Small business owners recognize the vast potential of generative artificial intelligence to help them grow, and some have started using it, yet many are hesitant about how best to use it, according to new survey results from GoDaddy (NYSE: GDDY), the company that helps entrepreneurs thrive.
The results of GoDaddy’s late April survey of 1,003 U.S. small businesses reveal their need for guidance to get the most from rapidly evolving AI technology. Thirty-eight percent said they had tried generative AI tools – 27% for fun and 11% in support of their business – leaving 62% who have yet to give it a try. More than half of respondents (57%) said they were eager to learn how to use generative AI to improve their business.
Other highlights from the survey findings include:
- The majority of small businesses believe generative AI has the potential to help them accomplish particular tasks easily so they can focus on managing their business.
- Among the challenges respondents face in managing their business, they find it most difficult to devote time to attracting new customers, growing revenue, maintaining a work-life balance, marketing their business, and creating marketing content for social media and their website or online store.
- Of respondents who have tried using generative AI for their business, 75% said the tools they used performed very well or excellent, and only 4% indicated they did poorly.
- 64% of those using AI tools are experimenting with content generation – everything from marketing help to drafting blogs. Nearly a third (29%) are using AI to help improve customer service, including getting help drafting responses to customers.
“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, either because they don’t have the time or require skills outside their wheelhouse,” said Gourav Pani, GoDaddy U.S. Independents president, “and the better news is the AI tools are generating more effective results every day.”
GoDaddy’s research also found an apparent generational gap when it comes to familiarity with and usage of generative AI:
- 63% of Gen Z (18-24 years old) respondents have used generative AI either for business or personal purposes.
- Those over 55 years old (Baby Boomers) were the least likely to have tried generative AI; 83% said they had not tried it yet.
- Across all age groups, only 33% are confident they can explain generative AI to a friend.
“We’re leaning into our role helping small business owners understand how to leverage generative AI today to save time and attract new customers,” Pani said. “GoDaddy’s Small Business Generative AI Prompt Library now offers more than 100 completely free, ready-made prompts entrepreneurs can start using today in tools such as OpenAI’s ChatGPT and Google’s Bard, and we continue to roll out new AI-powered features every week. As the technology continues to evolve, we’ll be there to support small businesses every step of their journey.”
Access the survey results HERE.
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