GPT-4 & WHAT IT MEANS FOR DIGITAL MARKETERS?
By now, all of you have been accustomed to the shiny object on the block, Chat GPT. It’s this ‘magical AI tool’ that can seemingly do it all:
- Want copy written for your ads, ChatGPT’s got your back
- Looking to create a detailed customer persona, ChatGPT has the platform to jumpstart the research
- Not sure what content to write about? ChatGPT can even write for you
For a long time, the emotional appeal has been the biggest concern with AI tools. However, ChatGPT is the next step forward as with enough detail, it can even mimic basic human sentiments.
The original ChatGPT was integrated with Open AI’s GPT-3 — also called a ‘natural language processing model’ (NLP). To simplify, NLP is the ability via which these AI tools are able to understand and interpret the text. The newest evolution for NLPs is Open AI’s latest GPT-4.
Open AI so far has the fair share of a market which, according to a report by MarketsandMarkets, is expected to grow from $11.6 billion in 2020 to $35.1 billion by 2026, at a CAGR of 21.5% during the forecast period.
In this article, I will aim to provide a better understanding of what GPT-4 actually is and what it means for us Digital Marketers.
GPT-4 — WHAT IT ACTUALLY IS
The biggest improvement in GPT-4 comes in the form of parameters that greatly outnumber its predecessor. For starters, what the heck is a parameter though?
The biggest point here is ‘learning’. GPT-4 is expected to have over 10 trillion parameters compared to GPT-3’s measly 175 billion. This parameter increase will significantly improve the model’s language processing capabilities, which means the new AI learns faster, responds faster, and processes information much better.
A study by Pew Research Center found that 64% of Americans believe that AI will have a mostly positive impact on the future of work, but 63% also believe that AI will exacerbate economic inequality. With such a powerful processing model, it’s clear why people are concerned about AI replacing physical labor.
- For designers, AI can simply generate an image at a faster rate
- For data scientists, Chat GPT is simply too fast at processing a piece of information
- As for Digital Marketers, it’s an open game. You either learn to use AI for your better or you get replaced by it
HOW GPT-4 WILL AFFECT DIGITAL MARKETING:
The biggest change for Digital Marketing will be how basic information is taken by a business and turned into something actionable. In this regard, GPT-4’s enhanced NLP capabilities will enable businesses to get data on research much faster, create high-quality content in a fraction of the time and generate general business guidelines with a single prompt.
As AI has become better at the interpretation of information, this will also result in more personalized and customized customer experiences. The question is — As a marketer, should you be concerned?
- GPT-4 will improve targeting and segmentation: As marketers, we need to be able to understand raw data and create effective prompts to get better output
- Interpretation of Data has become more important: Research isn’t the difficult part anymore. It’s how you use data to build strategies, that will make or break your career
- Putting an entire business on autopilot: The biggest benefit of AI is ‘convenience’. How you translate that convenience to a business owner will be the name of the game
To read the full article, you can check out my Personal Website.
