Artificial intelligence (AI) has already left its mark on the marketing and advertising industries, with brands rolling out virtual product placements in online influencer videos and using automated data analysis to better understand their customer bases. The possibilities are endless, with one U.K. marketing executive calling AI the “equivalent to the invention of the internet,” with the power to change the nature of creative work and dramatically reduce the time to execute innovative ideas.
As the landscape changes almost daily, astute marketers must gain new skills to navigate the exciting and experimental world of generative AI. Through the St. Thomas University (STU) online Master of Business Administration (MBA) with a concentration in Marketing program, marketing professionals learn how to strategically integrate the latest technology and analytics tools into content creation and consumer research, allowing their clients to reach new customers in the process.
Enhancing and Enriching Content Marketing
While most Americans have heard about ChatGPT, the online chatbot at the forefront of the artificial intelligence revolution, fewer are aware of how the technology works and how it stands to affect their work lives. Generative AI, the technology that powers ChatGPT, takes in existing information to generate new, realistic content that reflects the information it was trained on without repeating it, according to Gartner. AI models can create or improve videos, text and even product designs when human users provide effective prompts.
Recent research by McKinsey & Company found that the marketing industry stands to benefit from AI through increased productivity and creativity. The consulting firm projected that productivity in the marketing industry could rise between 5% and 15% annually, equal to about $463 billion.
Generative AI can help personalize marketing emails, social media posts, direct text messages and other methods of engaging customers. Also referenced in the report from McKinsey, arts and crafts retailer Michaels has built a content generation platform that takes in existing customers’ data and turns it into copy that appeals to their interests and shopping needs. The company now personalizes 95% of its campaigns, up from 20% in the past. Engagement has risen in return, with click-throughs on text message campaigns rising by 41% since the rollout of the new platform.
According to Gartner, 30% of all outbound marketing messages from large corporations and organizations will be generated and augmented by generative AI by 2025. As the AI wave sweeps the industry, there is a high demand for innovative marketers who can quickly understand the generative AI’s value while also providing the necessary human oversight that makes AI personalization so effective.
Ensuring that content fits the brand’s voice and ethics is crucial to maintaining customer trust. Students enrolled in STU’s online MBA in Marketing program study ethical behavior in public and private organizations in the Management Ethics course, learning how to bring social responsibility principles to their engagement with customers and the general public.
Actionable, Real-time Predictive and Prescriptive Analytics Insight
Generative AI presents several opportunities to conduct automated, in-depth analyses of consumer behavior that could previously take several hours or days to complete. Its algorithms can be instrumental in producing predictive models based on enormous datasets and historical information.
Using those insights, organizations can anticipate future economic conditions and identify trends to help their business in the long run. Per McKinsey & Company, food manufacturer Kellogg’s uses artificial intelligence to automatically scan trending recipes on the web that use breakfast cereal, allowing the company to quickly produce social graphics and marketing campaigns that promote similar recipes. Mattel has also incorporated AI into its product concepts, delivering four times as many Hot Wheels designs as before.
When used effectively, generative AI’s impact is undeniable. It results in greater knowledge of customer preferences, more streamlined and cost-effective marketing strategies, and maximized information gained from user interaction and feedback.
Master Modern Marketing Skills With an Online MBA From St. Thomas University
Graduates of STU’s online MBA in Marketing program gain the skills they need to navigate the inspiring yet tumultuous waters of generative AI. With courses like Business Data Analytics and Strategic Marketing Management, marketers will understand how to apply the latest quantitative mathematical and statistical models to better understand their customer bases and produce innovative, impactful campaigns.
Learn more about St. Thomas University’s online MBA in Marketing program.
