3 Applications of Generative AI in Marketing: Cost Savings & Efficiency Boost

In today’s digital era, marketing is evolving rapidly thanks to technological advancements. According to Statista, global spending on digital marketing was projected to exceed $500 billion in 2023 and continues to rise. However, amidst intense competition, companies face the challenge of running effective marketing campaigns without exhausting their budgets.

This is where Generative AI comes in as a solution. This technology offers efficiency and cost savings through automation and intelligence, helping companies refine their marketing strategies to stay competitive. With Generative AI, businesses have a great opportunity to reach audiences in more effective and innovative ways while reducing operational costs.

Here are applications of Generative AI in marketing that can save costs and boost efficiency:

• Development of a Marketing Co-Pilot
  Generative AI can act as a “co-pilot” in marketing activities, helping teams design more strategic and targeted campaigns. This AI co-pilot can conduct in-depth data analysis, provide insights into market trends, and recommend the most effective marketing actions.
  
  According to a report by McKinsey, implementing Generative AI in marketing can increase productivity by 5% to 15% of total marketing expenditure, equivalent to around $463 billion annually. This AI co-pilot also helps reduce the risk of errors in decision-making, ultimately increasing the efficiency of the marketing team.

• Continuous Training and Learning for the Team
  AI Chatbot can serve as interactive training resources for marketing team members. AI Chatbot  provide access to training modules, guides for using marketing tools, and skill development materials.
  
  Team members can inquire at any time to learn about specific topics, such as the latest marketing strategies or how to leverage digital tools. With this approach, AI chatbot can support ongoing knowledge and skill enhancement for the marketing team without requiring formal training sessions that consume time.

The above applications demonstrate how Generative AI can provide cost-effective and efficient marketing solutions for companies in the digital age. A study by Deloitte highlights that companies using AI in marketing can reduce costs by an average of 30%, thanks to the automation of marketing processes that usually require significant time and human resources.

In this competitive era, Generative AI is no longer just an additional tool but a necessity for companies that want to stay relevant and competitive. Companies adopting Generative AI in their marketing strategies will have greater opportunities for success and growth in the future.

Learn more about Generative AI and reach out to us here to help your business improve efficiency in the digital era with a AI Chatbot.

ABOUT MIMIN

Mimin is a platform that helps businesses to create conversational customer journeys with Artificial Intelligence. With Mimin, businesses can effortlessly build chat journeys and establish a positive customer experience.

The applications that can be generated include, amongst others, the ease of running chat commerce, chat campaigns, customer automation, omnichannel inbox, and Generative-AI chatbot.

With Mimin, businesses can deliver superior customer experiences, strengthen customer relationships, and build stronger customer loyalty.

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