As per the recent survey results from GoDaddy (NYSE: GDDY), a company renowned for supporting entrepreneurs, small business owners are beginning to realize the enormous potential of generative artificial intelligence (AI) and are starting to leverage it, despite some hesitations about optimal utilization.
The late April survey by GoDaddy, which reached out to 1,003 U.S. small businesses, found a rising need for guidance in making the most of rapidly evolving AI technology. While 38% of participants reported having experimented with generative AI tools (27% for amusement and 11% for business), a significant 62% have yet to try this technology. Over half of the respondents (57%) expressed keenness to learn how to use generative AI to enhance their business.
The findings present several other key insights:
- A majority of small businesses believe generative AI can simplify specific tasks, allowing them to concentrate on business management.
- Businesses find it challenging to allocate time for attracting new customers, growing revenue, maintaining work-life balance, marketing their business, and creating marketing content for social media and their website or online store.
- Of those who have employed generative AI for their business, 75% stated that the tools they used performed very well or excellently, with a mere 4% reporting unsatisfactory results.
- 64% of AI tool users are experimenting with content generation, ranging from marketing assistance to blog drafting, and nearly a third (29%) are employing AI to bolster customer service, including drafting responses to customer inquiries.
Gourav Pani, GoDaddy U.S. Independents president, stated, “Small business entrepreneurs are quickly finding that generative AI is already really well-equipped to assist them with the tasks they find most difficult to tackle…and the better news is the AI tools are generating more effective results every day.”
The research also unveiled a generational gap regarding familiarity with and usage of generative AI: 63% of Gen Z (18-24 years old) respondents have used generative AI for business or personal reasons, whereas 83% of respondents over 55 years old (Baby Boomers) had not yet tried it. Across all age groups, only 33% feel confident in explaining generative AI to a friend.
Pani further explained, “We’re leaning into our role helping small business owners understand how to leverage generative AI today to save time and attract new customers.” To facilitate this, GoDaddy’s Small Business Generative AI Prompt Library now offers over 100 entirely free, ready-made prompts that entrepreneurs can begin using in tools like OpenAI’s ChatGPT and Google’s Bard, and they are continuously introducing new AI-powered features every week.
This study highlights a key opportunity for small business owners. With AI’s potential to automate tasks, ranging from content creation to customer service responses, business owners can focus on their core competencies, saving time and driving growth. However, there is a clear need for further education and support in this area, which companies like GoDaddy are stepping up to provide.
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This article, "GoDaddy: Small Businesses Turning to AI to Streamline Tasks and Promote Growth" was first published on Small Business Trends