Published on November 2, 2023, 4:17 pm
Generative AI is revolutionizing the field of marketing, according to industry experts who spoke to VentureBeat. With its ability to analyze data and create content, generative AI has the potential to disrupt traditional marketing practices. Since the release of ChatGPT in November 2022, numerous generative AI applications and platforms have gained attention, including Jasper, Writer, Copy.ai, Notion for copywriting, and DALL-E 3, Midjourney, Runway Gen-2, Synthesia, Canva, and Adobe Firefly for images, video, and design.
Generative AI goes beyond just marketing tools and tactics — it has completely transformed the role of marketers and marketing itself. Alex Baxter from BCG X New York describes generative AI as “transformative.” The technology has not only changed core marketing functions but also the way marketers approach their work.
Josh Campo, CEO of interactive agency Razorfish, believes that generative AI is bringing about one of the most transformative technological eras in history. Its capabilities can solve many challenges faced by marketers and advertisers.
May Habib from Writer acknowledges that generative AI can be overwhelming due to its vast number of capabilities, vendors, possibilities, and challenges. However, she sees it as a paradigm shift in how ideas are created and distributed for market growth.
The marketing industry is no stranger to drastic changes driven by technology developments. From digital marketing in the early 2000s to data-driven strategies today, marketers have had to adapt rapidly. With the introduction of generative AI like ChatGPT, marketers are now relying on data-driven approaches more than ever before.
Kelsey Havens from Upbound points out that high-performance B2B marketers are faced with complex tasks such as detailed targeting segments across multiple platforms with different criteria and integration requirements. This often leaves little time for creativity. The hope is that AI will alleviate marketers from repetitive tasks and create space for creativity and strategy.
Jonathan Moran from SAS believes that generative AI can streamline marketing workflows, resulting in quicker time to market and increased productivity. While generative AI is considered a game changer, it might not be as transformative as social media or the metaverse.
AI has become more accessible and conversational, making it an integral part of marketing and company success. CMOs now drive innovation throughout the entire organization, incorporating AI into their strategies beyond just marketing.
However, SOCi’s survey reveals that despite high engagement with generative AI, marketers have yet to experience significant impacts on their businesses. Monica Ho from SOCi suggests that the transition to generative AI will take time, similar to previous shifts in media and technology.
Ho emphasizes the importance of data consolidation for successful use of generative AI. Businesses with siloed data across multiple systems will face limitations in leveraging the full potential of AI.
Razorfish’s Campo agrees that many brands operate with incomplete data ecosystems, which hinder their understanding of consumer needs. Generative AI will help marketers gain insights from various sources efficiently and deliver campaigns with greater accuracy.
Generative AI may reshape job roles within marketing organizations rather than replace jobs altogether. Emily Singer from Drift predicts new types of jobs emerging as repetitive tasks are automated by AI. The impact will be more about transforming job functions rather than eliminating them.
CMOs are primarily concerned about governance, risk, and compliance when it comes to implementing generative AI. Companies need to ensure they use the technology properly to avoid severe fines under regulations like the EU AI Act.
As generative AI continues to evolve and become integrated into marketing strategies across various industries, businesses must adapt their work processes and consider how to leverage this technology effectively while mitigating risks.
In summary, generative AI has the potential to revolutionize marketing by automating repetitive tasks, streamlining workflows, and providing valuable insights for strategic decision-making. However, its full transformative impact will take time, and companies must navigate the challenges of data consolidation and governance to realize its benefits fully.