By Sriram PH, CEO & Co-Founder, DaveAI
The business world is always changing and developing, and generative AI is one of the most disruptive and promising technologies that is changing the way things are developed and introduced. A subclass of artificial intelligence known as “generative AI” is capable of producing new text, images, music, code, and other types of data that are inspired by or related to preexisting data. Businesses may improve customer experience, expedite product development, and maximise marketing efforts with the aid of generative AI.
90% of the organisations examined in a recent PwC analysis stated that over the next 12 months, generative AI will assist them in launching new business lines. Furthermore, at a compound annual growth rate (CAGR) of 43.3%, the size of the worldwide generative AI industry is predicted to increase from USD 358 million in 2020 to USD 4.5 billion by 2027. These figures show that generative AI is a game-changer for businesses looking to introduce new goods in a cutthroat and ever-evolving market, not just a trend.
How Enterprise Product Launch Can Reach Its Tipping Point With Generative AI
The process of launching a product is intricate and strategic, involving numerous processes, actions, and participants from various departments and roles. A strong plan, an engaging narrative, a well-executed execution, and a clear vision are all necessary for a successful product launch.
Generative AI can help enterprises to overcome challenges and unlock the tipping point for product launch success by:
Accelerating product development: Product teams can use generative AI to create new thoughts, designs, features, and prototypes for their products based on data that already exists and input from stakeholders and customers.
Enhancing customer experience: Personalised and pertinent experiences and content can be produced for customers using generative AI, taking into account their preferences, actions, and environments.
Optimising marketing strategies: Depending on the target audience, channel, and aim, generative AI can assist in producing and distributing catchy headlines, catchy prose, photos, videos, and other types of marketing content and campaigns for the product.
The Best Methods for Using Generative AI in Successful Product Launches
To leverage the full potential of generative AI for product launch success, enterprises need to follow some best practices, such as:
-Define the product vision and goal
-Choose the right generative AI model and tool
-Train and fine-tune the generative AI model and tool
-Test and gather feedback
-Measure and evaluate
-Successful Use Cases of Generative AI: Examples
Some of the examples of enterprises that have used generative AI for product launch success are:
Netflix: A popular streaming service, Netflix provides a large selection of films, TV series, documentaries, and other content. Based on user preferences and behavior, Netflix employs generative AI to produce dynamic and personalised artwork for its content. This serves to draw in and hold on to more customers by raising the click-through rate and content engagement.
Spotify: Spotify is a well-known music streaming platform that provides millions of songs, playlists, podcasts, and other content. Spotify employs generative AI to build user-specific, carefully chosen playlists based on context, mood, and listening history. This improves customer retention and loyalty while also improving the user experience and happiness.
Airbnb: Airbnb is a well-known online travel agency that provides distinctive and varied lodging options worldwide. Through the use of generative AI, Airbnb can construct chatbots, voice assistants, and virtual agents that can converse naturally and helpfully with both hosts and guests when they book and during their stay. This boosts conversion and client retention while also enhancing customer service and trust.
Conclusion
The success of the enterprise product launch can be tipped by the potent and cutting-edge technology known as generative artificial intelligence. Businesses can use generative AI to expedite the development of new goods, improve customer experiences, optimise marketing tactics, and produce meaningful, relevant, and engaging products for their target market. But to use generative AI effectively and efficiently, businesses must adhere to a few best practices. These include establishing the vision and goal of the product, selecting the best generative AI model and tool, training and optimising the model and tool, conducting testing and obtaining feedback, and monitoring and assessing the impact and result of the product launch.