Capgemini research: Generative AI in marketing
Organizations already investing in generative AI for marketing dedicate 62% of their total marketing technology budget towards it, seeing this breakthrough technology as a catalyst for creativity and innovation in marketing.
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The Capgemini Research Institute surveyed 1,800 executives overseeing marketing strategies across diverse organizations worldwide with an annual revenue of over USD 1 billion. The organizations came from a range of sectors, including automotive, banking, consumer goods, insurance, retail, telecom, utilities, high-tech, manufacturing, life sciences, public sector and media.
They are based in 14 countries across North America, Europe, and APAC. In addition, 25 in-depth interviews were conducted with Chief Marketing Officers and marketing leaders with firsthand knowledge or awareness of their organizations generative AI initiatives.
Charts comparing 2021 and 2023 data exclude respondents from B2B sectors, as they were not part of the 2021 survey. The covered sectors include automotive, banking, consumer goods, insurance, retail, telecom, and utilities.
Here's a summary of the announcement:
Innovative Marketing Futures
With a significant portion of organizations currently adopting or considering generative AI for marketing, there is a clear trend toward enhancing creative processes. Marketers predominantly see this technology as an augmentation of human creativity, supporting qualities like intuition and contextual understanding. An emphasis is placed on budget allocation, team development for generative AI implementation, and anticipating the impact on various marketing roles, while also acknowledging the ethical and regulatory challenges that accompany the use of such technology. Training and skill development to address the demand for generative AI expertise in marketing emerges as a priority. The research underscores a shift in marketing's role, with Chief Marketing Officers being increasingly involved in strategic decision-making and contributing to revenue growth.
Key takeaways:
1. Organizations broadly adopt generative AI to boost marketing creativity and innovation.
2. Budgets and teams are being dedicated to generative AI, indicating significant investment in the technology.
3. Generative AI is expected to influence various marketing roles, requiring new skills and training.
4. Ethical and regulatory challenges of AI usage in marketing are recognized by less than half of the organizations.
5. Marketing's strategic importance in businesses is heightened, with CMOs playing a pivotal role in driving growth.
The report comes with a dedicated infographic that visualizes the research.
We've generated a summary of the findings in the infographic below:
Implications of Generative AI in Marketing
Generative AI is transforming marketing, where 37% of organizations are implementing the technology in various initiatives. Budgets are established and dedicated teams are formed to advance generative AI, with 62% of marketing tech investments being allocated. Companies leverage generative AI for personalized experiences, data analysis, campaign creation, and more. About half of the organizations predict that generative AI will significantly change the marketing realm, though 70% have not yet set ethical guidelines for its use. To effectively integrate generative AI, strategic direction, leadership, and ethical considerations are crucial, alongside iterative execution and expanding skillsets.
Key takeaways:
- Generative AI is reshaping marketing strategies.
- Organizations are allocating budgets specifically for generative AI in marketing.
- Generative AI is utilized for a variety of marketing tasks like personalization and data analysis.
- Many believe generative AI will be disruptive but also augment human creativity in marketing.
- Ethical guidelines for generative AI use in marketing are lacking in most organizations.
This report comes as an add-on to the latest installment of: Generative AI and the evolving role of marketing: A CMO’s playbook.
The latest edition delves into the unprecedented growth and the myriad opportunities that generative AI brings to the field of marketing.
Here's a summary of what you can find in the CMO's playbook:
The Future Unfolds: Generative AI in Marketing
Generative AI is quickly becoming a cornerstone in marketing strategies, with nearly 60% of organizations integrating it into various initiatives. A significant portion, 37%, are deeply embedding it across multiple aspects of their marketing efforts. Investments in generative AI are substantial, occupying 62% of marketing tech budgets, reflecting confidence in its maturity and potential. Marketers use generative AI to create content, personalize customer interactions, analyze data, and optimize search functions. While AI is viewed as a catalyst for innovation, ethical and copyright challenges necessitate careful regulation and guidance.
Key takeaways:
1. Generative AI is rapidly integrated into marketing, enhancing personalization and efficiency.
2. Organizations are investing in generative AI, dedicating significant portions of their budgets to it.
3. Generative AI acts as a supplement to human creativity, not a replacement, offering new creative possibilities.
4. Ethical considerations in AI usage and comprehensive guidelines are crucial as the technology advances.
5. Strategic adoption of generative AI requires thoughtful investment and alignment with broader business goals.
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