Session 2 - in using #GPT4 as a business adviser and where things slow down…And it’s all my fault…

Some of you might have seen my SLOW version of a very cool experiment. On how you can let GPT4 create a new business with you.?Some other people are doing this over 30 days (and some people over 30 hours.) I am doing it - in my own time - which is limited outside of my Your FLOCK employee feedback platform work.

So this Sunday I sat down with my API access to GPT4 and asked it a few questions. Working from what we had done already. I knew our business idea was to work in the Content Creation and Selling Digital Products sector. But I didn’t know HOW?

SO my first prompt / question was

"Imagine you are a startup CEO and marketing person with years of experience and have successfully started companies that have made millions of pounds. You are now the business mentor of Dan Sodergren.

Create a 1000 word blog detailing a step-by-step launch plan for your business idea for him which is in the Content Creation and Selling Digital Products sector.

Focusing on validation, market research, setup, and required resources, given a ￡1000 budget and a 6-hour weekly time commitment. Give him his next 10 things to do and why.”

The answer

10-Step Launch Plan for Your Digital Product Empire

With a budget of ￡1000 and a 6-hour weekly time commitment, these ten steps will guide you towards success. Focusing on validation, market research, setup, and resource management.

Validate Your Business Idea:

Your first task is ultimate validation. Assess the demand, potential profitability, and target audience for your digital products. Conduct market research, surveys, and polls to gain insights into your target audience's interests, preferences, and content consumption habits.

Why:

Validation ensures there's a viable market for your product and minimizes the risk of investing time and resources into an idea with limited or no potential.

Conduct Competitor Analysis:

In the fast-paced world of digital products, understanding the competition is essential. Investigate other content creators and digital product sellers to pinpoint their strengths, weaknesses, product offerings, and customer pain points.

Why:

Competitor analysis allows you to identify unmet needs and capitalize on untapped market opportunities, setting your business apart from the competition.

Build Your Brand Identity:

A strong brand identity helps customers recognize and trust your products. Define your brand's purpose, unique selling proposition, and core values, then develop a visual identity, tone of voice, and messaging that distinguishes your content and digital products.

Why:

Effective branding garners customer loyalty by fostering an emotional connection, creating consistency. And establishing trust and credibility.

Develop MVPs (Minimum Viable Products):

Avoid the exhaustion of your entire budget by creating a Minimum Viable Product (MVP) version of each digital offering. These MVPs allow you to test market viability, refine the products, and gather early customer feedback.

Why:

MVP development prioritizes efficiency, empowering you to identify potential areas for improvement with minimal financial investment.

Craft a Pre-launch Promotion Strategy:

Stir up anticipation and excitement around your digital products before launch. Develop a content marketing plan, leveraging:

- blog posts,

- webinars,

- social media activity,

- and influencer partnerships

to showcase your upcoming suite of offerings.

Why:

Pre-launch promotion solidifies a foundation of interest, increasing awareness and improving conversion rates upon product release.

Network with Industry Influencers:

Foster relationships with peers, influencers, and thought leaders within the content creation and digital product community. Attend conferences, webinars, and meetups to strengthen your industry network.

Why:

Collaborating with industry influencers adds credibility to your brand, exposes your content to a broader audience, and expedites growth opportunities.

Set Up Your eCommerce Platform:

Implement a user-friendly, secure sales platform to showcase your content and digital products. Explore self-hosted platform options (e.g., WooCommerce.) Hosted solutions (e.g., Shopify.) or a combination thereof, focusing on straightforward navigation and robust security.

Why:

A reliable, user-friendly eCommerce platform enhances the customer experience, encouraging future purchases and glowing referrals.

Launch Your Digital Product Line:

The moment has arrived—introduce your digital products to the world. As you implement your marketing plan, listen to feedback from early adopters to address any concerns, resolve customer queries, and monitor your competition continually.

Why:

The launch establishes your official presence in the market, beginning your journey toward revenue generation and market share growth.

Analyze and Iterate:

Use analytics tools to assess your digital offerings' performance and gather critical user insights. Monitor:

- customer behavior,

- product popularity,

- conversion rates,

and more, adjusting your marketing and product strategies accordingly.

Why:

A data-driven mindset lays the groundwork for continued growth and improvements, keeping your business agile and adaptable in an ever-evolving industry.

Scale Your Business:

Embrace customer feedback, iterative improvements, and new opportunities to expand your content creation and digital product empire. Experiment with new product offerings, grow your target audience, and explore potential partnerships to fuel business growth.

Why:

Scaling your business ensures long-term success by capitalizing on new opportunities. And continually fostering customer engagement and loyalty.

My next step:

I have to confirm my business idea step in more detail.

So my next question / prompt was:

“Can you please go into the following step Validate Your Business Idea:? in more detail and give me a 5 point step by step plan as to how to do it. Particularly in reference to the business idea we are starting.”

The answer

Validating your business idea is the first and most critical step in launching a successful content creation and digital product venture. To ensure your idea's viability. And identify its unique selling points. Follow these five detailed steps tailored to your business idea.

Define Your Unique Value Proposition (UVP):

Identify what sets your digital products apart from the competition. Consider your content's format, target audience, delivery method, and any other differentiating features. Your UVP should be concise and specific, highlighting the primary benefits and reasons why customers would choose your products over others.

Step by step:

a. List your product features, niche, and target audience.

b. Research what competitors offer in your niche.

c. Identify gaps in the market or areas for improvement.

d. Develop a distinctive aspect or solution that sets you apart.

e. Create a clear and compelling UVP statement describing the unique benefits of your products.

Conduct Market Research:

Collect and analyze data relating to your target audience, their preferences, habits, and content demands. This research helps to gauge market demand, guiding your product offerings and marketing strategies.

Step by step:

a. Define your target audience demographics, psychographics, and interests.

b. Conduct surveys or polls to gather feedback about your market's preferences.

c. Identify current trends and popular content within your target audience.

d. Analyze your competitors and their successful product offerings.

e. Develop a comprehensive understanding of your audience's preferences, which will inform your product development process.

Assess Market Demand:

Before investing time and resources, ensure there's sufficient demand for your digital products. Use:

- market research,

- industry projections,

- and buyer personas

to gauge the prospective need for your content and potential sales.

Step by step:

a. Analyze market trends and industry reports for the content creation and digital products sector.

b. Utilize keyword research tools to determine search volume and interest for your specific niche.

c. Explore relevant online forums, social media groups, and communities, noting frequently asked questions or challenges within your niche.

d. Estimate potential market size based on audience insights, keyword research, and competitor analysis.

e. Compare market demand with existing supply to determine the viability of your business idea.

Test Your Idea with a Small-Scale MVP:

Develop a minimalistic version of your digital product and release it within a controlled, limited scope. Gather initial customer feedback and sales performance data to validate your idea and make any necessary improvements.

Step by step:

a. Choose one or few digital products to create as MVPs, focusing on your core offerings.

b. Develop a basic version with essential features or content, ensuring it still represents your UVP.

c. Share your MVP with a small group of friends, colleagues, or target audience members.

d. Gather honest feedback, identify potential areas for improvement, and make adjustments accordingly.

e. Evaluate the response, and if positive, continue refining your product for broader release. If not, reassess your UVP or target market.

Run Pre-sales and Crowdfunding Campaigns:

Gauge customer interest and secure initial investment with pre-sales or crowdfunding campaigns. These efforts can help validate your idea while generating revenue before the official product launch.

Step by step:

a. Set up a pre-sales or crowdfunding platform, outlining your digital products, UVP, and intended product release timeline.

b. Promote your campaign to your target audience, utilizing email marketing, social media, and relevant online communities.

c. Monitor campaign performance closely, taking note of the number of backers, raised funds, and product interest.

d. Communicate transparently with your supporters, providing regular updates and seeking feedback.

e. Analyze campaign outcomes – if it exceeds expectations, proceed with confidence; if not, reevaluate and adjust your business idea.

My next step:

I have to work out what my UVP -? Unique Value Proposition (UVP) actually is…?

So my next question / prompt was:

“Now looking at "Define Your Unique Value Proposition (UVP)". Identify what sets our digital products apart from the competition. As they are made by Dan Sodegren - see www.dansodergren.com . And looking at my digital product which is?How to become an amazing public speaker. Tell me what sets my digital product apart and who should I target for my target audience?”

The answer

What sets your digital product apart:

Expertise: As a seasoned professional in marketing and technology, Dan Sodergren's industry knowledge and practical experience give credibility to the advice and strategies provided within the digital product.

Tech-savvy approach: Dan's background in technology ensures that your content is not only relevant but also applicable to today's evolving digital landscape, equipping users with essential skills for virtual presentations.

Engaging style: Dan's charisma and enthusiasm, as evidenced on his social media presence and personal website, promise a lively and inspiring learning experience for users.

Personalized guidance: Dan's emphasis on practicality and real-world applicability enables users to easily implement techniques and strategies into their own speaking engagements, especially when done remotely, making the content precisely tailored to individual needs.

Accessible format: The digital product format ensures your content is easily accessible and convenient, allowing users to learn at their own pace, regardless of their location or schedule.

Target Audience:

Professionals: Individuals at various career stages looking to improve their communication skills to excel in the workplace, lead effective meetings, and navigate virtual conferences.

Entrepreneurs: Business owners and startup founders interested in enhancing their pitch presentations and effectively communicating their ideas to investors, clients, and partners.

Students: College and university students aiming to hone their public speaking skills for presentations, group projects, and job interviews.

Educators: Teachers, professors, or trainers seeking to refine their presentation techniques and engage their students in both in-person and online settings.

Content creators: Social media influencers, YouTubers, podcasters, and other content creators who wish to improve their storytelling and communication ability to better connect with their audience.

My next step:

I have to get the machine to help me pick which one. Based on how much money I can make from each sector. Considering my initial time constraints.

So my next question / prompt was:

Thinking about the above business - if your sole aim was to make the most amount of money as quickly as possible. Which target audience is best to go for? From the above. Give your reasoning behind this.

The answer

To make the money, quickly, targeting entrepreneurs is likely the best option as your primary audience. Here are some reasons why.:

Willingness to Invest in Skill Development:

Entrepreneurs understand the importance of investing in their personal and professional development.? They are generally willing to spend money on resources that can help them improve. Making them more likely to purchase your digital products.

High Potential for Return on Investment:

A strong pitch presentation can make a significant difference in securing funding. And for partnerships or customers. Resulting in a higher potential return on investment for entrepreneurs. These individuals may be more inclined to invest in your digital product. If it directly impacts their bottom line.

Ongoing Skill Requirements:

Entrepreneurs continually need to communicate their visions, ideas, and strategies to various stakeholders. This ongoing requirement for effective public speaking creates a continuous demand for products.

Networking Opportunities:

Entrepreneurs are often a close-knit community. Attending conferences, meetups, and other events to network with their peers. This sense of community and shared experience makes it easier for your product to spread through word-of-mouth recommendations.

Corporate Clients:

By targeting entrepreneurs, you may be able to tap into an even larger market – their companies. Offering team workshops, training programs or company-wide presentations provides a broader revenue stream.

My conclusion:

This is where myself and the AI “fell out” … As I know the target market around entrepreneurs and startups very well. Having started 10 businesses myself and helped over 10,000 people do the same. I know the startup market. And we are a start up ourselves at Your FLOCK the employee feedback platform.?

And there is no way that we would pay to help us be better at public speaking. And so I argued the case with the AI. And I lost more than an hour of work. Which I won't detail here.?

But what I will say is that the AI at the moment has some flaws in its thinking and how it presents information.Especially how it doubles down on being wrong about some things. I argued with the machine for quite a while…

I then realized it was only doing what I asked it to. And that it needed to learn more so it could really help me. So we went to school and I taught it from a series of different thinkers and entrepreneurs. Especially from Daniel Priestley and his books and workshops.

Some time later… after it had summarized much of Daniel's work I asked the machine again.

So my next question / prompt was:

“From everything you have learned about startups. Especially the methodology of Daniel Priestley. From his books and especially “24 Assets. For the business already explained and discussed, create a full list of the PRODUCT ASSETS: that we can create for the "How To Become An Amazing Public Speaker" business”.

The answer

Here is a full list of product assets for the "How To Become An Amazing Public Speaker" business:

Gifts:

Offer valuable resources, such as:

- downloadable cheat sheets,

- online guides, or

- app driven checklists,

That provides quick tips and techniques for public speaking. These free gifts can attract potential customers. And give them a preview of the valuable content you provide.

Product for Prospects (P4P):

Design a lower-cost product aimed at introducing prospects to the world of public speaking. Examples include an introductory eBook. A mini-course or a series of instructional videos. Covering the basics of public speaking.

This I now have at How To Become An Amazing Public Speaker.

Core Product:

Create a comprehensive digital course. Which covers all aspects of public speaking.? Especially online. From structuring a captivating speech to mastering body language and effectively using visual aids.

Workshop or Masterclass:

Host live workshops or masterclasses where users can receive:?

- personalized coaching,

- feedback,

- And tips

to advance their public speaking skills. These sessions could be premium offerings. That allow users to interact directly with Dan Sodergren and other experts.

Members-Only Community:

Create an exclusive community or forum for users who have purchased your digital products. This platform facilitates:?

- networking,

- peer feedback,

- and ongoing support

From like-minded individuals who share an interest in public speaking.

Customized Coaching:

Offer one-on-one coaching or consultation services for clients who wish to have a tailored learning experience. These sessions can focus on the specific needs of individual clients, providing customized guidance to help them excel in their public speaking endeavors.

Corporate Training Programs:

Develop tailored training solutions for organizations seeking to improve their employees' public speaking skills. These programs can be adapted to the specific needs and objectives of the company. Ensuring a relevant and impactful learning experience.

(Ed: I would like to do these for underrepresented people as well)

Certification Programs:

Establish a certification program that individuals can complete to demonstrate their mastery of public speaking techniques. Participants who complete the program can receive a verified certification to showcase their skills and accomplishments.

Watch this space for real life work and plans that I am now doing with Tom Cheesewright and Pomana Partners. Outside of my work with Your FLOCK - the employee feedback platform.

My next step:

My final prompt was below. As I ran out of time and energy. And I realized, this prompt had to be around market research and how we could see whether this was a good idea or not.

The prompt for market research:

“Imagine you are a researcher and an expert business mentor. Based on the above target audience AND the business idea. How would I conduct market research? Into the target audience's interests, preferences, and content consumption habits.”

The answer

To conduct market research, surveys, and polls for your target audience of entrepreneurs related to the business idea of "How To Become An Amazing Public Speaker," follow these steps:

Identify research objectives:

Clearly define your objectives for the market research, such as understanding the challenges entrepreneurs face in public speaking or identifying the preferred format of content consumption (e.g., video, eBooks, audio).

Define your target audience:

Select the subsection of entrepreneurs you want to focus on (e.g., early-stage startups, small business owners, specific industries, or geographical regions).

Choose data collection methods:

Select appropriate market research techniques to obtain insights from your target audience. Some common methods include:

- Online surveys and questionnaires (e.g., using SurveyMonkey, Google Forms, or Typeform)

- Polls on social media platforms (e.g., Twitter, LinkedIn, or Facebook groups)

- Focus groups or interviews with entrepreneurs (in-person or virtual)

- Analyzing publicly available data, industry reports, or case studies

Design relevant questions:

Craft questions that align with your research objectives and provide valuable insights into the preferences and habits of the target audience. Examples of questions could be:

What are the main challenges you face in public speaking?

How important is public speaking in the success of your business?

What resources have you used in the past to improve your public speaking skills, and which formats did you find most effective?

How much would you be willing to invest in a public speaking course or resource?

How likely are you to recommend a helpful public speaking resource to your peers?

Collect and analyze data:

Distribute your surveys, polls, or interview requests to your target audience through relevant channels such as emails, social media groups, or online forums. Give respondents a reasonable timeframe to complete the survey. And consider offering incentives (discounts, gift cards, or free resources) to encourage participation.

Analyze the results:

Review the collected data to identify trends, patterns, or notable insights that can inform your product development and marketing strategies. Focus on insights that relate directly to your research objectives. And provide a clear understanding of the preferences and habits of your target audience.

My next step:

I need more data on the target audience before I move forward. As this cannot be seen to be a good business idea before this data. Or I can ask Bing for more up to date and statistically reliable information from the internet.

It’s this step which I will be doing next.

So session 2.

Didn’t go as planned. And I am now considering changing my approach and doing an hour a day - rather than 3 hours for each day of the weekend. Or 6 hours on a Sunday… As it would seem the longer you have to think about it. The longer you can ask the wrong question. And go down a rabbit hole of AI created information and disinformation.

This is perhaps where the basic version of GPT4 is problematic.

My future experiment shows that when trained in the same session set to understand a better answer then the machine did so much better. Perhaps this is the future of this technology. Not one app to rule them all but one machine to run many apps.

I also can't expect this idea for the AI to do it all.

The next steps will have to be done by me.