Generative AI is touching every aspect of business, and because of this, we are going to take a look at the impact it has had on marketing strategies across sectors. Leveraging machine learning, businesses are finding new creative ways to improve customer engagement, create content, and increase sales. For companies, AI has been delivering tangible results, so let’s assess at how it has affected the retail, financial services, and entertainment spaces.
Retail: Hyper-Personalized Customer Journeys
When talking about retail, we have to mention the giants of the game like Amazon and Shopify. They use the technology to analyze data like past purchases and browsing behavior, and based on this, they can create personalized shopping journeys for millions of customers. According to McKinsey, AI put $310 billion in additional revenue into the retail sector. Not only that, but Gen AI can be used to create specialized marketing campaigns. Tools like Jasper are perfect for writing copy as well as creating new ideas. This allows for more time for brainstorming, testing, and optimizing campaigns, increasing return on investment.
Financial Services: Predictive Engagement
When it comes to financial services, companies like JP Morgan have started to utilize the tech, optimizing their digital ad campaigns to improve click-through rates while saving money in the same breath. American Express has used it to analyze spending habits. This leaves them with data to sell personalized credit cards and offer real-time recommendations through their app to improve their sales process.
In an example of using existing software to help marketing and sales processes, Capital One have leveraged data captured by their customer service voice assistant, Eno, to promote personalized offers. While Bank of America uses Erika, an AI assistant that helps with bills, to also suggest products like savings or investment accounts to their customers.
Entertainment: Targeted Campaigns
The entertainment industry is a hotbed of innovation, and that is no different when it comes to AI. Platforms like Netflix and Spotify use AI personalization, with 80% of Netflix viewing coming from suggestions and Spotify offering AI-powered playlists. YouTube uses AI to market their videos, with machine learning programs used to pick the most engaging thumbnails for videos.
In the iGaming sector, we have some exciting tech partnerships emerge. For example, Playstar, an NJ online casino, has partnered with Fast Track. The casino offers a range of slot and casino games as well as sign-up offers that attract customers. However, by partnering with a technology company, they hope to further improve their offering, primarily through automation. This partnership is crucial in what is already a competitive market, where player retention and attraction is a continuing priority.
As generative AI tools continue to advance in their capabilities, the future of marketing is exciting. With spending on the technology expected to surpass $300 billion by next year, it is clear businesses view it as a way to gain some competitive edge. A new era of marketing awaits, one that will provide even more marketing precision and possibilities.
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