The Impact of GenAI on Marketing and Partnership Strategies
Unequivocally, 2023 has been the year of generative artificial intelligence (genAI), thanks in large part to ChatGPT. It seems that just about everyone is using AI these days, from college students to consumers.
Even marketers have gotten in on the AI revolution. The acceleration of AI has spurred an influx of investments in new artificial intelligence tools, begun disrupting traditional marketing workflows, and provided real productivity gains for savvy businesses.
Let’s take a closer look at the trends that emerged during H1 of 2023 and examine what these developments mean for your business and partnership marketing channel moving forward.
5 trends pushing GenAI mainstream
In a recent report, eMarketer and Insider Intelligence took a deep dive into the proliferation of genAI technologies and their impact on business, marketing, and search.
There are five key trends that developed during the first half of 2023:
1. GenAI is no longer a novelty
GenAI started as a novelty technology that could entertain users for a few hours as they entered a wide range of prompts and queries. However, in H1 of 2023, genAI made the jump from novelty to a true game changer for businesses.
According to Insider Intelligence, 95% of influencers use AI technology to produce content, and 73% of marketing executives said their businesses use genAI.
2. The surge of new AI users will slow down
The adoption of genAI occurred at a much faster rate than that of other transformative technologies. According to Insider Intelligence, nearly 78 million people in the United States will use genAI at least once per month this year. That represents a 1,000% increase compared to the year prior.
While the number of users will continue to rise over the next few years, the rate of adoption is predicted to slow significantly.
3. GenAI will have huge economic impacts
Generative AI is already having an economic impact. However, the economic effects of generative AI will grow exponentially in the coming years.
The report states that the economic value of genAI is expected to range from $2.6 to $4.4 trillion. In the customer relations and marketing space, it is projected to boost global annual output by $400 billion or more.
4. GenAI will continue its push into marketing
Generative AI is already reshaping marketing and customer relations. The majority of marketing executives use genAI to support their content creation and marketing strategies. In the coming years, this figure will undoubtedly increase. Therefore, your business must embrace genAI to keep pace with its competitors.
5. Search is poised to undergo a major transformation
Google and Microsoft have jumped into the genAI arena with AI-powered search tools. Google maintains a big lead over Microsoft, but its genAI search technology is far from perfect. Thus far, Google Bard and its replacement, Search Generative Experience (SGE), have been met with lukewarm receptions.
Investors seem quite happy with Microsoft’s venture into genAI search, but the jury is still out among consumers. That said, one (or both) of these tech behemoths will eventually get it right, leading to the biggest transformation in search in decades.
The business impacts of the GenAI revolution
Very soon, genAI will reshape affiliate marketing as we know it. This change is already beginning to take place.
Plug-ins like OpenAI’s Code Interpreter provide exciting new functionality to its existing AI-powered platforms. This simple tool allows you to perform a wide range of marketing tasks with genAI technologies, thereby increasing the overall efficiency and efficacy of your campaigns.
In the medium term, these platforms could develop app stores, allowing you to invest in specific toolkits to support your marketing efforts. While these changes would usher in an era of more sophisticated marketing and partnership marketing, a handful of companies with foundational AI models could gain much more power over the marketing ecosystem.
The bottom line
Overall, genAI promises significant benefits for your partnership marketing strategy. Nevertheless, to fully capitalise on this emerging marketing ecosystem, revamping your affiliate and influencer is imperative. Crafting a meticulous AI-inclusive strategy is paramount to staying competitive in this dynamic landscape.
To future-proof your partnership marketing programme, engage with our renowned team of experts at Acceleration Partners. Our industry-leading professionals are poised to guide you toward harnessing the full potential of genAI and ensure your long-term success in partnership marketing.
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