The Evolution of Artificial Intelligence Is Generative AI – Part 3

In the fast-paced world of technology, few innovations have garnered as much attention and potential as generative artificial intelligence (AI). This technology is making its mark across every industry, and marketing is no exception. I’ve written a two part series on LinkedIn covering the role of AI within Marketing and how AI is Transforming Data Governance, but within this article I’d like to focus on Generative AI and the applicable use case for how you can take full advantage.

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Every marketer knows that they must do everything possible to capture consumer attention. They also know that today’s world is busier and more crowded than ever, and consumer attention spans are getting shorter, not longer. Generative AI has emerged as a game-changer as it is increasingly (and effectively) applied to everyday workflows.?

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A report from MarketsandMarkets outlines that AI market size is projected to reach a staggering $407 billion by 2027, experiencing substantial growth from its estimated $86.9 billion revenue in 2022. AI is expected to contribute a significant 21% net increase to the United States GDP by 2030, showcasing its impact on overall economic growth.

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It’s clear that generative AI is becoming an indispensable tool for businesses worldwide. Today in my third and final series on AI, let’s take a closer look at the profound impact it is having on the overall marketing landscape.

What is Generative AI?

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Generative AI refers to a category of artificial intelligence that focuses on creating or generating new data, content, or information. It involves using algorithms and models to generate new outputs that resemble existing data or that exhibit creative qualities.

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At the heart of generative AI are generative models, which are designed to understand patterns and structures in existing data and then use that understanding to create new data that shares similar characteristics.

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These models can be trained on a wide variety of data types, including text, images, audio, and more. They use probabilistic techniques to generate outputs that are not just copied from the existing data, but rather are novel and original creations.

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Why Does it Matter?

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According to McKinsey research, 90% of commercial leaders are planning to adopt generative AI solutions in the next two years. Its adoption is a welcome tool for businesses who are looking for new and exciting ways to capture their audience’s attention by creating highly engaging and personalized content. I believe generative AI is poised to transform marketing, helping to reshape the existing landscape and vitalize it to be a more innovative, personalized, and dynamic future.??

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Examples of Generative AI within Everyday Marketing.

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Generative AI can help create high-quality content that is relevant, engaging, and tailored to the needs of specific target audiences. Not only that, but by analyzing data and identifying patterns in consumer behavior, generative AI can help marketers create content that resonates with their audiences and inspires action. High quality content can benefit marketers in terms of:

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1)??? Content Creation. Marketers spend a lot of time developing content. AI tools can be useful in developing content strategy and can be helpful in initial brainstorming sessions, refining first drafts and cutting down on the time needed to develop and edit great content. AI-powered content generators can assist in creating high-quality articles, blog posts, and other written content and help optimize that content for specific keywords. Whether you need help developing long or short form content, images, or video generation there are endless tools with AI that you can leverage today to stand out. Just make sure that you thoroughly review all generated content to ensure that it accurately reflects your brand messages and personality.

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2)??? Personalization. One of the many advantages of generative AI is its ability to build personalized marketing experiences. Marketers can use Bard or ChatGPT to build and test better buyer personas and shape customer segmentation models. Generative AI enables marketers a holistic view of every customer within the pipeline, and data can be analyzed and streamlined into different customer segments that marketing teams can use to create personalized marketing messages and product recommendations. This level of personalization, when used, well can aide in reaching customers with the right message, at the right time, and provide greater value.

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3)?? The Art & Science of Data Analytics & Insights. Generative AI plays a pivotal role in data analysis, offering insights into consumer behavior, market trends and competitor strategies. For leaders, this means that your data scientists (and artists) must be armed with the right tools and skills and have ample time to do their work. It also means learning the language of analytics itself so that you can truly understand the plethora of opportunities that data and proper interpretation can unearth.

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According to Gartner, by the end of 2024, 75% of enterprises will operationalize AI, driving a 5x increase in streaming data and analytics infrastructures. These elevated insights empower marketers to make informed decisions, refine their strategies, and stay ahead in a competitive landscape.

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AI can help bridge gaps and fill in likely options beyond the initial data set if the data model is trained correctly. With the help of machine learning algorithms, AI systems can automatically analyze data and uncover hidden trends, patterns, and insights that can be used by businesses to make better-informed decisions. Countless banking and financial institutions are using AI and augmented analytics to generate personalized portfolio analysis reports. But the key will be AI and humans working collaboratively to ensure proper oversight.

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4)??? The Impact on the Customer.? AI makes it easier for customers to gain information from brands. The use of chatbots, which are powered by generative AI, is transforming customer interactions. It is estimated that the chatbot market will reach $1.3 billion by 2025, and almost half of the large companies from the survey plan to invest in their chatbot services. (Source)

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Chatbots can provide 24/7 service, so they are more available to customers than human agents. Brands can take advantage by branding and customizing chatbots to fit into the brand guidelines and websites. They can help improve customer experiences by providing instant responses, recommendations, showcasing ?products, services, and directing people to get what they want when they want it. This enables a smoother and seamless customer support experience. ?Conversational chatbots can be a great source for consumer insights so companies can analyze customer needs, queries, or complaints. Businesses can then use these insights to detect the areas that need improvement.

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5)?? Take Advantage of Deeper Customer Insights. AI can help businesses identify?specific customer insights which can be used to create marketing campaigns that are relevant and timely. These customer insights can help identify specific pain points, measure satisfaction, and help guide your customer through their journey.? These insights can also help assess how customers interact with your brand and enable a deeper understanding of the channels that customers are using and the overall acquisition process. This data can help evaluate retention strategies, refine outreach channels, and content and showcase the characteristics of customers and how they interact and work with your company and brand. Based on customer insights, brands can further experiment with new ways of reaching their customers and operationalize their newly found insights.

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6)??? Stand out with Search Engine Optimization (SEO)- The use of generative AI in marketing can help businesses identify SEO-friendly, relevant, and high-performing keywords and phrases to use within digital marketing campaigns. Marketers can use ChatGPT and other AI tools to analyze vast amounts of data to identify relevant keywords and phrases that users are searching for. These tools can provide insights into search volume, competition, and trends, helping you choose the best keywords to target. These AI tools can also help to develop content, optimize that content, and provide recommendations for keyword usage, readability, and overall content quality.

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It’s important to remember that while AI tools can provide valuable insights and recommendations, human expertise and judgment are still crucial for effective SEO. Combining AI capabilities with your understanding of your target audience and industry trends will yield the best results for your brand’s overall SEO efforts.

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What’s Next?

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Marketers who want to get ahead and maximize their digital marketing, social media, SEO and PR efforts should leverage the many possibilities that generative AI offers. Just keep in mind that there is a risk of misuse, fake content creation, and the need to ensure that generated content respects legal and societal norms.?

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It is more important than ever to understand the limitations and biases of AI systems, continuously monitor, and evaluate results, and interpret the insights provided to make the most informed decisions.

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How are you maximizing generative AI in your marketing efforts? I’d love to hear more. Please leave a comment below.

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