Generative AI is an important new technology and has been changing the face of modern marketing. Understanding it is important as it becomes more common; 77% of companies are already using or exploring artificial intelligence, and this number will only continue to grow. So, what is generative AI, and what does its use mean for society?
Generative AI is an algorithm fed existing content to create iterations with new content. It works with audio, code, texts, and more. The ultimate goal of generative AI is to teach machine learning systems so the machine can “think” on its own and create new content.
Marketing companies have begun using generative AI to solve problems. Some of the main uses of AI in marketing include email marketing (87%), marketing lead scoring (83%), and customer service routing (83%). However, there are many other uses as well. This usage has spiked recently; in the last five years, AI use has more than doubled.
AI can also help with general growth. It can enhance business productivity by up to 40%. Businesses are aware of AI’s use, and many startups have sprouted up to take advantage of the current trends. In fact, there has been a 14x increase in AI startups since 200.
Over the years, AI has changed the world, and it will continue to advance and develop for years to come. Understanding its role in society and marketing is important as it becomes more ingrained in everyday life.