Recommendation

Your competition is likely using or testing generative AI (GenAI), according to insightful new research from Boston Consulting Group. To keep pace with change, seize opportunities to capitalize on the possibilities of Genai, urge the survey authors. GenAI can help you better serve customers and achieve your business goals, while radically redefining marketing’s role. Learn how to start incorporating GenAI into your marketing team’s core functions, and why most CMOs are so optimistic about GenAI’s disruptive potential.

Take-Aways

• Leverage the potential of generative AI with foresight and coordination.
• Inspire innovation, boost efficiency and engage customers with four key steps.
• GenAI is already disrupting personalization, content creation and segmentation.

Summary

Leverage the potential of generative AI with foresight and coordination.

According to a 2023 Boston Consulting Group survey, CMOs worldwide feel confident and optimistic about the potential for generative AI (GenAI) to create competitive advantage and enhance productivity for brands in the future. They see opportunities emerging to better implement business models and launch products, and they’re dialing up baseline standards for speed, quality and efficiency. Your competition may already be using GenAI, with 70% of survey respondents reporting that their organization already uses it, while just under 20% report testing it.

“The speed at which companies derive benefits from GenAI tools can quickly create haves and have-nots in an industry.”

Most CMOs immediately see positive results when introducing GenAI – fully 93% report a “positive or very positive improvement in how they organize their work,” while 91% report the same impact on efficiency. GenAI has the potential to help CMOs navigate multiple operational tasks with more speed and efficiency and less risk, while reducing the amount of time that workers dedicate to tedious tasks.

Inspire innovation, boost efficiency and engage customers with four key steps.

Take the following steps to harness the potential of GenAI:

• Experiment – Explore the capabilities of GenAI, inspiring teams to identify new applications, experiment and build transformative use cases. You may benefit from working in cross-functional, agile pods.
• Seek “game-changing outcomes” – Identify opportunities to use your IP assets and core data in ways that give you a unique, competitive edge.
• Develop a working model – Find the large language models (LLM) and providers that will enable you to boost process efficiency, inspire innovation and creativity, engage customers and create new forms of value.
• Establish a responsible AI framework – Develop and operate AI systems in alignment with accepted ethics frameworks and your organizational values.

GenAI is already disrupting personalization, content creation and segmentation.

CMOs are exploring the uses of GenAI in the following ways:

• Personalization – The majority of survey respondents (67%) report using GenAI to connect with customers in a personalized manner (for example, sharing individualized recommendations to shoppers to inspire them to buy more).
• Content creation – Nearly half of CMOs are already using GenAI to generate content, which may entail creating drafts or exploring ideas.
• Market segmentation – Fully 41% of CMOs use GenAI to target consumers more precisely, using it to assist in customer segmentation.

“GenAI captures people’s imagination, because it is a breakthrough technology – the ability to converse with computers – that people have anticipated for decades.”

CMOs report feeling “confidence,” “curiosity” and “optimism” about the potential of GenAI, more than they do negative sentiments, such as “worry” or “anxiety.” This optimism is shared across cultures, with every sector and country surveyed demonstrating similar results. Just as search engine and online platform technologies disrupted business models three decades ago, unleashing creativity, GenAI will similarly disrupt the world of marketing itself.

About the Authors

David Ratajczak, Matthew Kropp, Silvio Palumbo, Nicolas de Bellefonds, Jessica Apotheker, Sarah Willersdorf and Giorgo Paizanis are professionals with the Boston Consulting Group.

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