The world of Generative AI has exploded in the last few weeks - starting the second week of March 2023. The latest version of ChatGPT-4 was released, surprising everyone with its multi-modal ability to understand text, images, and videos and generate responses.
ChatGPT is a model developed by OpenAI (www.openai.com) which can converse almost like a human. When given any input, it can carry out a conversation that looks pretty natural. Hence, it can be used to answer questions, write blogs or content, speak to customers or employees, even compose emails and essays, or generate other intelligent responses. While the earlier versions of ChatGPT-3 and 3.5 were free to use, version-4 seeks a nominal payment as of now.
Given its potential, it can be used by companies, especially MSME companies, using Business-to-business (B2B) marketing and operating in rigid plastic and other industrial sectors.
It can be used in various ways, some of which are listed below:
Based on its natural language capabilities, ChatGPT can distribute and generate valid content for customers of MSME companies. This can iclude blog posts, white papers, infographics, case studies, or memes. By providing such helpful support to human marketing managers, it can do a lot of heavy lifting and enable MSME companies to establish themselves as thought leaders in their sectors.
With relevant prompts, ChatGPT can generate ideas that can fill in customer needs and product gaps in the company’s portfolio. It can also help develop new features of an existing product based on its extensive repertoire of information and aid development teams within the company
It can help companies segment their customers based on their size, industry, purchasing behaviour, or product portfolios. It can also suggest tailored marketing efforts targeting specific customer needs based on such segmentation, thereby increasing the chance of success.
It can generate auto-content for sending emails or follow-ups with customers. It can also be set up as a chatbot for answering customer queries on their purchase orders and their status, queries on product range and their features or answering questions on collections and pending payments, thereby releasing a lot of time for the sales teams to spend time on relationship building
It can also smoothen new customer onboarding or clarify sales policies to customers and employees.
By integrating with the internal social media teams, it can share relevant content for specific social media platforms, depending on their user profiles. For example, it can be prompted to generate content for Instagram, which can be different from that developed for Linkedin. Further, data on website traffic, lead generation and conversion rates can be fed in to help analyse such data for further insights.
However, such newly trained AI models are to be used with caution. Since they are new, they must be trained on in-house company data and tested for responses before exposing them to customers. It is possible that the data shared may get misused or manipulated, and hence it needs to be used carefully.
However, business need to start exploring how this can be used since it will lead to many benefits in the future.
Parekhplast intends to explore using this internally by mapping data of its product range and features so that the nature of the same is available at the click of a button with the sales teams and then take it forward.
The future is exciting, and we are happy to use ChatGPT to generate more value for our customers.
Credits: This article was partly generated with the help of ChatGPT and its prompts 😀
