Generative AI Bridges The Gap Between Hype and Reality
According to a survey, 67% of marketers in the online retail sector are leveraging GenAI to generate hyper-personalised recommendations. Delve into how generative AI enhances the marketing process by streamlining operations.
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Envision a world where marketers craft outcome-driven strategies infused with personalised touches, all through a few prompts. To enhance the experience, they can instantly engage and provide tailored solutions to customers. This vision is currently in its nascent stages of materialising as generative AI makes waves in revolutionising the marketing industry.
In a survey, McKinsey revealed that about 75% of the Gen-AI-enabled use cases fall across four areas: Customer operations, marketing and sales, software engineering, and R&D. Here is a quick stroll through the role of generative AI for marketers.
How can Generative AI help global marketers?
Generative AI focuses on creating content besides analysing it. It leverages the capabilities of deep learning models, specifically trained on volumes of data for performing multiple tasks in a human-like manner. In fact, even Google’s Gemini AI is all set to join the race that will help advertisers create AI-generated search campaigns.
Enlisted below are a few ways in which generative-AI-powered tools and integrations are helping brands streamline their marketing strategies.
To streamline the content creation process
With ChatGPT and Bard taking centre stage since its launch, marketing teams are constantly using generative-AI-trained marketing prompts to accelerate their marketing goals and audience psychographics. Various tools have also been developed to help brands create cross-channel content. For example, Jasper.ai helps marketers across various industries develop content in a matter of seconds.
To develop tailored marketing videos in seconds
Brands are leveraging the capabilities of generative adversarial networks (GANs) to create their marketing videos. A Generative Adversarial Networks is an AI algorithm for generating data samples from scratch.
For instance, Sunfeast partnered with Bollywood actor Shahrukh Khan to launch an AI-engineered campaign concept, “FantasyOfEveryHeart”, prompting fans to create personalised campaigns featuring themselves alongside SRK.
To create hyper-personalised experiences by analysing customer data
A survey unveiled that 67% of marketers in the online retail industry are utilising GenAI to create hyper-personalised recommendations, inculcating a customer-first approach. This is going to continue forever with a lot of brands entering into the race.
For instance, Lenskart uses an AI-enabled recommendation system to suggest suitable frames to each customer, depending on their face shape, skin tone, and other preferences. Myntra deployed MyFashionGPT, genAI-powered chatbot for enhanced shopping experience with personalised answers.
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To automate marketing processes
With marketers being the core players in gaining brand reputation and customer loyalty, there emerges an opportunity for brands to automate functions between the marketing and other departments. Besides that, retailers are using generative AI algorithms for demand forecasting.
For example, SymphonyAI teamed up with Microsoft to introduce its generative AI-based retail copilot systems to help retailers predict customer demand, further providing end-to-end solutions to meet them.
To generate ideas and identify opportunities
Brands and their research and marketing teams use response-ready strategies, further reducing their time to market. They constantly analyse AI-driven insights for sentiment analysis to segment their customers. Additionally, they get a better understanding of the strategies their competitors are using to promote similar products.
For instance, L’Oréal uses GenAI algorithms to analyse millions of online comments, images, and videos for identifying potential product innovation opportunities.
Wrapping it up, Generative AI has created an era of innovations for marketers, and this is going to evolve. All that brands need to do is embrace this change, gaining a competitive edge in this ever-changing digital world.
