Need to Know News - June 5th, 2024
In this week's Need to Know News edition...why this clothing retailer's AI search ads are beating human-written copy... how one $60 billion company is using AI to zero in on their target market...
And a new streaming service will let viewers create their own shows with AI. Plus, a whole lot more!
AI In Action
This Clothing Retailer's AI Search Ads Are Performing Better than Ones Written by Humans
Turns out, AI applications aren’t just useful for cutting marketing production costs. U.K. clothing retailer Matalan has found they can also be used to drive website traffic by juicing the placement of Google Shopping ads.
The retail brand placed AI-written copy in product descriptions on Google Shopping ads for men’s suits in the spring, and saw that impressions on the Matalan site increased by up to 16% compared to human-penned copy. The reason for the increase? Google’s ranking algorithms preferred the keyword-heavy sentences penned by ChatGPT over more descriptive copy written by people.
$60 Billion Company Uses AI to Tap Into Target Audience Models
U.S. Bank has launched a national campaign, “The Power of Us,” leveraging AI to create audience models to test its creative against. The campaign notably leverages a partnership with New York City-based Supernatural AI and its proprietary AI technology platform.
Using AI, the agency created avatars of the bank’s core targets representing six audiences — young affluent, midlife affluent, high net worth, SBO, corporate, and commercial — to develop the baseline campaign strategy of “powering potential.” The agency then used those audiences to test the strategy and the initial creative executions.
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LinkedIn Expands AI Tools to Help B2B Marketers
LinkedIn is adding new AI features to their campaign creation tool, Accelerate like: Microsoft Designer integration for creative customization, enhanced targeting with exclusion lists, and an AI marketing assistant for campaign guidance. Their early reported results:
- Advertisers using Accelerate are creating campaigns 15% more efficiently
- They’re also seeing a 52% lower cost per action compared to classic campaigns
- Video uploads on LinkedIn up 45% YoY.
'Seriously Cool': AI Technology Used to Replicate Players During Stanley Cup Playoff
At the NHL Western Conference Finals watch party in Dallas, Texas, fans witnessed a unique experience through AI technology. Despite the game being played in Edmonton, Canada, the players' exact movements were replicated in real-time on the ice using color-coded circles projected onto the rink.
This innovative approach allowed hockey enthusiasts to enjoy a live, play-by-play look of the action unfolding thousands of miles away. In Game 4, the Edmonton Oilers defeated the Dallas Stars 5-2 in a comeback victory.
At the Frontier of AI
Global AI Survey Reveals New Opportunities for Small Businesses to Thrive
WSI unveiled the results of its 2024 AI Business Insights Survey. The findings underscore a strong optimism among SMBs concerning AI, with 72% of respondents confident in AI's capacity to help achieve business objectives within the year.
Valerie Brown-Dufour, President of WSI, asserts the transformative potential of AI for SMBs. "This survey underscores what we've been discussing with our clients—AI offers a significant competitive advantage for SMBs ready to embrace it."
LinkedIn Members Adding AI Skills to Profiles Rise 142x
Microsoft and LinkedIn released the 2024 Work Trend Index report titled “AI at Work is Here. Now Comes the Hard Part.”, which reveals the profound influence of AI on global work dynamics after just one year of widespread adoption.
LinkedIn has witnessed a substantial increase (142x) in members adding AI skills like Copilot and ChatGPT to their profiles and a 160% rise in non-technical professionals enrolling in AI courses.
New Streaming Service Will Let Viewers Create Their Own Shows Using AI
Generative artificial intelligence is coming for streaming, with the release of a platform dedicated to AI content that allows users to create episodes with a prompt of just a couple of words.
Fable Studio, an Emmy-winning San Francisco startup, on Thursday announced Showrunner, a platform the company says can write, voice and animate episodes of shows it carries. Under the initial release, users will be able to watch AI-generated series and create their own content — complete with the ability to control dialogue, characters and shot types, among other controls.
AI Video Start Up Pika Raise $80 Million
AI video-generation start-up Pika raised $80 million as venture capital investors continue to pour billions of dollars into artificial intelligence start-ups that are trying to compete with industry heavyweights OpenAI and Google. Pika joins other artificial intelligence video start-ups Runway and Synthesia in raising large amounts to build out their tools over the past year.
Law Firms Start Training Summer Associates on Using Generative AI
K&L Gates, Dechert, and Orrick Herrington & Sutcliffe have incorporated training on the technology for this year’s class of summer associates, teaching them how to use research and chatbot tools now being used by the firms.
Future junior lawyers won’t be replaced by AI, as some fear, but they will need to harness it to be successful, said Brendan McDonnell, a K&L Gates partner and member of the firm’s AI solutions group.
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