Generative AI, the Metaverse and purpose-driven innovation
28 June, 2023
London Tech Week has always been a breeding ground for ideas, innovation and inspiration, and this year's event was no exception. It provided an opportunity to gather valuable insights from industry experts, connect with like-minded professionals and inspire proactive change.
Marketing has always had to constantly evolve to meet the ever-changing needs and expectations of consumers, and this change only seems to be picking up pace. London Tech Week 2023 showcased the ground-breaking technologies and ideas that are poised to revolutionise the marketing landscape. There were three key topics covered during the event – Generative AI, Purpose-Driven Innovation and Branding Strategies in the Metaverse – and many discussions on how they’re shaping the future of marketing.
Generative AI is changing the game when it comes to personalised content creation
This technology can utilise deep learning algorithms to generate unique, compelling, and highly targeted content at scale. The content still needs work to align with strategies and be edited – but it could be a game changer for smaller marketing teams.
One of the hottest topics was how generative AI can create images from text using a technique called text-to-image synthesis. A great and recent example of this is the ‘Heinz AI Ketchup campaign experiment’which aimed to discover what A.I. ‘thinks’ ketchup looks like, “We used AI to generate images of ketchup on Dall-E 2. The result? Just like humans, AI prefers Heinz.”
Like any new and powerful technology, there are drawbacks and concerns to consider, not least of all regulatory issues. Intellectual property, copyright, misinformation, deepfakes, accountability and liability were all discussed in length at London Tech Week.
Sir Kier Starmer, one of the headline speakers, agreed that AI is really important for the UK, but his biggest concern was the regulatory framework. The former lawyer said, “We’ve got brilliant innovation, brilliant universities and we’ve got all the attributes to make a real success of this, but we’re nowhere near where we need to be on the question of regulation.”
For marketers and their clients, regulations play a crucial role in establishing guidelines, standards and the frameworks they must follow to ensure the ethical and responsible use of generative AI while protecting the rights and interests of consumers, individuals, and society as a whole. Now more than ever is the time to get it right.
This is all about putting social and environmental (ESG) considerations at the core of a brand's identity and practices. Today's consumers are increasingly seeking brands that align with their values and focus on making a positive impact on society. This could explain why 2022 was the fastest growth year in the B Corp movement’s history, which now has a community more than 6,000 strong. B Corp exists to strengthen and make practical the way we implement and assess companies ESG efforts.
One of the speakers on this subject was Mette Lykke, CEO of Too Good To Go (TGTG) who stated that, “Purpose-driven innovation should be the only innovation there is”. She also amplified the message of having a ‘North Star’ and a super-focussed KPI (meals saved) that they use to keep TGTG guided and on track to meet its goals.
In the world of brand strategy, a ‘North Star’ refers to a guiding principle or a core purpose that serves as a constant reference point for a brand's decisions, actions and overall direction. It’s crucial because it provides clarity, focus, and consistency for a brand, helping it stay aligned with its purpose and differentiate itself in the market. Crucially it should be easily communicated to internal and external audiences through effective communications.
Branding strategies in the Metaverse
With the rise of virtual and augmented reality, the Metaverse is emerging as a potential new frontier for branding and digital experiences so it’s no surprise a crowd was gathered to hear Seung-Eun Lee, UK Business Development Lead of The Sandbox, speak about unlocking brand value in the Metaverse. She discussed The Sandbox, which is a “virtual world where players can build, own, and monetize their gaming experiences in the Ethereum blockchain.”
Some of the key takeaways were:
- The Metaverse offers brands the opportunity to create immersive and interactive experiences for users, fostering deeper engagement and emotional connections
- It provides unique channels for brand promotion, such as virtual events, virtual product launches and branded virtual spaces, allowing for creative marketing approaches
- Gamifying content and messaging can increase awareness and engagement – the average brand experience time in The Sandbox is 30 minutes compared to just a few seconds of attention, if you’re lucky, on social media.
London Tech Week 2023 showcased the convergence of technology, marketing and innovation, unveiling a future where generative AI, purpose-driven innovation and the Metaverse redefine how brands engage with consumers. By embracing generative AI, marketers can unleash their creativity and deliver personalised experiences at scale. Purpose-driven innovation empowers brands to make a positive social impact while forging deeper connections with their audience. Finally, as the Metaverse gains prominence, it’s clear that brands must navigate this new digital frontier with meticulously thought-out strategic branding approaches.
At KISS we stay up to date on these trends, adapt to evolving consumer expectations and leverage these transformative technologies and strategies to help our clients drive business growth and customer loyalty in the digital age.
For more information on how we can help with any of the topics covered in this blog, or if you just want to chat - get in touch!