Have you ever wondered how Elon Musk became a social media superstar? Or how Apple’s marketing is so impeccably crafted that it makes you want to buy the latest iPhone even when your current one works perfectly fine? Well, the secret sauce isn’t always just about genius minds, it’s also about leveraging technologies like AI.
In our last email, we touched on how AI, specifically ChatGPT, can help your content creation. Today, we’re diving deeper. We’re exploring how ChatGPT can reshape your marketing strategy, breathing new life into your client engagement efforts.
You’re probably no stranger to the hurdles in marketing strategy development. The wealth management industry, in particular, is notorious for its maze of complexities. From compliance to brand differentiation, the idea of creating that strategy that will transform your firm growth can seem daunting.
The beauty is that ChatGPT can give you a blueprint. Maybe not the exact, silver bullet, type of recommendations, but it can move you further down the path. Remember, it’s about the 80%, the time consuming part of researching, outlining and ideating.
The best way to understand the opportunity to leverage ChatGPT to create a marketing strategy is to share a specific example. So, I decided to work with ChatGPT to help me build a marketing strategy.
I started by providing context of my made up firm. Here was the initial prompt I used:
Assume you are an experienced chief marketing officer.
You have been hired by an established wealth management firm to revamp their marketing strategy and tactical plan. This firm has been around for 10 years and currently serves 550 families. The target demographic of this firm is individuals or couples that are within 5 years of retirement and have a liquid net worth of $1,000,000. This firm is located in Dallas Texas and has a majority of clients in the Texas area, but is looking to expand more nationally.
Please create an outline for a marketing strategy that we can incorporate within this firm to help the firm grow by 15% in new families every year.
And from this prompt, ChatGPT gave me an initial framework for a marketing strategy. See it here
Great! Is this perfect, not exactly. But it is farther along than I was two minutes ago.
I am really most excited and focused on the section about Promotion and Communication Strategy. So, I want to dive into this section. This leads me to ask ChatGPT to flesh out this particular section (See my prompt here). Which it does. See here.
Wow! Ok. We are making some progress here.
Let’s start to get more granular. We need an implementation plan. So, let’s continue our conversation with ChatGPT to build our implementation plan (See my prompt here). And an implementation plan is now created. See it here.
The area around PR & Media Relations is super interesting. And they mention in the resources section about media databases. But I have no clue where to go for this and what tools to leverage. So, it makes sense for me to ask ChatGPT for some additional insight here. And so I ask the simple question: “What is a good media database to utilize for the PR & Media Relations Item?”
And here is what ChatGPT provides.
WHEW! That is crazy. I could get lost in this. Go into asking questions about each area of the implementation plan. But I want to wrap things up here.
Before finalizing everything here, I want to ask ChatGPT to create me a content calendar (we already talked about how this tool can help us with our content, but what about the strategy?) Well, I asked and it didn’t disappoint. See the content calendar for one quarter that was created.
So, you can now see. This is an extremely powerful tool. And the ability to engage with it as you would another human makes it easy to engage with. It doesn’t replace the human, it supercharges the human. By creating the framework, humans can spend more of their time editing and honing in on specific aspects. And then determining and measuring the most effective way to iterate this over time.
Again, it’s a matter of helping with the initial / time consuming 80% of work. And as you can see here, the power is there. It’s a matter of whether we want to embrace it or not.