Why Generative AI Should Be in All 2024 Marketing Plans

ChatGPT and Bard AI have become the biggest buzzwords of the year. And, for good reason – generative AI (GenAI) presents a challenge and opportunity on a scale that fundamentally shifts the ways we live, work and play. In fact, user adoption of ChatGPT has exploded, with the application garnering 100 million users in just two months, according to data firm SimilarWeb, second only to Threads and quickly surpassing the initial growth rates of Instagram, which needed two and a half years.

Digital marketers, due to the increasingly fast-paced and creative nature of their work, are in the frontline for this ever-evolving technology. While some fear it, others are leaning in and learning fast – and these are the ones who will lead the industry forward.

In research from March 2023, Botco.ai found that over 50% of US marketers are using GenAI to create text, audio and video content. Similarly, Statista found that 63% of UK brand marketers have experimented with ChatGPT or GenAI as part of their marketing efforts. While it is great to see marketers trialing AI tools, they will benefit ever more when GenAI is integrated as a core part of their strategic marketing toolkits.

We are at a tipping point, where underutilization of GenAI will hinder marketing’s efforts to align productivity with the opportunities of disruptive innovation and accelerating customer demand. Ultimately, the absence of a holistic, AI-enabled marketing strategy will impede growth, and, in a competitive market, no organization can risk falling behind.

Current Tactical Applications of Generative AI

We have heard marketers and creators worry that AI could soon replace them, however these concerns will be alleviated when professionals are given the knowledge, skills and mindset to harness the power of GenAI in their work.

Content creation is one of GenAI’s most used – and probably best known – applications. From fueling brainstorming ideas, to developing text, images, sound and video, GenAI tools can help professionals ideate and execute faster, and with greater variety and diversity of thinking. Rather than replacing marketing teams, streamlined content creation and development turnarounds can enable marketers and creatives to focus their efforts on more strategic aspects of their roles. However, to facilitate this heightened strategic focus, marketing professionals also need to have a more concentrated approach to learning, understanding how and where to deploy GenAI tools to their best ability.

Another of GenAI’s most useful applications for marketers is personalization. Two thirds (67%) of organizations are exploring the use of GenAI to analyze customer data and offer customized experiences, according to Boston Consulting Group’s April 2023 survey. Some tools, like machine learning chatbots, can help organizations streamline customer interactions and create a more engaging, personalized experience. The next progression from here will be GenAI plug-ins that analyze patterns and mimic style or structure to personalize customer interactions, helping marketers unearth insights to inform future customer engagement.

GenAI can also be a valuable market segmentation tool, however only 41% of BCG’s survey respondents are exploring this today. Tailored marketing campaigns based on individual preferences, interests and behaviors can encourage higher engagement and improved conversion rates, as well as increased customer loyalty. GenAI’s ability to identify commonalities and analyze customer behavior during consumer research can be a clear point of unfair advantage to support marketers with working smarter, not harder.

To win, marketing professionals need to take full advantage of its strategic uses. The ability to leverage AI applications will help marketers bring successful campaigns to market, which in the long run will increase the function’s role in overall business growth.

Strategizing for an Ai-Powered Future, Now

In 2019, one-third of respondents in a our recent study said that most digital marketing skills required updating at least quarterly.

Today, 55% say they need to add new skills and knowledge at least monthly.

As businesses develop their budgets and reassess their objectives for 2024, marketing departments must build GenAI into their marketing plans. I often say effective digital transformation is 90% people and 10% tech, meaning brand leaders must also invest in complementary, ongoing employee GenAI training programs that span strategy, planning, implementation, measurement, reporting and evaluation.

The day when GenAI-fueled marketing is simply the ‘everyday’, is coming into sharp focus. And, when it comes to marketers, their digital skills will need to be razor sharp, able to move beyond isolated tactical executions to create more strategic solutions, where GenAI is fueling individual professional development and business growth.

In time GenAI will become a key strategic instrument for making, augmenting, optimizing, accelerating, iterating and innovating marketing in ways we are only beginning to think of and visualize today. As marketers uncover these opportunities, GenAI’s potential to be the golden thread that drives forward strategic marketing outcomes will only grow. From a buzzword in 2023 to a key strategic pillar in 2024, GenAI considerations are essential to your marketing plans for the coming year and beyond.

[To share your insights with us, please write to sghosh@martechseries.com]