Leveraging Generative AI to Boost Revenue
What exactly is Generative AI? How is it most helpful for startups and businesses? What AI tools are available to streamline processes and make companies more profitable?
Murem Sharpe addresses all of these questions and more during this special recording of “Leveraging Generative AI to Boost Revenue for Your Products and Services.” Learn why and how Generative AI can help companies be more efficient and bring in more revenue.
Want to read instead?
A Brief Introduction to Generative AI
Generative AI is a branch of computer science with roots dating back to 1956. It’s a dynamic field driven by companies like Google, Meta, Facebook, and other innovators, each working on advancing the capabilities of AI.
The Role of a Prompt Engineer: Murem Sharpe describes herself as a DIY (Do-It-Yourself) prompt engineer. Prompt engineering involves crafting and refining prompts, a crucial aspect of interacting with AI. She emphasizes the importance of refining prompts, often requiring multiple iterations to get the desired results.
Learning from Data: Generative AI’s foundation lies in learning from extensive datasets. This facet of AI warrants an in-depth discussion, considering the intricate processes and various engines involved. Chat GPT, one of the text generators, is known for its capabilities, while Google, which powers Bart, offers the advantage of more recent data.
Behind the Scenes: The giants of the tech world, including Google (now under Alphabet) and Meta (formerly Facebook), play a pivotal role in the development of generative AI. Murem Sharpe shares insights into the rapid expansion of AI research teams, especially at Google, reflecting the immense interest and investment in this field.
The Revenue-Generating Potential of Generative AI: Murem highlights the revenue-generating capabilities of generative AI, underscoring that it has the potential to transform the way businesses operate and interact with customers. The three main categories where generative AI can make an impact include:
- Increased Sales: Generative AI can generate leads and personalize messages, enhancing the connection between businesses and potential buyers. This personalization can be pivotal in securing sales.
- Improved Customer Service: Automation through AI, like chatbots and virtual assistants, is becoming increasingly important for delivering efficient and responsive customer service. These AI-driven tools offer solutions and answers to customer queries, reducing the need for direct human intervention.
- Development of New Products and Services: The ability to brainstorm and conceptualize new products and services using generative AI holds tremendous promise. Murem, who started her career as a product manager, finds this aspect particularly exciting.
Categories of Generative AI: Murem evaluates the four categories of generative AI: text, images, video, and audio. She inquires about which category boasts the most advanced generative AI tools and why. The AI’s response ranks text generation at the forefront, citing its simplicity and ease of processing. It also touches on the progress in image generation, with the promise of a more efficient and cost-effective approach compared to traditional stock photography.
Video Generation in Early Stages: The AI tools for video generation are still evolving, but Murem hints at their promising development. Although not as advanced as text and image generation, video generation tools are showing signs of improvement, making it an exciting area to watch.
Prominent Generative AI Tools: Murem introduces us to several generative AI tools, providing a brief overview of each:
- Bard: Developed by Google AI, Bard is a large language model known for its capacity to generate text, translate languages, answer questions, and more. Although still under development, Bard holds the promise of transforming interactions with computers.
- Chat GPT: An AI chatbot developed by OpenAI, Chat GPT is trained on an extensive dataset of text and code. It can generate text, answer questions, and has different versions, including the Legacy version, Default for subscribers, and Turbo for Chat GPT Plus subscribers.
- Copy.ai: This tool is designed for high-quality marketing copy, including sales emails, ad copy, and other marketing content. Copy.ai, founded in 2020, serves as a writing assistant, making it a valuable resource for marketing professionals.
- Jasper: Murem mentions Jasper, a tool from jarvis.ai. While not explored in detail yet, it appears promising and likely offers a range of AI-powered writing capabilities.
- Write Release: This tool, created by the PR company Gregory FCA, specializes in writing press releases. Murem used Write Release to craft a press release for an event, highlighting its specialized and targeted use case.
Opportunities:
Miriam emphasized that generative AI holds immense potential, and here’s how it can benefit various domains:
- Boosting Revenue for Businesses:
Generative AI can significantly enhance revenue for products and services. By automating tasks like content creation and analysis, businesses can work more efficiently and deliver better results. Whether it’s creating marketing content or analyzing LinkedIn activities, generative AI plays a role in improving processes.
- Rapid Learning and Application:
One of the exciting aspects of generative AI is how quickly users can learn and apply it. It empowers individuals to harness its capabilities and adapt them to various creative and practical needs. The technology is readily accessible and user-friendly.
- Positive Use of Technology:
Murems’s comparison of generative AI to fire is intriguing. Like fire, technology has the potential for both positive and negative outcomes. While there are concerns, this tool also has the power to drive innovation and transformation.
Cautions:
Generative AI’s remarkable capabilities also raise a series of concerns that we must address:
- Misinformation:
The ease of content generation with generative AI has raised alarms about the spread of misinformation. Content may be created without human oversight, leading to issues with accuracy and credibility.
- Deepfakes:
As generative AI becomes more proficient at creating highly realistic content, concerns about malicious uses, such as deepfakes, grow. This raises questions about the authenticity of the content we encounter.
- Job Displacement:
The advent of generative AI may alter employment dynamics, with certain professions potentially facing threats to job security. The integration of AI into various sectors requires proactive management.
- Bias and Discrimination:
One issue Murem highlighted was the perpetuation of biases and discrimination. A simple change in a prompt can lead to biased content generation, emphasizing the importance of addressing these issues in AI development.
- Intellectual Property and Copyright:
Legal concerns surround the use of generative AI in generating content, especially in cases where intellectual property and copyright are involved. These issues are complex and will require ongoing attention and regulation.
Conclusion:
The journey through generative AI with Murem highlights a profound transformation in technology. As this technology advances, the opportunities and cautions it presents will shape the digital age.
Generative AI is, as Murem suggests, a double-edged sword. It offers incredible potential but also carries significant risks. As users and stakeholders, we must use this tool responsibly and ethically. It’s akin to fire—a tool that can provide warmth and light but must be handled with care to avoid destructive misuse.
The exciting aspect of generative AI is that it is still evolving. Companies are continually improving and developing new applications. How society adapts to the opportunities and cautions this technology brings is a story that’s still unfolding. Generative AI is here to stay, and it’s up to us to navigate this landscape with vigilance and responsibility.
###
About Murem
Murem’s work focuses on client companies in in verticals such as healthcare and medtech, logistics, and business services that market technologies including SaaS (software-as-a-service), marketplaces, and devices. She is a Partner in Revenue Growth at TechCXO, a company that provides access to the best executive talent available. Get fast advisory help or hire fractional interim CEO, CFO, COO, CTO, CISO, CMO, FRO, CSO, or CHRO. You can even outsource entire functions. For more info on TechCXO, visit https://www.techcxo.com/.
