The ChatGPT is recently released in November 2022 and has been the talk of the town. ChatGPT is an AI-powered Chatbot which simulates human-like conversations with users. ChatGPT is a language-processing model developed by OpenAI, an American artificial intelligence company.
ChatGPT employs technology in a user-friendly interface, allowing users to interact with it conversationally. Businesses and consumers alike have expressed great interest in how this new technology could revolutionize marketing strategies and customer experiences. In this article, we will see whether ChatGPT is a friend to marketers or a foe.
The size of ChatGPT's dataset distinguishes it from other chatbots. Chatbots are typically trained on a smaller dataset in a rule-based fashion to answer specific questions and perform specific tasks. ChatGPT, on the other hand, has been trained on massive datasets — 175 billion parameters and 570 gigabytes — and can perform a variety of tasks in various fields and industries. On Microsoft Word, 570GB is equivalent to over 385 million pages.
Given the volume of data, ChatGPT can perform various language-related activities such as answering questions in various fields and sectors, providing answers in various languages, and generating content.
While ChatGPT is a fantastic tool for marketers, it is critical to understand its realistic capabilities and expectations to get the most out of it. Consumers have traditionally gone through Gartner's hype cycle when new technologies emerge. In essence, Gartner's cycle explains the process people go through when adopting new technology.
The cycle begins with the innovation trigger and ends with the peak of inflated triggers stages when consumers become excited about new technology and expectations begin to build. Then consumers become aware of the technology's flaws, resulting in a mismatch between expectations and reality.
This is followed by the enlightenment slope, in which consumers begin to understand the technology and use it more appropriately and reasonably. Finally, during the plateau of productivity stage, the technology is widely adopted and used as intended.
With the current level of public interest in ChatGPT, we appear to be approaching the inflated triggers stage. To mitigate the effects of the trough of the disillusionment stage, marketers must set realistic expectations for consumers and navigate the integration of ChatGPT.
ChatGPT, in its current form, cannot replace the human factor in marketing, but it can help with content creation, customer service, automation of repetitive tasks, and data analysis.
Enhances Customer Service: Businesses can train ChatGPT to answer frequently asked questions and converse with customers in a human-like manner. ChatGPT could provide 24/7 customer support rather than replacing the human factor. Delegating high-impact and sensitive tasks to humans, could optimize business resources and improve internal processes. ChatGPT can also be trained in multiple languages, enhancing customer experience and satisfaction even further.
Marketing automation: According to a 2015 HubSpot report, marketers spent significant time on repetitive tasks such as sending emails and creating social media posts. While customer relationship management software has addressed some of these challenges, ChatGPT may improve on them by adding a layer of personalization through the creation of creative content.
Emotional intelligence: ChatGPT offers cutting-edge human-like responses and content. However, it is critical to remember that the tool is only human-like. The degree of human likeness will be critical for process enhancement and content creation, as it has been in the past with chatbots.
Accuracy: While the marketing content may appear logical, it is important to note that ChatGPT is not error-free and may provide incorrect or illogical responses. Marketers must review and validate the content generated by ChatGPT to avoid errors and ensure brand message and image consistency.
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