OpenAI Releases ChatGPT Plugins: BIG Implications for Marketing

0:00Welcome to Marketing School, the only podcast that provides daily top-level marketing tips and strategies from entrepreneurs that practice what they preach and live what they teach. Let's start leveling up your marketing knowledge with your instructors, Neil Patel and Eric Su.

0:20All right, now we're going to talk about how OpenAI has released plugins for ChatGPT and how this is going to affect marking. So let me set the stage for this real quick and we can go back and forth. But this came out this week as of this recording. We've implemented initial support for plugins in ChatGPT. And plugins are tools designed specifically for language models with safety as a core principle and help ChatGPT access up-to-date information, run computations, or use third-party services. So an example of this might be, let's say you're using ChatGPT and you want to find a restaurant in your area.

0:49Like what's a really good restaurant that's available today that's Chinese food, that's five stars and has availability at 7 p.m. And they can sync with OpenTable and they'll automatically you get a chat interface that pops up. Or you can use Instacart as well. There's an Instacart sync over here and you can order from your favorite grocery stores or you can use Expedia as well. So the implications of this are not huge just for marketing, but also for business. And we want to talk about this a little bit so you can get ahead of this. Eric, do you want to give another example of how a normal business can end using the plugins?

1:18Yeah, I'll give another one. I've talked about this on the reaction video yesterday. So Zapier basically interacts with 5 ,000 different apps like your Google Sheets, Trello, and Gmail, HubSpot. You can ask questions, right? So, hey, how many leads do we get this week? How many leads are we averaging each day right now? What's the average value of a lead? You can get all those computations now without having to wait and go to finance or wait for an analytics person to come back to you. you're going to be able to move a lot faster, not just from a business perspective, but from a marketing perspective.

1:46Think of this as a really amazing way to get answers for anything that you're looking for within your organization when you're trying to analyze your marketing, whether it's your data, your analytics, you're trying to figure out what decisions you should make based on the data. A lot of this can help you. And what's really cool about OpenAI and what they're doing. Most marketers just look at it as, oh, it can help me write content. That's a small, small piece from it. When we're looking at a McKinsey study, there's going to be more money spent on analytics than when it comes to AI than content.

2:23At least that's what it's showing right now. Now that could change over time, but imagine if chat GPT, even if you're not great with analytics or open AI can help you understand what's happening within your data and organization. and then you can end up going and making better decisions based off of that. Let's use this from a marketing perspective, right? So let's say you're running an ad campaign and you want to know, okay, what's the ROAS? Which campaign has the best ROAS? Okay. You know, which campaign is performing the best? You know, which campaign is the most inefficient ones? Can you shut that down?

2:54And so you're basically going to be able to tell the ad platforms eventually just what to do. And again, the problem right now is the latency, right? So you have to wait for this analysis to be done maybe a couple of weeks or so because people are busy. but now you can just have the analysis done immediately. Like for example, I pay a couple thousand dollars for an LTV analysis each year on our clients to figure out how we're training over time, what we should be spending more on, which channels are working the best. And that takes him a couple of weeks to do. But now if you have the right data, you can plug in your QuickBooks, you can plug in your analytics, you can plug in your ad platforms, you can plug in everything and you should be able to get it immediately.

3:27And you're just going to be able to iterate a lot faster because what marketing really is at the end of the day, what business is at the end of the day is just how quickly you're learning and how quickly you're iterating and how you're testing your theories and disproving theories that previously didn't work, right? You're constantly just iterating and building on top. And I think we're gonna see a lot more innovation come from businesses and also from marketing. I want you guys to pay close attention to what Eric just said. He made a key point. You can figure out what's happening in essence in real time and then go and make adjustments from there.

3:59You see, in marketing, most people wait weeks. When you wait weeks, it actually can hurt your overall profiles, your marketing efforts. A great example of this is, let's say you're trying to analyze what's working for you on LinkedIn and what's not, or Instagram, pick any social network. If you keep posting crap for two, three weeks, it actually hurts you when you start posting the stuff they want. Because they're used to your audience, your followers not engaging. So when you post stuff that people want to hear about or want to see, they won't see it in most cases, right? or less of them will end up seeing it.

4:33So what you want to do is you can start using open AI to figure out what's happening in real time and adjust. This will allow you to get a bigger bang from the buck for your marketing because you won't be wasting your time and effort on stuff that's not working. Yep. And here's the thing, like you can basically ask it, Hey, like, Hey, remind me when my creative starts to have ad fatigue or show me the creatives that are performing really well and remind me. So you can set all these reminders and then eventually you can just automate everything, right? But I do believe at least when this stuff first comes out, you're going to need human beings for the last mile just to make sure that everything looks good to go and you can't completely just rely on it.

5:11So I'm not saying you can autopilot everything out the gate, but I'm saying you're going to save a lot of time. Eventually you can autopilot everything. That's going to become the big goal. So that is it for today. Please don't forget to rate, review, subscribe, and also subscribe to us on YouTube because we are trying to grow there really quickly and give us an honest review. Let us know what you think. We're trying to constantly level this up and we're taking all your feedback to heart and we'll see you later. we appreciate you joining us for this session of marketing school be sure to rate review and subscribe to the show and visit marketing school.io for more resources based on today's topic as well as access to more episodes that will help you find true marketing success that's marketing school.io until next time class dismissed

6:01Thank you.