ChatGPT hasn’t been around for long, but it’s already striking a chord with business owners of all kinds. For instance, luxury property investors use ChatGPT to create optimized rental listings that appeal to specific groups of people.
It’s a tool that makes basic tasks easier to complete in a shorter period of time, so it makes sense that business professionals are taking advantage.
When business owners need to get things done quickly, generative AI has the power to make that happen.
Here are some of the most common ways businesses are using this newly-released technology.
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Predicting stock market trends
It sounds incredible, but ChatGPT can predict stock market trends reliably, according to University of Florida research. After training ChatGPT on data and news between October 2021 and December 2022, they found that ChatGPT-powered trading models could generate returns of more than 500%.
ChatGPT specifically was found to be more effective in this area, even more than GPT-1 and 2, BERT, and traditional methods. For example, when asked to determine whether a certain headline was negative or positive, ChatGPT accurately deemed headlines positive when existing software labeled them negative.
Researchers from the UK have gotten similar results with stocks. According to CNN, UK residents are already using ChatGPT to get financial advice, although 35% said they would never do such a thing. As time passes and this tech proves itself even more, that may change.
Using ChatGPT to predict market trends is a big threat to software companies that have built proprietary applications for market analysis. Before long, the wide availability and accuracy of ChatGPT could render these tools obsolete.
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SEO and content marketing
Plenty of businesses are jumping at the chance to use ChatGPT to generate content for their websites to help them rank better in search engines. Since generative AI produces human-like, intelligent content, it’s being used as a replacement for content writers. Although it won’t ever be a good replacement for persuasive sales copy, ChatGPT has the potential for helping business owners write their blog content.
To get the most out of this tool, the user needs to create a good prompt to start. Once the prompt is given, results are fed back, and if done correctly, the user should have a large chunk of organized text. From there, it’s a matter of using the content as a starting point or outline for a final draft. Although it’s rare that AI-generated content can be used as-is, it still saves many hours of time since it provides a detailed outline in mere seconds that can be fleshed out according to the user’s specific needs.
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Idea generation
According to research summarized by FastCompany, 41% of people use ChatGPT for brainstorming ideas. This is a great way to use generative AI since it gives users access to opinions and ideas that may not be something they would think of on their own.
While not all information generated is accurate, most people still do their own research to make sure they only use correct claims in their publications. This isn’t much of a concern for brainstorming, however, since generating ideas is just a starting point.
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Automated email responses
Many businesses have been using automated email responses for decades, but they still have to write the content. With ChatGPT, that changes. Generative AI can be used to write common, routine emails to save business owners time. A simple prompt can deliver a polite and professional email.
The kind of emails generated with ChatGPT are communications like:
- An automated response that a user’s message has been received.
- Out-of-the-office responses.
- Simple welcome emails.
- Emails thanking someone for their purchase, delivering a purchase receipt, or signing up for an email list.
Almost any simple email can be created or outlined using a ChatGPT prompt.
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Writing movie plots
For professional screenwriters, ChatGPT has the potential to write movie plots that will be a success. This might take more time to be reliable since movies are often hit or miss even when the plot seems like a winner.
There’s more to a movie than a plot. For instance, the dialogue needs to be engaging and on point and the cast has to embody the characters. However, it can certainly help screenwriters come up with ideas that favor existing public opinion.
Will ChatGPT become a must-have business tool?
People who want to save time and money are already using ChatGPT on a regular basis. Based on existing results, it won’t be long before this tool becomes a staple in every business owner’s toolbox.
Interesting Related Article: “How to Maximize ChatGPT Power for Customer Services?“
