BY PETER COHAN, FOUNDER PETER S. COHAN & ASSOCIATES@PETERCOHAN
Businesses are using ChatGPT to help with essential business functions -- those that deal directly with customers, investors, and other key stakeholders. In general, companies are taking the risk of using the technology for processes such as customer service, marketing, raising capital, and boosting operational efficiency. The reason? Chatbots are easy for staff to use and their benefits are compelling.
Here are five reasons to use ChatGPT to make essential business processes more efficient, with examples of how to achieve the benefits.
1. To answer customer service questions more efficiently
Many businesses operate call centers near the limit of their capacity -- contributing to high turnover. Business leaders need ways to improve the productivity of their customer service staff and make their jobs more interesting.
ChatGPT enables businesses to achieve better customer service. According to Tech.co, Bennett Heyn, digital marketing firm Parker Marker's CEO, used the chatbot to manage customer service inquiries and track customer data -- cutting the digital marketer's processing time, saving the company money, and increasing the accuracy of its responses to customer questions.
2. To produce and distribute better marketing content faster
With the proliferation of social media, the demands on marketing are more intense than ever. To get the attention of twitchy customers, companies need a steady stream of compelling marketing content.
Companies are using ChatGPT to draft and distribute marketing copy. Lauren Van Woerden, a content specialist using Ollo Metrics, eliminated writer's block and slashed copywriting time 30 to 40 percent by using clear, specific ChatGPT prompts, Tech.io reported.
Alice Wu of Mind Meld PR, used ChatGPT to tailor content for social media, blogs, and emails. Before sending out marketing content, she checked what ChatGPT produced to ensure Mind Meld's marketing message accurately conveyed what a product could deliver without controversial content, noted Tech.io.
3. To make more efficient use of operational resources
Many startups are having trouble raising new capital, because venture capital firms are reluctant to commit more capital until the market for initial public offerings revives and gives them a chance to earn a return on their investments. To get more done with their existing capital, companies are seeking to make their operations more efficient.
To that end, they use ChatGPT to identify best practices in automation, outsourcing, and supply chain management. According to Forbes, companies do that by using a prompt along the following lines: "How can I optimize my business operations, which involve [describe your business processes and how you make money], and increase efficiency, specifically in the areas of [describe the business areas where you suspect efficiency can be made]?"
4. To raise private capital
Despite making capital last longer, business leaders may still need to brave the frozen venture capital market to raise more. To boost their odds of success, companies are using generative A.I.
ChatGPT helps private company CEOs identify appropriate capital providers and develop a pitch, set a valuation, and negotiate a final deal, Forbes reported. To that end, CEOs used a ChatGPT prompt along the following lines: "What are the key factors to consider when raising capital for my startup? My business does [describe what your business does] for the benefit of [describe your target audience]. Can you give me potential sources of funding and suggest how I approach each one?"
5. To expand into new markets
To sustain a company's growth, business leaders must expand into new markets. Investors' eagerness to provide capital only to companies growing fast enough to sprint to liquidity heightens the pressure for companies to attack new markets.
To help with that, companies use ChatGPT to identify new areas of market research, product diversification, international expansion, and partnerships. Forbes advises business leaders to prompt ChatGPT as follows: "How can I scale my business and expand into new markets? My business is [describe your business], and most of our customers come from [describe how you get your clients]. We want ideas of new ways forward, potentially including new customer bases, product lines, and partnerships. Please suggest some in order of priority."
Most businesses could use help in these areas -- particularly those that rely on private capital. ChatGPT can help get them where they need to go.