The rise of AI as a copywriter has been made possible with natural language processing tools which create computer-generated writing. These tools are given various parameters on the basis of which they general content i.e. an ad copy, an ad copy for Instagram or a website, an ad for a newspaper and so on. It is proving to be true that, “AI doesn’t feel like AI anymore.”
Around two years ago, JPMorgan Chase signed a deal with a software company, Persado Inc. which uses AI to realign the marketing communications of the company. Post the trial period, JPMorgan Chase witnessed a 450 % increase in click-through rates on advertisements, hence proving the ad copy generated by the AI bot was definitely effective. JPMorgan Chase, has, since then, expressed it shall be using this AI-based tool for functions such as online adverts, promotions through email, and perhaps even promotions via snail mail besides using it for internal communications and customer servicing. However, JPMorgan Chase also denied speculation about downsizing owing to the use of this tool. The tool uses a copy written by human staff and then runs through six parameters i.e. narrative, calls-to-action, formatting, emotion, descriptions, and word positioning. It then goes on to provide endless combinations by tweaking these parameters.
Companies such as eBay too are using AI for copy purposes. With this widespread use of AI, there is widespread fear of an AI takeover of the copy space. There is however no truth in this fear as this AI for copywriting is currently only being used by those whose requirement of copy in numbers runs into thousands. Even if it is used for a small number of copies, there still needs to be a human interaction with the client to get the copy approved among other interactions. AI has a long way to go to be able to perform all these tasks. AI in copywriting doesn’t come cheap either. So big companies use it for a greater volume of work but when it comes to niche products even big companies bet their bucks on human copywriters.
AI tools can easily be given the title of ‘Assistant Copywriters’ as they work hand in hand with the copywriters to improve their work. It cuts simple tasks such as ensuring compliance, for example, words a company does not use in its communication are omitted. AI by virtue of having a data pool can help copywriters in their research. AI-backed tools also speed up their work while there is a bevy of AI tools which can help them in writing custom adverts.
What is the brand which comes to people's mind when they think about purchasing consumer electronics- is it Reliance Digital Retail Ltd.? Has Xiaomi Technology finally positioned itself as a premium brand? What is common between multi-brand electronic retailers and the people who visit them? What is consumer mindset of someone who wants to purchase consumer electronics and what other places these people go to and what are their brand affinities like?
Sherlock AI (powered by Infinite Analytics) looks into all the people who visited consumer electronics stores in the month of October and connects the dots. Take a 3 minute journey and understand consumer mindset of electronics buyers analytically!
Did you know that jewelry stores’ visitation went up by 125% during the Dhanteras weekend? Sherlock AI analyzed all consumers who visited jewelry stores pan-India and revealed that though typical weekend footfall surges in Jewelry shops is around 16%, the Dhanteras weekend contributed to a whopping 125% surge! WHOA!
Indians have always preferred gold as an asset class and an investment vehicle. With Dhanteras being among the most auspicious occasions to buy gold, Indians did indeed flock to the ‘market’ to buy gold.
It’s most obvious in the digital media space, from click buys to personalized web experiences. For marketing, the AI journey has just kick-started, while in the tech sector it has been applied for a while now. We are still at an early stage where inroads are being made into AI content via chatbots and even some explanatory content creation but what will make anyone jump up and embrace it is when we will start seeing a lot of mainstream content being created by AI.
Prior to joining Infinite Analytics, Richard served as the CFO of CrowdFlower, COO and CFO of Phoenix Technologies, as a member of the board of directors and chairman of the Audit Committee at Intellisync, and previously as CFO and executive vice president strategy and corporate development at Charles Schwab.
Pravin Gandhi has over 50 years of entrepreneurial operational and investing experience in the IT industry in India. He was a founding partner of the first early stage fund India - INFINITY. Subsequently a founding partner in Seedfund I & II. With over 18 years of investing experience, he is extensively well networked in investment and entrepreneurial scene and is an active early stage angel investor in tech & impact space. Pravin holds a BS in Industrial Engineering from Cornell University, and serves on the board of several private corporations in India. He is on the board of SINE, IIT Mumbai Incubator.
Puru has his Masters in Engineering and Management from MIT. Prior to MIT, he worked with Fidelity Investments building electronic trading products and high volume market data processing applications. He has completed his BE from VJTI, Mumbai.
Deb Roy is Professor of Media Arts and Sciences at MIT where he directs the MIT Center for Constructive Communication, and a Visiting Professor at Harvard Law School. He leads research in applied machine learning and human-machine interaction with applications in designing systems for learning and constructive dialogue, and for mapping and analyzing large scale media ecosystems. Deb is also co-founder and Chair of Cortico, a nonprofit social technology company that develops and operates the Local Voices Network to surface underheard voices and bridge divides.
Roy served as Executive Director of the MIT Media Lab from 2019-2021. He was co-founder and CEO of Bluefin Labs, a media analytics company that analyzed the interactions between television and social media at scale. Bluefin was acquired by Twitter in 2013, Twitter’s largest acquisition of the time. From 2013-2017 Roy served as Twitter’s Chief Media Scientist.
Erik Brynjolfsson is the Jerry Yang and Akiko Yamazaki Professor and Senior Fellow at the Stanford Institute for Human-Centered AI (HAI), and Director of the Stanford Digital Economy Lab. He also is the Ralph Landau Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR), Professor by Courtesy at the Stanford Graduate School of Business and Stanford Department of Economics, and a Research Associate at the National Bureau of Economic Research (NBER).
Akash co-founded IA while studying for his MBA from MIT. Prior to MIT Sloan, he co-founded Zoonga. Before this, Akash was an engineer with Oracle in Silicon Valley. He has completed his M.S from University of Cincinnati and B.E from the College of Engineering, Pune.