AI democratization is challenging the likes of Google. Google employees raised concerns about the company’s competitive edge in AI at a recent all-hands meeting. Alphabet CEO Sundar Pichai and Jeff Dean, head of Google’s AI division, responded that while the company’s LaMDA model has similar capabilities to ChatGPT, Google has a greater “reputational risk” in providing misinformation and is, therefore “proceeding more conservatively than a small startup.”
There is no denying that we are at the brink of a revolution in marketing because of AI technology. Leaner organizations will benefit most in the ongoing revolution.
The 1st Revolution happened when Brands like Nirma, and Colgate became household names. Television, Print, and Outdoor was the medium. Brands were able to reach the masses. However, it was expensive and analytics were based on limited sample groups.
The 2nd Revolution happened with the Smartphone, which accelerated the adoption of Digital Media. Now a marketer can potentially measure everything and target specific audiences based on many parameters. The 3rd Revolution is happening and it’s moving fast. AI will change the landscape of marketing via Hyper-Personalization and Hyper-Automation at scale.
The 3 key benefits AI will offer in 2023 to a marketer will be:
- Save Time
- Better Decisions
- Drive ROI
AI in marketing will offer a plethora of possibilities and myriad use cases. Marketing teams will start architecturing their AI Martech stack. Soon AI will become a part of the marketer’s toolkit like excel to make numbers or ppt to tell a story. Identification of the right AI tool depending on the stage of business and use cases will be crucial.
AI at the core marketing function level will drive Efficiency.
AI without a doubt will be an intangible driver of ROI in marketing for most in 2023. It’s because 2023 will lay the foundation of the AI revolution in marketing. Marketing functions will start creating systems and processes internally for AI adoption. Lean and agile organizations will bear the early advantage.
Chaos is the cost of innovation. AI will bring Chaos to career choices. AI models learn and train at an unprecedented pace. In 2023 AI will compete with Executive level roles in Graphics, Copy, and Content. Another continuing trend will be the field of Data Sciences, which is closely related to AI.
Modern marketers have already started solving the problem of data unification, extraction, and visualization. Marketers without a unified view of the Consumer, Channel, and Communication are hitting in the dark. The ones who have adopted the cloud early and solved the data unification problem will benefit greatly from Predictive analytics and RPA. However these solutions today are still more viable at an Enterprise level, where a 1% efficiency might reap a million dollars or more.
Modern marketers in 2023 will start building architecture around their AI Marketing Stack.
Following are the 6 core areas in the current AI Martech landscape:
- Text – Use cases here are many, they could range from copywriting, content writing, research, sales, chat, email, and productivity tools. AI Models in use are OpenAI GPT-3, Deepmind Gopher, Facebook OPT
- Video – Editing, generation, and personalization of videos are use cases here. AI Models in use are Microsoft X-CLIP and Meta Make-A-Video
- Design – Web design, Image Generation, Image Manipulation, Avatar creation, Icon generation, Illustrations, and Visual Design are some use cases here. AI Models in use are OpenAI DALL-E 2, Stable Diffusion and Cariyon
- Code – AI can help in Code Generation, Documentation, Web/App Building, and Text to SQL query generation. AI Models: GPT-3, Tabnine, CodeGeeX
- Speech – AI can generate human-like voices in seconds. Models in use are PytorchDcTts, OpenAI GPT-3, OpenAI Whisper
- Sound – Generation of music similar to a particular artist or genre. The model in use is OpenAI Jukebox
The Identification, Experimentation, Evaluation, Training, and Deployment of the Martech AI stack will be of core importance to the organizations in 2023. At Expedify we have identified more than 100 AI Martech tools and technologies. The clutter will increase as adoption increases, hence a structured framework will help organizations adopt the right tools for the right reasons. We call it STEP (Strategy, Technology, Experience, Performance).
In conclusion, AI and digital marketing will continue to evolve and shape the way businesses reach and interact with their customers. In 2023, we can expect to see AI-powered tools and techniques becoming even more prevalent in the field of digital marketing. These tools will allow businesses to analyze and understand customer data and behavior on an unprecedented scale, personalize marketing campaigns, and automate various marketing tasks. While there are certainly challenges to be addressed, such as ethical considerations and the need for skilled professionals to manage AI systems, the potential for AI to transform the way businesses operate makes it an exciting area to watch in the coming years.