In a groundbreaking survey conducted by global information technology company Capgemini in December 2023, it has been revealed that an astonishing 60% of organizations are actively exploring the integration of generative AI (GenAI) into their marketing strategies.
The survey, outlined in Capgemini's comprehensive report titled ‘Generative AI and the evolving role of marketing: A CMO's Playbook,’ underscores the significant shift in the marketing landscape. Businesses are not merely testing the waters but are allocating a substantial 62% of their total marketing technology budget towards GenAI. This strategic move is driven by the perception of GenAI as a catalyst for creativity and innovation in marketing.
What's more, the findings indicate a resounding commitment from organizations, with three-quarters already allocating budgets for GenAI integration, while 47% have dedicated teams to implement this transformative technology into their marketing frameworks within the next six months.
Augmenting Human Creativity: A New Era for Marketing
The report delves into the belief among marketers that GenAI will serve as a powerful tool to augment human creativity. A majority, 62%, foresee GenAI enhancing unique human qualities such as intuition, emotion, and context understanding. Furthermore, 57% anticipate GenAI acting as a catalyst for unlocking entirely new creative possibilities.
Collaboration between humans and AI-driven innovation is gaining traction, with 55% of marketers expecting AI to motivate teams to think beyond conventional boundaries. The report predicts that GenAI will soon find applications across various domains, including data analysis (90%), search engine optimization (89%), customer services (89%), content creation (88%), and image and video generation (86%).
The Strategic Impact of GenAI in Marketing
According to Capgemini’s research, organizations envision GenAI technology contributing to building a unique brand image (67%), accurate analysis of customer and market trends (65%), reducing marketing costs (66%), and increasing efficiency in generating content and results (65%).
Gagandeep Gadri, Managing Director of frog, part of Capgemini Invent, emphasizes, “The future of marketing will undeniably be influenced by the widespread adoption of generative AI to deliver personalized content and communication.” He draws parallels to the Digital boom two decades ago, suggesting that success will favor those brands that stay true to their values while embracing the transformative potential of GenAI.
Challenges on the Horizon: Ethical Considerations and Skill Gaps
As we enter 2024, the report suggests that marketers will face complex ethical considerations surrounding responsible customer data use, transparency in AI-driven decision-making, and preventing biases in AI. A significant 71% of organizations anticipate a notable impact on various marketing roles, including SEO specialists, digital marketing and creative directors, PR/communication specialists, copywriters, and customer insight specialists.
Recognizing the increasing demand for GenAI skills, 63% of organizations acknowledge a significant skills gap. In response, Capgemini reveals that companies are proactively addressing this gap through internal and external strategies. A noteworthy 53% of organizations are planning to provide GenAI training for their marketing teams in the next six months, with a focus on countries like the Netherlands, India, Australia, and the US.
In particular, sectors such as media, insurance, automotive, and life sciences demonstrate a higher-than-average commitment to GenAI training for their marketing teams. The report concludes by highlighting the transformation of marketing roles, with Chief Marketing Officers (CMOs) playing an integral part in strategic decision-making. In business-to-consumer (B2C) sectors, 71% of C-suite respondents view marketing as a strategic partner, with 72% involving the CMO in critical decisions to drive business goals and objectives. As organizations navigate this transformative landscape, GenAI emerges not only as a technological innovation but as a cornerstone reshaping the very fabric of marketing strategies.
