Generative artificial intelligence is a form of AI that is becoming increasingly popular in marketing companies from legacy brands to small businesses. Generative AI is a form of artificial intelligence that creates new media from preexisting text, images, videos, code, and more that it has been “fed” by programmers. This form of AI is hugely applicable to the field of marketing, largely because of its ability to create new variations on preexisting media in a way that is directly applicable to marketing, service chatbots, fraud detection, email marketing, retail, and more. Already, 77% of marketing companies are exploring the use of AI in their business practices, including 31% of small businesses. It is also likely to increase even more in accessibility, as there has been a 14x increase in AI-focused startup companies since 2000.
Now is the time to explore the potential of AI in marketing. As dunnhumby CEO Dan Olley said, “If CIOs invested in machine learning three years ago, they would have wasted their money. But if they wait another three years, they will never catch up.” Currently, almost 20% of c-suite executive workers are focusing on the intersection of IoT (Internet of Things– aka smart devices such as Alexa, certain cars, fitness watches, etc.) and AI use. While 22% of marketing companies are using generative AI to create email marketing materials, create paid ads, and create and publish offers. Many businesses believe that the incorporation of AI technology will create new employment opportunities alongside the software, and propel the industry forward.