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Google jacks up Advertising with AI
🤳 24th May 2023 | Bing Enhances Search, 71% of CMOs Face Budget Shortfalls, Meta Sells Giphy to Shutterstock, and more!
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🎉 Google's Product Studio promises to help businesses 'create unique and tailored product imagery for free’
New tools to help small businesses connect with online shoppers
Google revealed new generative AI tools to enhance ad creation, including customized background visuals and image quality improvements. "Our new Product Studio brings the benefits of generative AI to businesses of all sizes," Google stated. Tools promise greater ad versatility and effective A/B testing for brands, with a US rollout expected in the coming months.
💬 Bing Enhances Search with ChatGPT Integration
Bing becomes OpenAI's ChatGPT's default search engine, enhancing AI-powered search and responses. Microsoft and OpenAI are expanding the AI plugin ecosystem, including partners like Expedia and Instacart. Bing Chat will be integrated across Windows 11 apps, with new plugins transforming user experiences. 'These latest developments are another step in the journey,' according to Bing at Microsoft Build 2023.
💰 71% of CMOs Face Budget Shortfalls for 2023 Marketing Strategies
A whopping 71% of CMOs feel underfunded for their 2023 marketing strategies, reports Gartner. With the majority of budgets going to paid media and marketing tech, labor and agency investment decreases. Amid economic headwinds, 'suppressed budgets, increasing costs, and lower productivity are squeezing CMOs' spending power,' remarks Gartner's Ewan McIntyre.
🔍 Google New AI-Powered Ad Creation Tools for Enhanced Search Query Alignment & Simplified Product Feed Setup
Google’s new updates
Google unveiled processes that summarise website content, create ad variations based on site text, and align Search ads with popular trends and site content. "Google AI will summarize the page...generate relevant and effective...assets for your campaign," said Google. It's also testing Search and Shopping ads integration within AI-powered snapshots and conversation mode. Additionally, Google simplified its product feed setup, signifying a significant shift towards generative AI.
💼 Meta Sells Giphy to Shutterstock, Incurring $347 Million Loss
Meta's selling Giphy to Shutterstock for $53M, a $347M loss from its original $400M acquisition, marking an end to the UK CMA's legal dispute. Amid Giphy's claim of GIFs falling 'out of fashion' and 'for boomers,' the sale resolves concerns about Meta's digital ad dominance. The resolution suggests an anticlimactic close to the previously contentious Meta-Giphy saga.
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