Is GenAI's applications in marketing overhyped? If you haven't already invested, is it time to start, or is it worth waiting longer?
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I'd say slightly. GPT is great for generating an initial, somewhat superficial draft out of a blog outline. It's good at aggregating comments on Q&As into an executive summary. But I never saw it come up with thought leadership, i.e. any new ideas, or conclusions that require a leap in logical thinking.
No, not overhyped at all. However, it is important to know boundaries that your organization may have and also to learn about it, let alone use it as a tool when you can. It does help accelerate thinking including brainstorming, and also content generation serving as almost a co-pilot.
GenAI has relevance and a positive impact across the entire marketing funnel. Before you start using it in your business, ensure you have a NOW-NEW-NEXT-NEVER strategy on where, when, if at all, to use GenAI for marketing use cases. Sometimes use cases that are not feasible today can become off-the-shelf in few months with tech advancements, likewise, some use cases might have novelty factor but no value/high cost - better to discard those
I am of the opinion that GenAI is a tad bit overhyped for all functions not just Marketing. It is being used quite effective already for Marketing use cases. Marketing has been of the beneficiaries of GenAI and are fully embracing it.
The time to start is now.
Yes!
Why? GenAI is only a tool and you need to figure out how to best use it for your business. All GenAI service providers praise it as the "magic bullet" (Thanks @Jonathan M Kvarfordt Mba) but few provide you with actual use cases or scenarios. Your use cases could look drastically different from everyone else's.
All GenAI services do at the moment is playing the fomo card (use it now or you will left behind). Until this changes, I call this a hype.