Marketing strategies are constantly evolving, and the introduction of generative artificial intelligence (AI) technology has taken them to a whole new level. According to research conducted by AI marketing experts Nova, the use of AI in marketing has doubled over the past five years, with 77% of companies now exploring or using this technology.
Generative AI is becoming increasingly popular for marketing purposes due to its ability to enhance business productivity by up to 40%. It can be used for various tasks such as customer service routing, lead scoring, fraud detection, cross-selling and up-selling. Currently, only 47% of generative AI in marketing is being used for service chatbots while a massive 87% is being utilized for email marketing.
The opportunities created by AI tools in marketing are vast. ChatGPT and Bard enable interactive dialogue and generate conversations through natural language processing techniques. Make-a-Video allows users to create videos from text-based prompts while DALL-E generates stagnant images based on given prompts.
Nova focuses on brand marketing with an emphasis on personalization which boosts results between 60%-170%.
As we move forward into the future it’s expected that there will be a convergence between IoT devices and generative AI as well as greater reliance on automation within the industry.Nova predicts that small businesses will have access more readily available Generative AIsolutions.
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