Pencil boosts marketers' capabilities with AI for ads
Pencil, the Creative AI company, is launching its Machine Generated Creative (MGC) platform, enabling brands to generate online video ads using AI.
Pencil’s MGC video ads, which are each unique and can be generated in 1 minute, have dozens of creative parameters which can be tracked and analyzed through the Pencil platform.
Using historic ad performance data, Pencil is able to understand what in the ad is resonating with customers.
It can then generate new batches of ad ideas which are new and distinct, but which share winning characteristics with past winners. In this way Pencil learns what works while continuously exploring new ideas that might resonate with audiences.
Pencil analysed over 100 campaigns that used MGC video ads over the past 6 months and found the best MGC ads delivered an average return on ad spend (ROAS) 2x that of other ads the brands were running. One brand’s MGC campaign delivered 7x higher ROAS.
“Great ad campaigns are born from many creative ideas that are distilled down to a few. We are doing exactly this, extremely quickly, using AI,” said Will Hanschell, CEO and co-founder of Pencil. “In launching MGC, we want to bring speed, insights and new ideas to marketing teams who care about both the creativity and the results of their ads—that means all marketing teams. Our platform uses the same brainstorm and refine process that creative teams have always used, which means creative teams can collaborate with the platform or use it to automate their day-to-day experimentation.”
Pencil leverages proprietary technology to generate ad video, derive insights and make predictions, as well as integrating the OpenAI API to generate ad copy.
The OpenAI API provides access to GPT-3, one of the world’s most powerful language models. Pencil is among the first companies approved to use it commercially. This approval requires strict criteria in AI safety and ethics.
GPT-3 allows Pencil to go beyond generating product descriptions, and begin to generate entirely new narratives around a brand or product.
For more information about this release, visit www.trypencil.com.