AI is Here, and We’re Drinking From a Firehose
Never in history have we seen something grow so fast. ChatGPT, one of the latest artificial intelligence (AI) platforms, went from 0 to one million users in 5 days. 5 DAYS! It took Instagram and Facebook 2 years to get those kinds of numbers. (It only took Angry Birds 35 days. Who was playing that game? Not me.)
Ladies and gentlemen, welcome to the future of franchising, where robots write articles, qualify franchisees, and humans sit back and let the magic happen. That’s right, I am enlisting our favorite language model ChatGPT to help tell you all about the revolutionary changes it’s bringing to the business world. But don’t worry, it won’t be taking our jobs just yet; it will just be making them a whole lot easier. Adapt or be left behind.
6 Ways ChatGPT Could Change Your Life
According to Reuters, ChatGPT owner OpenAI projects $1 billion in revenue by 2024. But will the AI platform become a mainstay in everyday work for the long term, or will it be another overhyped tech trend? I say it will be a game-changer. Here are 6 ways ChatGPT could change your life, the business world, and the franchise space. (Why did I choose 6 points? Great question. People always choose 3, 5, or 10. I am living on the edge.)
1. Automation of Repetitive Tasks
ChatGPT’s natural language processing capabilities can help automate repetitive tasks such as answering frequently asked questions from your franchise and customer service inquiries. This will free up valuable time for franchisees and franchisors to focus on more important tasks, like devising new ways to market their products and services or spending time on that call trying to persuade that potential franchisee to purchase your brand. This will up the game in franchise development. Get ready to automate your business.
With ChatGPT, franchisees and franchisors can communicate more efficiently and effectively.
2. Improved Communication
With ChatGPT, franchisees and franchisors can communicate more efficiently and effectively, thanks to its ability to understand and respond to natural language. This means goodbye to confusing jargon and hello to clear, concise communication. For example, use it to write email campaigns, and correspondence with potential franchisees, like drip campaigns. Give it clear direction and give it a voice style and information needed in campaigns, you are only as good as the direction/prompts you give ChatGPT.
3. Personalized Assistance
ChatGPT can provide personalized recommendations and assistance to customers through chatbots or virtual assistants. Imagine walking into a store and having a robot greet you by name and offer you tailored product recommendations based on your previous purchases. It’s like having your own personal shopping assistant, without the cost, salary, and benefits. This could be a turn-off, but for some introverts, they deal with enough people. #WINNING
4. Enhanced Research and Decision-Making
ChatGPT can provide more accurate and efficient information to potential franchisees during the research and decision-making process. This can help potential franchisees make better-informed decisions, which in turn can lead to a higher success rate for both the franchisor and franchisee. (We love selling.) What does this look like? ChatGPT will soon be integrated into our browsers like Bing. (Microsoft owns ChatGPT and Google will launch a beta version of their AI language model sometime this year.) When a franchisee is looking at data, it will be more concise, have better answers, and will make the space more competitive. Get your ducks in a row.
5. Improved Customer Experience
ChatGPT’s personalized assistance and improved communication capabilities can enhance the customer experience. Customers will feel more valued and appreciated, leading to increased customer loyalty and, ultimately, higher sales. Think: How can franchise brands help use this tool to increase their franchisees’ revenue?
ChatGPT will not take your job, but someone who is adapting and who knows AI will.
6. More Efficient Lead Qualification for Franchise Sales and Development
ChatGPT will change the way we do lead qualification. It will change the way you copyright. As innovators develop more ways to integrate ChatGPT, we will be able to more quickly identify and filter out leads that are not a good fit for your franchise system, saving valuable time for your franchise development team.
The Future of ChatGPT and Franchising
So, ChatGPT is revolutionizing the way we do business, and the franchising industry will be no exception. Its natural language processing capabilities can automate repetitive tasks, improve communication, provide personalized assistance, enhance research and decision-making, and ultimately enhance the customer experience. We have to adapt and learn how to integrate it so it will make us better. ChatGPT will not take your job, but someone who is adapting and who knows AI will. So, don’t be afraid of the robots, embrace them and watch as they work their magic to make your business more successful and more profitable than ever before. If the franchising space can adapt fast, we can sell more franchises and make these next few years our best yet. Lastly, did ChatGPT write this article for me? I guess we will never know.
There are many forms of AI that will change franchising. It’s time to learn, adapt, and grow.