While we have trailed through all the potential pitfalls that the road down to Generative AI might lead brands (Generative AI: A powerful tool with pitfalls?), in this companion piece, we look at all the benefits the technology provides.

And starting off playing devil’s advocate, while in the other piece we mentioned that Elon Musk and other technocrats (including Apple’s Steve Wozniak) had called for a pause in the further development of ChatGPT and other generative AI technologies, it is also true that this open letter was written by businessmen whose companies were behind the curve already surmounted by Microsoft and Open AI, and even Google’s Bard for that matter. So a pause would be welcome and give their tech companies a chance to catch up.

That’s because AI is here to stay, and everyone knows it. According to Statista, “the global AI market, valued at 142.3 billion U.S. dollars as of 2023, continues to grow driven by the influx of investments it receives. This is a rapidly growing market, looking to expand from billions to trillions of U.S. dollars in market size in the coming years.”

Dia Kirplani, Head of Strategy at Blink Digital, observes that while AI itself is not an entirely new space, its current form as a Large Language Model (LLM) has democratized it. “Think of it as a mental gym full of never-before-seen equipment. To use it effectively, you need first to know what gains you want to see, and then know what combination of machines you need to use, and most importantly, how to use them so you don't injure yourself.”

“Strong agencies bring certain skills to the table that are their responsibility, key among these is being the consumer's voice and understanding and leveraging cultural nuances. AI, such as Chat-GPT, is now simply another tool in our box. Like all tools, the power lies in knowing how to use them best. You have to be a bit of a bot-whisperer,” she quips.

Samir Asher, Co-founder and COO of Tonic Worldwide, agrees that agencies must take the initiative in educating and assisting brands in learning about the possible applications and restrictions of AI in marketing. Working with partners who can walk them through the process and help them avoid costly mistakes is crucial for the brands.

“Data privacy and algorithmic accountability will come under more examination as AI becomes more widespread. The use of AI by brands must be open, moral, and in line with the interests of their consumers if they are to successfully navigate these difficulties. There are countless opportunities for using AI provided that brands approach this technology with caution and thoughtful consideration,” he says.

Kirplani says that to ensure her company remains ahead of the curve “our teams at Blink Digital are trained and have developed proficiency in AI Prompt Engineering and keep abreast with the latest developments in the space. So it's not a question of stopping brands from rushing in. It's more of ensuring we play our roles as experts in the use of the necessary tools, such as AI, so we can better assist our brand partners.”

“Honestly, agencies are not really stopping brands from rushing in this time. This differs from the NFT wave because the technology is not just widespread, but has already found several applications as well. From popular apps like Microsoft Teams integrating it on its platform, to a website like Shutterstock using it to better reference image search, AI isn’t really the future anymore; it is here and now,” says Mithun Mukherjee, ECD, Kinnect.

He says the role of agencies would definitely be to guide and enable brands to use AI intelligently and responsibly. That is, after the initial wave of use cases have died down to a degree.

Shrikant Bhalerao, co-founder, Seracle, agrees that the first step agencies can take to prevent brands from rushing in is to educate them about the technology and its capabilities. “Brands need to understand that AI is not a magic solution that can solve all their problems, but rather a tool that needs to be used strategically and ethically. This education should be tailored to the specific needs and goals of each brand, to ensure they fully understand the benefits and limitations of AI.”

“Agencies can also provide guidance on how to approach AI implementation, by helping brands develop a clear AI strategy that aligns with their overall business objectives. This should include identifying specific use cases where AI can provide the most value, as well as setting realistic expectations for what can be achieved in an ethical and responsible manner,” says Bhalerao.

Raghav Bagai, co-founder of Sociowash sees enormous potential in the role that AI will play in the A&M sector in the near future, from content development to developing laser-precision targeting for campaigns. “Users today rely heavily on the internet to make purchasing decisions, providing advertisers the considerable capacity to impact consumers’ decisions. Given its capacity to streamline responses and provide consumers with useful content and services, it will inevitably be present in all digital spheres.”