I love the hype and I love the applications even more. If you haven’t used it yet, go and play with it. But here are the issues you need to consider. Will ChatGPT actually have an impact on your business from a sales and marketing perspective and I’m talking actual revenue.
Also, I want you to consider what you have been encouraged to do in the past, by marketing, what did you buy, did it, does it work and how did anything marketing suggested affect your profitability (not revenue!). Did they’re recommendation(s) change the average income per person per annum, ever?
Today's challenge may seem to be getting to grips with the A.I. explosion, and it is incredible!
So, here are my takeaways so far?
Back in 2010, B2B organisations jumped on the marketing automation bandwagon. Businesses continue to fail at the same rate – no increase in revenue.
Pay Per Click to landing pages - no increase in revenue.
Place content behind e-mail forms - no increase in revenue.
Year on year. Business failure statistics.; 500,000 businesses start up and 500,000 fail every year. This has been the case for the past 20 plus years. 20% failure the first year, 30% fail in the second year, 50% failed. By the third year and by year 10, 70% of businesses fail. Added together, this equates to 91% of all businesses failing within 10 years. (Financial Times)
50% of all business failures are attributed to marketing (CB Insights)
The above shows mostly all businesses copy and follow what they're told, by repetition, by big tech and by MarTech. But no one seems to have identified why business profitability has not increased.
ChatGPT, 2023, and all things A.I.
Irrespective of who learns and adopts ChatGPT, the laggards will fail to keep up and the early adopters may have a win or two. But here's the thing!
ChatGPT says, 1500 words, a table of contents, H1, H2, H3, bullet lists, number lists, plus video, graphics, infographics are all required and constitute an effective structured for all documents if you want to get indexed and found on Google, therefore enabling your business to be found by buyers searching for your products or services. We wrote about this in 2020.
Assume every business uses ChatGPT and changes the quality and indexability of their content. No business will stand out simply because all the content, being A.I. generated, will be of an even level.
Next, is the issue of using marketing automation. Many businesses have heavily invested in marketing SaaS and will be reluctant to stop using it, only because of the earlier investment and many don’t want to be proven wrong. Therefore, if high quality content is created, first base will be to gate the new content and hope to keep collecting email addresses.
If anyone can now create great indexable content, would you still hide this great content behind an e-mail form simply to achieve a KPI based upon acquiring an e-mail address? Or would you want your prospects to get hold of your content?
If you see a need to improve your content because it’s not written properly, not long enough, not detailed enough and so on, then what have your copywriters been doing up until now. Why were they not creating long-form, 1500-word content for the benefit of your readers, even if it was not being index by Google. [I see the indexing process helping businesses confirm if a document has been well written and Google can ‘check’ and confirm its quality by approving it to be indexed]. I make this comment as many businesses only produce three or four paragraph blogs and not articles and believe that is sufficient.
Finally, what will happen to businesses researching on Google. If businesses, who are looking to learn about new strategies, have difficulty finding the answers because of content being hidden behind marketing email forms or they don’t want to give out their details, now they can ask the question to ChatGPT and be given a highly detailed and complex response – even requesting that it is written for a twelve-year-old.
That leads onto the next set of questions which are: -
What will happen to the vendor business, how will they survive if they’re not in control of the information?
What elements or reasons will identify the right vendor to the buyer?
What will differentiate one vendor from another in the same market?
The next stage will either become very competitive or very simple. I believe the most transparent businesses will win.
The applications and benefits are too numerous to mention, however, I want business owners to welcome ChatGPT as an AI that can challenge copywriting, web copy, adverts and even decisions the business has made in the past. It can become an important part of the decision-making process to have a third-party that may challenge some tightly held beliefs.
Once a better understanding of new business development and marketing is acquired by the C-Suite I believe some drastic changes will start happening simply because the vagueness of marketing expectations can be quashed and a more logical and formulaic strategy can be implemented, with less effort, less cost and enormously greater exposure and profitability.
The above will not happen overnight, even though we already have defined and documented the exact strategy required on the salesXchange website. Fortunately, I’m not the business with hundreds or even thousands of staff and investors to keep happy. When you’re ready you’ll take a look or follow me on LinkedIn and see if, what I am saying resonates with your plans.
However, the revenue operation decisions you make now will undoubtedly reveal some more serious and significant issues relating to sales and marketing which will impact all future decisions when looking through the lenses of ChatGPT.
Go to our Digital Selling pages to see how you can change the way you work and scale up your business.
The author and founder of salesXchange, Nigel Maine is a B2B marketing and sales expert with a proven track record in scaling up growth for Technology, SaaS, and Professional Services organisations. With 30 years hands-on experience and unique approach, Nigel has developed an effective strategy that dramatically increases exposure and profitability for B2B organizations.