Generative AI is an algorithm fed existing content to create new content including audio, pictures, code, text, video and simulations. Its popularity has surged recently with as many as 77% companies using or exploring it. In the last five years, the use of AI has more than doubled and marketing professionals across varying industries are starting to adopt it.
Within Marketing, Generative AI is majorly used for Email Marketing, Customer Service Routing and Marketing Lead Scoring. It also helps with new areas of growth. Overall, Generative AI can improve business productivity by 40%.
Chat GPT, Make-A-Video, Dall-E, Bard, and Nova are among the leading AI marketing tools that are creating new opportunities. Despite the latest rise in its usage, specialists believe that generative AI is still in its infancy. In the future, there’s more for generative AI, especially in the marketing sector.
There’s bound to be greater reliance on it for Marketing automation, as currently only 22% marketers use it to personalize offers, emails and even paid ads. With more accessibility to smaller businesses, the number of 31% small businesses to have adopted AI tools could see a rise.
