Generative artificial intelligence is changing marketing as we know it. Nearly 80% of companies are using or exploring AI, including generative AI. Generative AI can be defined as an algorithm that is fed existing content to create iterations with new content. This new content includes audio, pictures, videos, text, code, and simulations.
Machine learning systems are being taught to use previous content to generate new items and outputs. For example, ChaGPT3 uses 45 terabytes, which is equivalent to one million feet of bookshelf space, or 25% of the Library of Congress. Marketing professionals are using these new technological features to solve problems and reach new audiences. In marketing, AI is mainly used for fraud detection, service chatbots, customer service routing, email marketing, and cross-selling. It can also assist with business productivity as a whole.
Tools like ChatGPT, Make-A-Video, DALL-E, Bard, and Nova are just a few of the most common AI services out there today. Experts believe that the power of these AI tools creates endless possibilities, and that the main responsibility of businesses is to make sure they can keep up.
Looking into the future, there is much on the horizon for generative marketing. There is a predicted greater reliance on AI marketing automation, as over 20% of marketers will be using these tools to personalize their efforts. Accessibility to AI will also increase in general for businesses of all shapes and sizes. Overall, it is clear that it is time to forge powerful partnerships in the new world of AI marketing.