"The State of GenAI Chatbots in Marketing" research report shows how marketers are using generative AI to improve performance, drive cost efficiencies, and speed up creative cycles
SCOTTSDALE, Ariz., May 4, 2023 /PRNewswire-PRWeb/ -- Nearly three out of four marketers—73%— say that their companies make use of generative AI tools to help create text, images, videos or other marketing content, according to a new study published today by Botco.ai (http://www.botco.ai), the GenAI Chat Cloud company. Titled "The State of GenAI Chatbots in Marketing" and based on a survey conducted in March 2023 of 1,000 marketing professionals, the report offers important insights into marketer's use of generative AI tools and how they help marketers increase creative output while improving efficiency and speeding up creative cycles.
Generative AI is a subset of artificial intelligence capable of generating content such as text, images, or videos based on simple prompts from a human. The generative AI market got a boost last November with the launch of ChatGPT, a chatbot developed by AI research company OpenAI. Other notable generative AI tools include Google's Bard AI, Copy.ai, Jasper, Midjourney, DALL-E 2 and more. According to Allied Market Research, the global generative AI market is projected to reach $126.5 billion by 2031, growing at a compound annual growth rate of 32% from 2022 to 2031.
Other key findings from the report include:
- Generative AI is on the rise: Of those that say their company doesn't use generative AI, about one-third of them (31%) say they expect to do so within the next 12 months, and about half (46%) say they will do so within two years. Collectively, 77% of companies that aren't using generative AI currently expect to do so within two years.
- Website copy is generative AI's top use case: Website copy is the most common form of content that marketers are most likely to use generative AI to produce, with 48% of respondents saying that their company is likely to create website copy with generative AI now or in the future. The next most common uses cases are email copy (44%), social media copy (42%), social media images (39%), chatbots that interact with customers (37%), website images (36%), SEO content (35%), blog posts (33%), and marketing/sales collateral (33%).
- ChatGPT is the top tool: ChatGPT is the most common generative AI tool, used by 55% of respondents who currently use generative AI. The next most popular tools include Copy.ai (42%), Jasper.ai (36%), Peppertype (29%), Lensa (28%), DALL-E (25%) and Midjourney (24%).
- Marketers gain numerous benefits from Generative AI: The most common benefit marketers gain from using generative AI is increased performance (cited by 58% of respondents), followed by increased creative variety (50%) cost efficiencies (50%), faster creative cycles (47%), an ability to learn and improve (39%), and the augmentation of human creativity (34%).
- Training is marketers' biggest roadblock: The biggest roadblocks preventing marketers from using generative AI are training their teams to use it, cost, and privacy/security concerns, indicated by 50%, 45% and 45%, respectively. Lesser challenges include data scarcity (31%), poor quality or inaccurate content (29%), and generative AI's unethical biases (24%).
- Generative AI drives ROI: Of those companies that use generative AI, two-thirds (66%) have received a positive ROI, with 43% saying they experienced at least a 2X ROI and 22% saying they received a 3X ROI. Only 7% say they've seen a negative ROI thus far.
"It's difficult to think of another technological leap that has transformed marketing departments the way generative AI has," said Rebecca Clyde, Co-founder and CEO of Botco.ai. "Whereas with today's generative AI tools, marketers can quickly and easily develop all sorts of content, enterprises must be vigilant on data accuracy and privacy risks that are associated with large language models. Botco.ai's GenAI Chat cloud provides finely tuned models that don't hallucinate, meaning that they're based on wholly accurate data, with the appropriate guardrails to supplement the use of large language models in a secure and productive manner."
To download the full report on "The State of GenAI Chatbots in Marketing," visit https://hubs.ly/Q01NgpFN0.
To register for a webinar on "The State of GenAI Chatbots in Marketing," featuring Jeanna Corley, VP of Digital Marketing Experience & Consumer Insights at Frontdoor, visit https://hubs.ly/Q01N6C_f0. The webinar will explore the latest research on how marketers are using generative AI tools to improve performance, drive cost efficiencies, and speed up creative cycles.
Botco.ai is the GenAI Chat Cloud company. Botco.ai enables businesses to engage people through helpful, relevant and personalized conversations that convert strangers into customers. Enterprises rely on Botco.ai's end-to-end Generative AI Chat Cloud to rapidly find, retrieve and present information from across their enterprise data systems in order to engage visitors at all stages of the customer journey. We train our large language models on our clients' enterprise data so that they are completely accurate and do not hallucinate. Botco.ai empowers businesses from a range of industries to deliver exceptional, trustworthy customer experiences that generate high quality pipeline, increase sales conversions, reduce costs and accelerate revenue. Recipient of the Arizona Innovation Challenge "Most Outstanding Startup" award, best SaaS platform from the Arizona Commerce Authority (ACA), the TiE50 Award, and others, Botco.ai is transforming the way businesses communicate with and market to their prospects and customers. For more information, visit http://www.botco.ai.
Lauren Tascan, Candor Content for Botco.ai, 1 514-867-5050, [email protected]