As startups, we all strive to make our operations as smooth and as productive as possible. Whether it is small tasks such as copywriting or idea brainstorming, or more demanding ones like writing sales pitches and creating content, we all wished for a little help or assistance at one point or another. And now we got it!
ChatGPT, a chatbot tool that uses AI (artificial intelligence), can assist you in achieving this by allowing for interaction with customers and handling various tasks you might need assistance with, and even over some of your tasks completed.
What is Chat GPT?
Chat GPT was launched on November 30th, and it has taken the internet by storm. It reached a milestone of one million users in a record-breaking time of just 5 days.
To get a better sense of just how big of a deal that is, in comparison, it took 2 years for Twitter, 10 months for Facebook, and 2.5 months for Instagram.
Notably, Chat GPT is a groundbreaking technology that everybody wants to get their hands on.
But what can it actually do and what does this mean for you and your business?
Keep reading to find out.
What does Chat GPT do and how to use it?
Chat GPT is based on a GPT-3 language model, founded and developed by OpenAI. It has the power to generate human-like language and respond to almost any command you throw at it.
To start using ChatGPT, all you have to do is type (or even speak) the desired command into the chatbot, and ChatGPT will respond to it with relevant information on the desired topic.
You can choose a sort of style or language you want your answer to be generated in by the level of seriousness, professionalism, academic style, conversational, etc.
It even has a great sense of humor!
It almost feels like having a chat with a friend (and a very smart one for that matter).
Since ChatGPT is designed to respond in a normal language, it could potentially make it very useful for businesses in which a human-like interaction is required, like customer service, order processing, personalization, and many more.
With the advance of this new technology, startups should consider re-evaluating their work methods, and consider how AI tools such as ChatGPT can improve their processes and provide better experiences for customers.
Top 5 uses of ChatGPT for startups
There are many potential uses of Chat GPT in improving your business’ efficiency and productivity. Here we have identified some we found most relevant for startups.
Business Planning
We all know how exhausting and time-consuming business planning and brainstorming for new ideas can be.
With the help of Chat GPT, you can save so much time during this stage.
Here are a few ideas on how Chat GPT can help you in your business planning process:
Market research
It can assist you throughout the initial business planning phase. You can ask it about potential target customer groups, gather feedback from previous ventures to help you identify areas for improvement, and be able to get a better understanding of the needs within your market.
Forecasting
Chatbots can also use data analysis and machine learning algorithms to provide accurate sales and revenue forecasts. This can help you make informed decisions about budgeting, resource allocation, and future investments.
Tracking performance metrics
GPT can provide you with real-time insight and recommendations to help your business improve its operations and achieve its goals.
However, if you are still stuck on coming up with that perfect market niche to start your innovative business, Chat GPT can help you while you’re picking your brain.
Don’t believe us? See for yourself (and feel free to steal some)
SEO and Content Creation
One of the reasons ChatGPT went viral is also its ability to write text on any desired topic, of any desired length.
Therefore, it can write content for social media posts, and newsletters, or even generate AI images you can use as your blog covers. If you choose to do so, Custom GPTs for can even write full articles, Thumbnail image and videos for you.
However, since ChatGPT is based on the content that already exists, Google might be able to detect that your content was written by AI in the near future.
This is not good news in terms of your SEO since Google promotes unique content that it finds most helpful.
Therefore, we want to state that authentic writing is usually the best way to engage your readers.
However, this does not mean you can’t use it to help you generate written content by giving you ideas and research, as well as helping you with SEO analysis.
Here are some examples of what commands you can use to leverage Chat GPT for SEO:
- Give me 5 headings I can include in an article about job applications
- What are the most popular topics about startups in Europe
- Give me keywords on the topic of “Best startups in Europe”
- Can you give me more information about topic number 2
However, if you do choose to hire Chat GPT as your full-time blog and content writer, you can use tools such as Quillbot – a text paraphrasing tool, which will help you rewrite the content so Google will be less likely to detect AI-generated content.
Disclaimer: We promise this one was written fully by us though!
Sales Processes
Chat GPT can also help you improve your sales processes and increase your sales productivity.
Here are some examples we found most useful:
Customer Service
Chatbots can provide instant support to customers 24/7, helping to resolve issues, answer questions, and provide product information. This can improve customer satisfaction and reduce the workload of customer service representatives.
E-commerce
Chat GPT can help you organize and process your online orders more quickly and efficiently. You can use it for taking orders, processing payments, and tracking your shipments. Not only it helps you be more efficient by saving time and resources needed to process orders, but it can also improve customer experience.
Market Research
Chatbots can be used to conduct market research by gathering feedback and opinions from customers. This can help businesses to identify areas for improvement, develop new products and services, and stay ahead of the competition.
Personalization
Chat GPT can provide you with personal recommendations tailored to your past customers and their interactions or purchases. You can simply type in the description of your product or service, including your target customer group, and Chat GPT can generate a perfect script uniquely designed to your needs and audience.
Product Development
There are various uses of Chat GPT through the product development stage:
Brainstorming
Chat GPT can be used to gather ideas and feedback from customers, employees, and other stakeholders, making it easier to validate concepts and refine product ideas toward your target customer base.
Prototyping and Testing
You can use Chat GPT to conduct user testing by providing prototypes and simulations of new products, gathering feedback, and making improvements based on user behavior and feedback. It helps you get valuable insight and implement it according to your customer’s wants and needs, rather than wasting time on testing for innovation.
Data Analysis
Finally, you can use Chatbots for data analysis and machine learning algorithms to gather insights about customer behavior and preferences, product performance, and market trends. This information can be very valuable when making future product development decisions.
Downsides of using Chat GPT in your business
While there are enormous opportunities for businesses to leverage the use of this new emerging AI technology which improves their customer experience and overall efficiency of your business, there are also potential dangers.
For example, OpenAI admits that one existing shortcoming of Chat GPT is the risk of occasionally producing biased or inaccurate content.
In addition, depending on when the model was developed, Chat GPT may only have a limited understanding of events occurring beyond 2021.
There is also a concern that Chat GPT will be able to replace humans in the future and will therefore lead to job reductions.
However, while AI-based technology can be used to automate tasks, it is highly unlikely they will ever be able to fully compensate for the human touch since it is missing skills that are crucial like critical thinking, creativity, or decision-making.
AI is truly a mind-blowing technology, but is it more capable than a human brain?
Conclusion
Overall, by automating operations that are typically done by people, systems like ChatGPT have the potential to increase productivity and efficiency in many different aspects of businesses and entrepreneurs.
While it might be a relatively new technology whose potential is yet to be fully explored, its capabilities are only going to grow and improve in the future. What do you think AI will look like in startups in 5 years?
As Santiago, a famous machine learning engineer shared on Twitter “AI won’t replace you, but a person using AI will”. So make sure you jump on the trend and start saving your time and resources!
