While I kept away from ChatGPT for 6 months, I'm now an avid user.
Just as predictive text on your mobile might give you the word “spilling” and not “spelling” you still need to check the answer it gives you.
Let's not forget that a LLM (large language model) are just very clever “predictive text” and while we call it “artificial intelligence” it will give us an answer, but it might not be the right answer.
ChatGPT is not a “silver bullet”. But the answers it will give, will help you with additional ideas, strategies and suggestions. If your competition isn't using ChatGPT, then it will give you significant competitive advantage.
Here are 10 prompts to give you a head start.
Identify emerging trends
"Assume the role of a business analyst. Identify emerging market trends related to [your industry/business sector]. Analyze recent global news, social media trends, and market reports from the past six months. Focus on areas such as technological advancements, consumer behavior shifts, and new market entrants. Summarize the key trends and explain how they are impacting my business in [specific business area or industry], and the changes I can make today to capitalize on them.”
Conduct a customer deep dive
"Analyze the attached spreadsheet containing customer feedback for [your business name]. Focus on comments related to customer satisfaction, reasons for sign-up, purchasing behaviors, and specific product or service feedback. Identify common themes, patterns, and any recurring suggestions or complaints. Provide a detailed analysis of customer needs, preferences, and potential areas for improvement or innovation in our offerings. Also, assess any trends in customer willingness to pay for certain features or services. Summarize your findings in a way that highlights actionable insights for our business strategy and product development plans going forward."
Find gaps in the market
"Based on the analysis of emerging market trends and customer feedback previously provided, identify potential gaps in the market for my business and industry. Consider both the current consumer demands and the trends identified to pinpoint niches or needs that are not adequately addressed by existing products or services. Explore opportunities for innovation or differentiation in these areas. Recommend strategies for my business to enter these market gaps effectively and make a significant impact. Also, provide insights on how filling these gaps could benefit my business financially and in terms of market positioning."
Understand public perception
"Search for social media mentions and online discussions about [your brand/product name]. If there is insufficient data or mentions due to the size of my brand, instead search for discussions and sentiments related to [specific problem your product/service solves]. Analyze the tone, sentiment, and key themes in these discussions. Provide insights into how my brand/product is perceived if applicable, or how the target audience talks about and experiences the problem I aim to solve. Summarize the findings to highlight public perception and potential opportunities for my business in addressing these needs or improving brand perception."
Predict the future
"Analyze the latest industry data and current affairs to forecast upcoming trends and market shifts in [your industry/business sector]. Focus on technological advancements, consumer behavior changes, economic factors, and any emerging patterns that could significantly impact the industry in the next 18-24 months. Interpret what these shifts mean for my industry over the long term and how they could influence market dynamics. Based on this analysis, provide recommendations on how my business can stay ahead of the curve, capitalize on these opportunities, and maintain longevity and a competitive edge."
You will also find another 5 prompts in this article.
If you want to understand how social media can drive business for your company, read on.
Let's look at the data, cold calling vs our social selling benchmark
Here at DLA Ignite, we are always wanting to push forward the boundaries of sales, so we decided to put cold calling head to head with the DLA Ignite methodology for social selling and create a benchmark (and business case) for our version of social selling.
So we took a team of "cold callers" cross trained them in our methodology for social selling and here are the results.
Don't believe me? Please check the team out on social and ask them about the results!
The results with cold calling
When the team were cold calling, that is, before we trained them on social selling. I'm not sure what results you get with cold calling but they did whatever they could in terms of warming up the calls with emails or webinars, etc. And the results, they got about 2 calls a week.
As with any cold call, your job is to take the call to a next action, which might be a demo, discovery call and they averaged 0.3 of these calls.
Anyway, you will have your own figures for cold calling in your business and you will know what they are.
The results for social selling
What is social selling?
The DLA Ignite definition of social selling is
"Using your presence and behaviour on social media, to build influence make connections, grow relationships and trust. Which leads to conversation and commercial interaction".
(Please note these figures are for the DLA Ignite methodology, we cannot speak for other suppliers, please check with them, before signing any contracts.)
I need to say, before I get any comments.
There is no spam and no automation in the DLA Ignite social selling methodology!
The DLA Ignite social selling methodology does not use connect and pitch!
The DLA Ignite social selling methodology does NOT use inmails, which are spam.
In fact the program is now back and certified by the Institute of sales professionals (ISP), the only such methodology backed by a sales professional body.
Let's get onto those results for DLA Ignite methodology of social selling
The team are getting a 9% response (on average) to social selling cold outreach, so for every 100 people they ask for a call, 9 say "yes".
This figure is an average, so we think somebody with intermediate skills or an expert should be getting a higher figure should be getting a larger response. In fact, our benchmark for an expert is 13%, but I want to keep figures realistic and conservative.
As we mentioned above, with every "call" based on cold outreach, there has to be some sort of next action. For your own company, you will know what your next action is, it will be a demo, a discovery call or something.
We have found that with DLA Ignite social selling methodology 9% of the people (on average) that agreed to a call, 33.6% are converting to a next action.
This is exponential growth when compared to cold calling.
Each salesperson is averaging 10 calls / meetings per week.
Just think if you scaled that across your sales organization!
(The most successful SDR complains he has got too many meetings, which think is a great problem to have!)
Just think about that being rolled out across your sales team(s).
It's time to work smarter not harder.
Let's look at this with a business case
Let's take a sales team of 10.
We know that the average person can grow their network by 3,000 people a year. Let's assume of these 50% are going to buy, this gives you a network growth of 1,500 per person per year.
If you have 10 salespeople that gives you a total addressable market (TAM) of 15,000 new people to have conversations with.
With our, Institute of sales professionals (ISP) backed, DLA Ignite social selling methodology, (note: we cannot vouch for anybody else) based on our measured benchmark, you should be able to get, on average, meetings with 9% of this TAM of 15,000. This means your sales team can have 1350 new conversations every year.
(As we know, conversations create sales.)
As we discussed above, with any cold outreach the objective is to get a next action and using our social selling methodology and using our measured benchmark we can get 33.6% of 9% of our TAM to a next action, which is 454.
Let assume you win 1 in 3, that's 151 new sales a year using social selling, average order value (AOV) $100,000, that's
$15,120,000 = $15 million
That's an additional $15 million that you are missing by cold calling rather than social selling.
or $1,26 million you miss every month you delay moving from cold calling to social selling.
Of course, if you have more than 10 sales people, you can scale the figures up.
Want to know more about social selling, check out my new book
In this brand new edition, I have updated all the text, I have also got 15 practitioners, so people who are doing this already to explain how they are get (practical) business benefit. From the CEO that has been running a digital business for over 18 months to sales leaders who use social selling every day.
What could be around the corner for you? A huge new business, a game-changing client, a jaw-dropping deal? All of these things could be on their way. But rather than sit there and try to manifest them into your life, you can use ChatGPT to go out and find them. You can explore the possibilities and think about what you want.