AI. This innovative technology involves algorithms fed with existing content to create iterations with new content, including audio, code, text, pictures, videos, and simulations. The goal is to ‘teach’ machine learning systems to ‘artificially think’ and create innovative content.
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Marketing professionals in major industries are finding new ways to solve old problems by rapidly adopting generative AI inside their respective marketing industries. These industries include legal and professional services, high-tech and telecom, financial services, retail and consumer goods, automotive and assembly, and pharmacy and healthcare. In the last 5 years, the use of AI in marketing has more than doubled.
Generative AI is used in numerous ways in marketing, such as email marketing, marketing lead scoring, customer service routing, fraud detection, cross-selling and upselling, and service chatbots. It can enhance business productivity by up to 40%, and there has been a fourteen-fold increase in AI startups since 2000.
AI marketing tools, such as ChatGPT, Make-A-Video, DALL-E, Bard, and Nova, are creating new opportunities for businesses to connect with their audience. Despite rapid growth, specialists explain that generative AI is still in its infancy. Rob May, CEO and Founder of Nova, believes that “we’re about to enter a Cambrian explosion of generative AI startups.”
As the marketing industry continues to evolve and adapt to the ever-changing landscape of consumer behavior, it is becoming increasingly evident that generative AI in marketing, with the aid of AI and machine learning, will undoubtedly continue to play an integral role in transforming the industry.
These cutting-edge technologies offer innovative solutions to the challenges that marketing professionals face and provide new avenues for businesses to connect with their audience. With the rapid pace of technological advancement, it is imperative that companies recognize the immense potential of machine learning and invest in these tools to remain competitive and avoid the risk of being left behind in the future.
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