Mr Branding: Generative AI is Disrupting the Digital Marketing Sector, Here’s What You Need to Know

Saturday, May 20, 2023

Generative AI is Disrupting the Digital Marketing Sector, Here’s What You Need to Know

The stunning rise of ChatGPT 3 disrupted numerous markets around the world, and with the recent release of ChatGPT 4, these disruptions are likely to get even more pronounced. One of the many industries that are facing seismic changes due to the presence of generative AI is that of marketing, and there are multiple ways in which it can make your ad campaigns more effective than might have been the case otherwise. A report released by Goodfirms highlights some of the more prevalent trends in this arena.

With all of that having been said and now out of the way, it is important to note that around 45.3% of businesses are planning to start utilizing generative AI like ChatGPT in the future. This is going to lead to rapid growth in the market, with an astonishing CAGR of 34.6% predicted for the rest of the decade.

A lot of this growth is coming from the media and entertainment industry. Approximately 41.7% of the revenue generated by this AI came from this niche, and the growth rate for this specific revenue stream is expected to be around 33.9% CAGR within the next eight to ten years.

In spite of the fact that this is the case, 55.7% of businesses still say that they are unsure of what benefits Generative AI can bring. Also, while 17.4% have already begun using generative AI, 29.8% consider it to be a form of spam. The question of guideline adherence comes into play, as does the potential for generative AI being used for misinformation campaigns and other malicious activities that can do a tremendous amount of harm.

Regardless of these concerns, there are several benefits to generative AI that are nonetheless turning it into an enticing prospect for various marketing professionals. 81.8% of people in the advertising and marketing industry stated that it helps reduce the amount of time they need to get a campaign up and running, with 74.1% mentioning that it makes it easier for them to scale up their campaigns.

For one thing, generative AI can create usable content in an instant. This saves time that would have otherwise gone towards a lengthy creation process. Even if you don’t really entirely on AI for all of your content, you can still use it to come up with cues and ideas that can then be expanded upon.

The fast paced nature of generative AI boosts scalability by offering abundant content volume, and recent advancements have made this content a lot more personalized.

A majority of marketers, or 58.2% to be precise, agreed that using generative AI allows them to make better campaigns for less money. This uptick in cost effectiveness could greatly expand a marketing firm’s ability to meet the needs of its clients with all things having been considered and taken into account.

This is closely interlinked to the aforementioned benefits of content creation. Hiring creators can be a cost intensive endeavor, but generative AI gives markets the chance to take things into their own hands. The content might not be of the same quality, but it won’t be long before generative AI is able to make artwork that is on par with the best human artists.