ChatGPT 4: The potential Game-changer in Marketing
CXOToday has engaged in an exclusive interview with Manish Sinha, CMO, STL
- What do you think ChatGPT 4 can change in the next six months?
I believe it will entirely change the way we see advertising. I don’t mean to say traditional advertising will end. Rather, it will evolve from click-based form into something that’s far more nuanced and targeted.
Few potential use cases are:
- Ad customisation to Ad dynamism– Generative AI can expand audience segments by over a thousand times, compared to the limited demographics humans can address. Coca-Cola’s “Share a Coke” campaign demonstrated the power of personalized advertising by using customized labels to increase customer engagement and loyalty. Chat GPT4 can take this to the next level with camera-assisted AI, showing ads based on a person’s mood for even greater ad dynamism.
- Improved targeting – ChatGPT 4 could aid advertisers in targeting the right audience effectively. Airbnb’s “Airbnb for Work” campaign exemplified improved customer targeting by identifying the most profitable segment, business travelers, and tailoring a campaign that catered to their specific needs, resulting in increased revenue and a competitive edge. By analyzing large amounts of data and user behavior, the model could identify patterns and preferences that inform ad targeting strategies.
- Conversational marketing – ChatGPT4’s advanced natural language processing capabilities could enable more natural and fluid conversations with customers. ChatGPT 4 could also enable marketers to engage with customers across multiple channels, including social media, email, and SMS. One example that I think of would be H&M’s chatbot on the messaging platform Kik, which allows customers to have a conversation with the bot to get personalized fashion recommendations.
- Customer data analysis – Starbucks’ loyalty program uses customer data analysis to provide personalized rewards and promotions, increasing customer loyalty and improving operations. With Chat GPT4’s advanced analysis capabilities, it can provide even better sentiment, behavior, and predictive analysis. By identifying language patterns and tone, the model could gain insights into customer needs and preferences.
Overall, ChatGPT 4 has the potential to be a valuable tool for marketers looking to improve their content creation, customer service, personalization, and market research efforts. With its ability to mix language and sentiment analysis and generative visual content, ChatGPT4 can create solutions that target not just people, but their mood and sentiment at a given time.
- What are the limitations of ChatGPT4?
Despite its impressive capabilities, even the most advanced AI models have limitations. One limitation of chatbots powered by AI is their inability to understand the nuances of human communication and emotions, at least for now. For example, a chatbot may struggle to understand sarcasm or irony, which could lead to inappropriate responses. Additionally, chatbots may not be able to provide a high level of personalization, especially when it comes to complex or highly emotional issues. They also lack human empathy and understanding, which may be necessary in certain situations.
While Chat GPT4 may generate human-like text, they lack the creativity and originality of human beings. This can limit their usefulness in marketing contexts where creativity and originality are highly valued.
- Some companies have mandated ChatGPT 4 as a skill for recruiting personnel. What are your thoughts on it?
The use of ChatGPT 4 as a mandated skill for recruiting personnel can have both benefits and drawbacks. Whether it’s a good choice depends on the context and goals of the company. On one hand, using ChatGPT 4 for recruitment can potentially speed up the hiring process and reduce bias in the candidate selection process. Goldman Sachs used an AI chatbot to screen and interview candidates for entry-level positions, reducing the time-to-hire by 90% through its use of natural language processing and video analysis. STL is using AI for gamification and creating customized challenges for employees based on their skill level, interests, and learning styles.
On the other hand, over-reliance on ChatGPT 4 for recruitment may have drawbacks. Chat GPT will not be not able to provide the same level of personalization and human touch that human recruiters can. This can lead to a less engaging and satisfying experience for job candidates. It may not always fully comprehend the context or meaning of a candidate’s responses and be unable to assess interpersonal skills or soft abilities that are essential for certain positions.
- What will industry players miss out on if they do not cope with the fast-paced changes AI has brought?
To stay competitive, companies must keep pace with AI’s rapid changes or risk falling behind with lower productivity, customer satisfaction, and higher costs. Embracing AI and keeping up with the latest developments is crucial to succeed in today’s business landscape.
The best example I can think of is Kodak, the erstwhile photography industry leader. It fell behind by not adopting AI and keeping up with the shift to digital photography. This allowed competitors like Sony, Canon etc to gain an advantage, leading to Kodak losing market share and ultimately filing for bankruptcy 8-9 years back. Blockbuster, the video rental giant, failed to adapt to the shift to online streaming and didn’t invest in AI technologies to personalize recommendations and improve customer experiences, while Netflix did. As a result, Blockbuster went bankrupt while Netflix became a global leader in the entertainment industry. This highlights the importance of adapting to changing consumer needs and investing in AI to stay competitive in the market.
AI drives innovation across industries, automating mundane tasks and empowering employees to focus on higher-level work. Failing to invest in AI can lead to missed opportunities, and companies may struggle to retain top talent as employees seek advanced technologies. Investing in AI enables personalization, data-driven decisions, and optimized operations.
- Do you think ChatGPT can replace human resources in the marketing industry, or will it act as a tool for their betterment?
ChatGPT is a useful tool for marketers but cannot fully replace human resources. It lacks the emotional intelligence and empathy that humans possess, making it less suitable for personalized responses. Nonetheless, ChatGPT can provide valuable insights into customer behavior, automate routine tasks, and enable efficient communication. By using ChatGPT as a tool, human marketers can focus on higher-value tasks such as strategic planning and creative content development. In summary, ChatGPT is an invaluable tool for humans in the marketing industry, allowing them to work more efficiently, gain insights, and provide better customer experiences. It cannot replace humans, but it can enable them to be more effective and deliver more value to their organizations.