Brands & AI gear up for Olympics spotlight & challenges

With the 2024 Summer Olympics on the horizon, brands worldwide are gearing up to leverage the extensive visibility offered by the globally renowned event. According to Forrester's VP and Principal Analyst, Dipanjan Chatterjee, the interest in these games is significant. A recent poll within Forrester's market research community revealed that 41% of US online adults plan to follow the Olympics closely, a slight uptick from the 38% who engage with other major sporting events with similar enthusiasm.

Chatterjee highlights the protracted nature of the Olympic Games, contrasting it with hyper events like the Super Bowl. He notes that the Olympics represent an elongated opportunity for brand engagement across multiple platforms, providing repeated touchpoints rather than a single burst of attention. This extended engagement allows companies to build deeper relationships rather than simply achieving a momentary spike in visibility and awareness.

Thomas Husson, also a Forrester VP and Principal Analyst, underscores the unique positioning of the Olympics as an event fostering values such as courage, competition, respect, transcendence, and excellence. For brands sponsoring the event, it presents a rare chance to elevate brand awareness and preference, potentially reaching an audience of over three billion spectators. Companies like Procter & Gamble are seizing this opportunity by launching bespoke campaigns linked to the Olympics and activating extensive in-store and online retail programmes across hundreds of global retailers. Husson advises that evaluating the return on investment for such endeavours should extend beyond immediate sales impact to consider long-term brand equity and employee engagement.

A distinct feature of the 2024 Olympics is its robust environmental objectives, aiming to halve the carbon footprint compared to the London and Rio Games. The initiative includes reusing 95% of existing or temporary infrastructure and committing to the construction of eco-friendly new buildings. Sponsors like ArcelorMittal, CMA CGM, and Coca-Cola are using their association with the games to promote their sustainability efforts. However, Husson cautions about the potential for greenwashing. While Coca-Cola's implementation of reusable caps and recycled plastic bottles reflects commendable efforts, critics argue that the company has not fundamentally altered its business approach and remains a significant plastic polluter globally.

In parallel, the emergence of generative AI (genAI) poses transformative opportunities across various sectors. Forrester's recent survey of genAI decision-makers reveals notable benefits, including improved customer experience (42%), increased employee productivity (40%), and higher revenues (34%). As articulated by Brandon Purcell, yet another Forrester VP and Principal Analyst, businesses experiencing "genAI FOMO" are advised to understand and adopt relevant genAI terminology, select appropriate use cases specific to their industry, and tackle issues like trust, privacy, and security through proactive alignment and governance strategies.

Purcell elaborates that the impacts of genAI vary significantly by industry, with unique applications in healthcare, insurance, and banking, as well as distinct differences between HR and marketing use cases. He advocates for a strategic selection of use cases aligned with a company's business context and long-term objectives.

AI's benefits are not confined to the corporate world. Purcell points out that various non-governmental organisations and governments are employing AI to foster positive societal and environmental outcomes. This spans areas such as mental health treatment, accessibility enhancements, and sustainability initiatives, highlighting AI's potential to affect meaningful change beyond commercial gains.