Generative AI Impact on Marketing Strategy

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.

Image: Depositphotos

This article, "Generative AI Impact on Marketing Strategy" was first published on Small Business Trends