At MPowered, we have always been passionate about how AI can transform the mortgage journey for the customer, and the potential for chatbots like ChatGPT to play a crucial role in companies looking to advance their customer support.
However, often overlooked is the value that ChatGPT can add to your own business. Its capacity to generate content makes it a fantastic tool when it comes to marketing, and lenders and brokers should be exploring how the technology can be incorporated into their marketing strategies to drive business growth as efficiently as possible.
Given it reached over 100 million users in two months, it is unlikely that you haven’t heard or even tried out ChatGPT.
You may not, however, know how it works. An advanced chatbot, ChatGPT is trained using a large language model which predicts the best word to use at any given time.
The model’s predictions are based not only on the billions of words it is trained on, but also on the previous words in the sentence.
In this way, ChatGPT can interact with humans in a conversational, and ‘human-like’ way. It can also perform a wide array of other tasks including translation, text summarisation, coding and content generation.
Through creative use of the technology, marketers can significantly cut down on the time it takes to do many of their day-to-day tasks. We have come up with 6 ways marketing teams can use ChatGPT below, but the list certainly does not stop there.
1. Email marketing
Especially in times when borrowers have less confidence in the market, it is important for businesses to regularly engage customers with updates, offers and information.
ChatGPT can help generate the basis for text that can be used in email marketing, allowing you to send more relevant, timely and consistent updates to your customers.
2. Social Media
Social Media is becoming an increasingly important part of any brokers marketing strategy, and can be critical for generating new leads, and growing brand awareness.
With ChatGPT, marketing teams can save time by using it to generate captions, respond to comments, find trending hashtags, and even produce entire social media campaigns focused on specific goals.
3. Creating blogs
Most marketers know that search engines prioritise websites that are regularly uploading content that is engaged with by visitors to the page, and that blogs can form a significant part of this content. Unfortunately, consistently producing high-quality blogs is hard and time-consuming.
ChatGPT can not only support by producing drafts of blog posts, but it can also be used to generate ideas for topics in the first place.
4. Producing customer surveys
Particularly in the current mortgage market, the needs of borrowers are constantly evolving. To ensure you are meeting the needs of your target customer, feedback is vital.
With the right prompts, ChatGPT is fully capable of generating effective surveys for you.
5. Recommending marketing tools
Broker marketing teams have an increasing range of tools at their disposal, but it’s not always straightforward to know which ones to use.
Whether you’re looking for a content scheduling tool, or a keyword research tool, AI chatbots can provide you with a list of tools and options to explore instantly.
6. Writing service descriptions
Standing out online does not only mean describing your services in a way that will appeal to humans, but it also means optimising descriptions for online search engines. ChatGPT can do both.
In short, ChatGPT can be a powerful tool for enhancing productivity and efficiency in your marketing teams. That being said, it is important to remember that it should be treated as a supplement, not a replacement, to human creativity.
Human input will always be needed to tailor content to your specific needs, maintain your brand voice and adhere to subtleties an AI model cannot. If you can get this balance right, the benefits to your marketing team in terms of time saved and variety of content created can be significant.
Stelios Constantinidis is head of research at MPowered Mortgages
