Capgemini: Businesses are incorporating GenAI into marketing
A December 2023 survey conducted by Capgemini has found that organisations are already investing in generative AI (GenAI) for marketing.
Findings in its latest report, ‘Generative AI and the evolving role of marketing: A CMO's Playbook’, uncovered that businesses are already dedicating 62% of their total marketing technology budget towards GenAI, viewing the technology as a catalyst for creativity and innovation in marketing.
In addition, three quarters of organisations have either already allocated a budget to integrate GenAI into marketing, or plan to do so in the next six months. Almost half (47%) have already allocated teams for implementing GenAI into marketing.
GenAI augmenting human creativity
The majority of marketers (62%) believe that generative AI will augment human creativity, enhancing unique human qualities such as intuition, emotion, and context understanding. In addition, the report found that 57% of marketers are expecting GenAI to act as a catalyst for unlocking new creative possibilities.
This is particularly the case when it comes to collaboration between human and AI-driven innovation. Capgemini finds that 55% of marketers foresee AI motivating teams to think beyond conventional boundaries. The belief is that, in the next two to three years, GenAI will be applied across data analysis (90%), search engine optimisation (89%), customer services (89%), content creation (88%) and image and video generation (86%).
As a result, marketing functions are now actively establishing practices to use GenAI across marketing domains.
According to Capgemin’s research, organisations believe that GenAI technology could help to build a unique brand image (67%), accurate analysis of customer and market trends (65%), reduction in marketing costs (66%) and increase efficiency in generating content and results (65%).
Gagandeep Gadri, Managing Director of frog, part of Capgemini Invent, says: “The future of marketing will undeniably be influenced by the widespread adoption of generative AI to deliver personalised content and communication; it’s value realisation will need a fusion of strategic choices, human centred creativity and a good understanding of the art of the possible in a very fast-moving space.
“In many ways this feels like the Digital boom from 20 years ago, where the brands that succeeded were those that stayed true to their values but were brave and bold on how digital could deliver growth for their business. The same will apply for generative AI.”
Marketing strategies becoming crucial to GenAI success
As AI systems become more sophisticated as we move into 2024, Capgemini suggests that marketers will continue to face complex ethical considerations around issues such as responsible customer data use, the transparency of AI-driven decision-making processes, in addition to preventing AI from reinforcing bias.
According to the report, the majority of organisations (71%) anticipate that certain marketing roles will be significantly or moderately impacted by generative AI. This could include SEO specialists, digital marketing and creative directors, PR/communication specialists, copywriters and customer insight specialists.
The majority (63%) of organisations recognise that the demand for GenAI skills in marketing outstrips supply. In order to address the skills gap and harness GenAI to its full potential in marketing, Capgemini states that organisations are implementing internal and external strategies. In particular, 53% of companies are planning to provide GenAI training for their marketing teams in the next six months, including companies in the Netherlands, India, Australia and the US.
Sectors such as media, insurance, automotive and life sciences also show a higher-than-average commitment to GenAI training for their marketing teams. Capgemini’s research shows that marketing has transformed in recent years, with Chief Marketing Officers (CMOs) integral to strategic decision-making.
Especially in business-to-consumer (B2C) sectors, 71% of C-suite respondents see marketing as a strategic partner in driving business growth, with 72% of organisations involving the CMO in critical decisions to drive business goals and objectives.
******
For more insights into the world of Technology - check out the latest edition of Technology Magazine and be sure to follow us on LinkedIn & Twitter.
Other magazines that may be of interest - AI Magazine | Cyber Magazine | Data Centre Magazine
Please also check out our upcoming event - Sustainability LIVE Net Zero on 6 and 7 March 2024.
******
BizClik is a global provider of B2B digital media platforms that covers executive communities for CEOs, CFOs, CMOs, sustainability leaders, procurement & supply chain leaders, technology & AI leaders, fintech leaders as well as covering industries such as manufacturing, mining, energy, EV, construction, healthcare and food.
Based in London, Dubai, and New York, Bizclik offers services such as content creation, advertising & sponsorship solutions, webinars & events.
