The present digital era is dependent upon innovative technologies, including artificial intelligence (AI) and machine learning. According to a study by McKinsey’s 2022 State of AI, the overall number of AI capabilities used by businesses has quadrupled from 2018 to 2022. in the present times, ChatGPT is a tool that is in the spotlight. Several marketing companies are searching for creative approaches to utilize this tool.
This is an advanced AI tool, and marketing experts are curious to embrace ChatGPT and use it to their advantage. It is essential to stay updated on the tool’s features and potential improvements as many sectors are making use of their uniqueness to their benefit.
Understanding ChatGPT and its Growth
ChatGPT has grown exponentially in the field of marketing since it was launched in November 2022. it became the go-to tool for marketers within no time to increase productivity, streamline processes, and better engage audiences.
Within five days of its launch, ChatGPT got 1 million users worldwide. The conversational AI bot is capable of producing human-like text with the help of a prompt. Marketers can use it for several purposes, including writing textual copies like articles, blogs, stories, etc. It can also write basic programming code, solve mathematical problems, and translate several languages.
Studies have shown that ChatGPT enhances the growth of the artificial intelligence (AI) market. The worldwide artificial intelligence (AI) market reached approximately $119.78 billion in 2022 and is predicted to reach $1,597.1 billion by 2030, showing a compounded annual growth rate (CAGR) of 38.1% from 2022 to 2030.
Content Creation Cost will Decline
ChatGPT helps marketers in creating content quickly and affordably. This helps them focus on other crucial tasks of their organization. Suppose a person is charging $10 to write an article of 1000 words; a machine will charge only $0.025 for the same task. Marketers will prefer to avail the benefits of a machine rather than spend more and hire a team of writers. This way, businesses can save a lot of money by using automation.
The cost of generating content is decreasing dramatically because of ChatGPT and other content generators. However, marketers are making more money by providing higher worth to their clients or end users if they give extra effort to innovative ideas and quality of content.
Final Thoughts
Artificial Intelligence offers numerous benefits, but it doesn’t mean that technology will replace human interaction entirely. There will always be a need for human touch when it comes to making important decision-making strategies. Empathy and human touch are crucial for certain customer interactions. The marketing industry is integrating ChatGPT to deliver excellent customer experience through automation.
AI technologies are striving to create personalized experiences for engaging customers in real time and making decisions based on data. These advancements are making industries more efficient and customer-friendly, aided by tools like ChatGPT and other automated technologies.
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