Generative AI, popularized by the large language model ChatGPT, has enabled marketers to begin realizing the benefits of AI that have been discussed for years. The speed at which ChatGPT reached 100 million users in two months represents the fastest adoption of any technology. For comparison, Instagram didn’t hit that mark for two and a half years. Generative AI in marketing is just starting to take off.
Chief Marketing Officers (CMOs) are excited about the potential Generative AI has to provide a competitive advantage, increase innovation, and improve productivity. A recent piece from BCG illustrates how marketing teams have already adopted Generative AI. In their CMO survey, 70% of respondents said they already use the technology, while nearly 20% are testing it. According to the survey, the following marketing functions already use Generative AI.
Over two-thirds of the CMOs stated they were using Generative AI to personalize to deepen engagement and improve customer loyalty.
Nearly half of CMOs said they use the technology to create higher-quality content. They can create drafts more quickly, explore different topics, and find unique ways for the team to engage in content creation.
Just over 40% are finding applications to define their customer base better. This can improve ROI by better understanding consumer usage, informing the product roadmap, and improving resource allocation.
Early results indicate that Generative AI is working. According to the survey, more than 90% of CMOs see improvement in their efficiency. Not only does it help complete operational tasks faster, it can reduce the time employees spend on low-level tasks, giving them more time to focus on higher-value work.
Generative AI is evolving quickly, and companies using it and embracing the learnings will be ahead of those on the fence about its usage. BCG recommends CMOs take four actions.
This requires everyone, including leadership, to take a hands-on approach and use Generative AI to understand its power to transform how we do business.
Seek Game-Changing Outcomes
To achieve meaningful differentiation, build models incorporating intellectual property (IP) and key measurables. Look for innovative and disruptive approaches that result in long-term growth opportunities.
Establish an Enterprise-Wide Model
The Generative AI market is still in its infancy and somewhat volatile. Technology companies are working on enterprise solutions to compete with the LLMs (large language models) that consumers have adopted. Companies must find providers that complement their existing tech stack but have last-mile application flexibility.
Implement Responsible AI Guidelines
Until AI regulations are implemented, defining guidelines for the responsible use of Generative AI is critical to reduce the technology’s risks and ensure everyone understands the expectations of its ethical use.
Generative AI is a breakthrough technology that has CMOs excited about the possibilities. Much like search engines and social media before it, the changes it brings about are not yet understood but could revolutionize how companies go to market.