In today’s digital age, content creation and marketing are crucial for businesses and individuals alike. However, creating relevant and engaging content can be time-consuming and challenging, especially for those who lack the necessary skills or resources. Fortunately, advances in artificial intelligence (AI) technology have made it possible to streamline this process and generate high-quality content quickly and easily. One such technology that is widely in the news lately is ChatGPT, an AI language model that can generate human-like text based on prompts provided by users. In this blog post, we’ll explore how businesses and individuals can benefit from using ChatGPT in their marketing and content creation efforts.
Since AI driven technologies will likely be critical for building businesses in the future, they will certainly have a large part in building wealth. Advisory services that surround these businesses and wealth creation would do well to use AI technologies like ChatGPT to enhance their own offerings to business clients.
What is ChatGPT and How Does it Work?
ChatGPT stands for “Generative Pre-trained Transformer 3” and is an AI language model developed by start-up, OpenAI. It uses deep learning algorithms to generate text that is mimicks humans, to varying degrees of success. To use ChatGPT, youprovide a prompt or topic, and the model generates a continuation or answer based on its vast knowledge of language and context. ChatGPT has access to the information available on the internet in 2021. So, while it can access vast amounts of information, its reach does have time limits.
For example, one handy way to engage with CharGPT is to give it a prompt and tell it how you want it to answer your prompt. So, if you want it to give you suggestions on ways to reach more potential financial planning clients, you might tell ChatGPT you will provide a prompt and you expect ChatGPT to provide you with five options to implement the prompt, three ways to improve the prompt, and three ideas that relate to the prompt but are outside the initial top five.
The Importance of Content Creation and Marketing
Like it or not, we all live in an algorithm driven world. In this digital age, social media and other online platforms are hard to ignore in business. To feed the algorithms on social media, businesses and individuals need to create and distribute content that resonates with their target audiences. This content can take many forms, including blog posts, social media posts, emails, and videos, among others. Effective content creation and marketing can help build brand awareness, generate leads, and drive sales. All are essential components of building a growing professional service business that serves business owners.
This is not to suggest that you should abandon all traditional means of building a business. Relationships tend to be extremely important in professional services. Rather than using ChatGPT to supplant relationship building, think of it as a way to supplements relationship building by helping you find data, do research, and create content to that becomes a way to maintain connections with key relationships.
Benefits of Using ChatGPT in Marketing
While every business is different, and, obviously, each business needs to tailor its use of ChatGPT to its own unique industry and needs, some uses of ChatGPT in your marketing could be:
- Saving time and effort: ChatGPT can generate high-quality content quickly and easily, freeing up time and resources for other tasks. Think of it as speeding up mundane tasks so you have more time to focus on connections with actual humans.
- Improving content quality: ChatGPT can generate content that is similar to that written by humans, improving the overall quality of the content. In fact, through prompts, you can ask ChatGPT to improve its own work product until it meets whatever standard you set.
- Increasing audience engagement: ChatGPT-generated content can be tailored to the audience’s preferences, increasing engagement and interaction. So, you can ask ChatGPT to optimize the content for different platforms, to make the content SEO (thing Google search), and to generate relevant hashtags.
Potential Challenges and Limitations
While ChatGPT offers many benefits, you do need to be aware of its limitations. It is not a self-actualizing technology, unfortunately. As mentioned above, it works off your prompts, so you have to feed it questions and requests that get you the response that is most useful.
In that way, it is similar to interacting with a human: to get the best results, you have to ask the right questions. Consequently, there is art to using it, and you need repetition and practice with it to get the most out of this tool. Even with careful use, some limitations of ChatGPT are clear:
- Need for human oversight: ChatGPT-generated content still requires human oversight to ensure its accuracy and relevance. In professional services, this is important where accuracy in your communications with the public is not only good for branding, but required by rules of ethics.
- Risk of producing low-quality or irrelevant content: Without proper prompts or refinement, ChatGPT can generate low-quality or irrelevant content. Essentially, you need to have some idea of the ultimate goal, and then guide ChatGPT to reach it.
- No way to know where it gets its information: While ChatGPT has vast amounts of information, it is not always clear where it is getting its answers. In fact, sometimes the answers are clearly false, including quoting things that cannot be found in the source when you do know the source.
- Copyright: Because you can’t be sure of the source of the information ChatGPT is providing, you may not be able to rely on it for proprietary information. Where you need to cite references that ChatGPT provides, and ChatGPT for the source, search the source yourself on traditional search sites, and double check the source material.
So, unfortunately, it is not a technology you can simply release to its own devices. But, with your guidance, it can be a valuable tool that enhances your own efforts.
Examples of ChatGPT in Financial Planning, Law, Accounting, Trustee Services, and Non-profits
For the services that surround successful business owners, ChatGPT can be a powerful tool. Although not an exhaustive list, below, I give examples in: financial planning, law, accounting, trustee services, and non-profits. Ultimately, using ChatGPT is about communication in the most efficient way possible.
- Financial Planning
Financial planning firms can use ChatGPT to generate content for their blogs, social media, or newsletters. For example, a financial advisor could use ChatGPT to generate investment advice articles that provide insights into current market trends, investment strategies, and portfolio management. These articles could help establish the advisor as a thought leader in their field and attract new clients.
In fact, many financial advisers already prepare these kinds of articles. But, with AI the effort needed to prepare the articles can be reduced significantly. Rather than staring at a blank page and the dread of filling up the space, ChatGPT, through appropriate prompts, can formulate initial drafts. The adviser can then focus on fine tuning, rather than writing, articles.
ChatGPT can also be used to generate financial plans or retirement projections based on clients’ goals and risk tolerance, which can help build trust and deepen client relationships. This, of course, has limits. Financial advisers will know the clients best and what factors are important. So, instead of thinking of ChatGPT as a replacement for wise financial planning, they can use it to enhance how they communicate with clients about financial planning.
- Law
Law firms can use ChatGPT to create informative content that educates clients about legal issues and drives traffic to their website. For example, a family law firm could use ChatGPT to generate articles or blog posts that explain common legal issues such as divorce, child custody, and adoption.
ChatGPT can also be used to create basic legal documents such as contracts or leases. ChatGPT can also, with appropriate prompts, create checklists and workflow sheets for deals. For example, I asked ChatGPT to create an estate planning workflow spreadsheet and it generated a very comprehensive chart that I can use, with some small modifications, in my practice.
Of course, ChatGPT cannot give legal advice. And, because of its limitations, no attorney should rely on it to do legal research without verification. But, it can take an initial stab at many legal research projects, which boosts the attorney’s efficiency. Less time on mundane tasks means more time focused on clients, client needs, and building relationships.
- Accounting
Accounting firms can use ChatGPT to create educational content that helps clients understand tax laws and financial regulations. For example, an accounting firm could use ChatGPT to generate articles or blog posts that explain tax deductions, tax credits, and other tax-related issues.
ChatGPT can also be used to create financial statements or projections that help clients make informed business decisions.
Then, an accounting firm can use ChatGPT to analyze and improve workpapers and workflow. It can create due diligence checklists for clients, communications for reminding clients about the due diligence requests, and even thank you communications for providing the information the accountant needed to do their work.
As mentioned above, because of its inaccuracy, tax research must be verified. But, getting an initial start is huge.
- Trustee Services
Trustee services firms can use ChatGPT to generate content that explains complex legal and financial concepts to clients. For example, a trustee services firm could use ChatGPT to create educational materials that explain the role of a trustee, the legal requirements of managing a trust, and the potential risks and benefits of different investment strategies.
Trustees could use ChatGPT to analyze factors in making distribution decisions, including generating checklists and workflows to handle distribution requests. Trustees can also use ChatGPT to create communications with trust beneficiaries that explain the trusts, the roles of the parties, and how decisions about distributions will be handled.
ChatGPT can also be used to generate reports or performance analyses that help beneficiaries monitor their trust accounts.
All these efficiencies can then free up time to focus on building relationships with key referral sources and clients.
- Non-profits
Non-profit organizations can use ChatGPT to create compelling content that raises awareness about their cause and drives engagement from supporters. For instance, a charity could use ChatGPT to generate social media posts that highlight the impact of their work or share inspiring stories from the people they serve. ChatGPT can also be used to create email campaigns that solicit donations or encourage volunteers to get involved.
One of the biggest challenges that non-profits face is engaging donors and the broader community in their work. ChatGPT can help non-profits overcome this challenge by generating content that resonates with their audience and encourages them to take action. Here are a few specific ways that non-profits can use ChatGPT:
- ChatGPT can be used to create personalized donation appeals that speak directly to a donor’s interests and motivations. For example, a non-profit focused on animal welfare could use ChatGPT to generate an email campaign that highlights the specific ways in which a donor’s support can help rescue and care for animals in need.
- ChatGPT can be used to create social media posts that promote upcoming events or fundraising campaigns. For example, a non-profit could use ChatGPT to generate Facebook posts that announce a charity walk or a virtual auction, and provide details about how people can get involved.
- ChatGPT can be used to create impact reports that demonstrate the results of a non-profit’s work and the impact that donations have had. For example, a non-profit focused on education could use ChatGPT to general social media copy accross platforms to highlight its work in supporting education it its community.
Conclusion
ChatGPT can be an effective tool for businesses across a variety of industries. Using ChatGPT in this way allows professional services providers to engage clients in personalized conversations, provide helpful information, and streamline business operations. For financial advisers, law firms, accountants, and trustee services, chatbots can help to improve services, connect with clients, and make more informed decisions. And for non-profits, chatbots can help to engage with donors and supporters in a more meaningful way. As the technology behind chatbots like ChatGPT continues to evolve, businesses of all sizes can benefit from incorporating them into their marketing strategies.
And, yes, initial drafts of this article were created using ChatGPT, prompting it to expand on relevant information, exclude irrelevant information, and focus its output in key areas.
If you want additional resources on this, check out:
https://www.wealthmanagement.com/marketing/how-advisors-can-use-chatgpt-nurture-leads
https://connect.justia.com/webinars/using-chatgpt-for-law-firm-marketing-content
https://www.natlawreview.com/article/how-law-firms-can-leverage-chatgpt-to-get-more-cases
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