{"id":72124,"date":"2023-09-22T09:15:00","date_gmt":"2023-09-22T14:15:00","guid":{"rendered":"https:\/\/www.success.com\/?p=72124"},"modified":"2024-08-20T22:00:09","modified_gmt":"2024-08-21T03:00:09","slug":"how-to-use-ai-to-make-money","status":"publish","type":"post","link":"https:\/\/www.success.com\/how-to-use-ai-to-make-money\/","title":{"rendered":"Intimidated by AI? Don’t Be\u2014Here\u2019s How to Leverage AI to Increase Your Company\u2019s Revenue"},"content":{"rendered":"\n

The age of AI is here. Three in four small business owners report that they are interested in using it in their business. Yet, 46% say they have a beginner\u2019s level of understanding of what it can do for them, according to a poll of 480 businesses across the U.S<\/a>. by Constant Contact. This leaves quite a few with much room to learn, improve and understand exactly how they can leverage AI for their business needs, to ultimately make more money as they do less work.<\/p>\n\n\n\n

Some businesses, on the other hand, have already seen increased profits as their productivity rises with AI tools. Brooklyn, New York-based Jen Glantz, founder of Bridesmaid for Hire, has been using a maid of honor speech writing tool<\/a> that helps anyone with writer\u2019s block write a speech in minutes. \u201cWe created the tool using AI and trained it with over 200 real maid of honor speeches that I wrote for clients. The tool replicated my writing style and writes speeches with a human and conversational tone. Plus, the experience mimics how I work with clients,\u201d she says, adding that it chats with her clients to pull out stories, details and memories. It even alerts clients when they\u2019ve shared something too inappropriate or in bad taste to be included in the speech. <\/p>\n\n\n\n

\u201cBefore having this AI tool, I’d spend 4-5 hours writing a maid of honor speech for a client, and because of this, I could only take on two clients a week. Now with the tool, the amount of people I can help write maid of honor speeches is endless. Since launching in July, we’ve increased our bottom line for this service by 50%,\u201d she says.<\/p>\n\n\n\n

At scale, Glantz\u2019s concept presents the opportunity for larger businesses to save millions of dollars optimizing AI. Here\u2019s what experts recommend trying if you are ready to dive into the future and use AI to make money.<\/p>\n\n\n\n

How to use AI to make money? Find an expert<\/h2>\n\n\n\n

As with anything brand new and evolving, it\u2019s hard to point out the experts at first. But the concept of an AI consultant, which goes by various new names, might be just what your business needs to outsource the job of determining where and how AI would be most helpful to you.<\/p>\n\n\n\n

Rob Marsh is a direct response copywriter and founder of the Copywriter Club. He has been teaching people in his industry how to optimize AI for increased revenue. \u201cJust like you might hire an expert to set up your email system or manage content for your content management system for your website, there\u2019s a huge opportunity for people to be able to do this\u2026 how to connect all this stuff together.\u201d He has someone on his team already serving in this role. <\/p>\n\n\n\n

He recommends starting with a single project rather than jumping to hiring someone to \u201ctake them into the AI age.\u201d This serves as a safety net, as most AI consultants are new to the game as well.<\/p>\n\n\n\n

\u201c[Ask] for a proposal of two to three things we should do differently, and tools that we should be using, and let\u2019s explore that,\u201d he recommends. <\/p>\n\n\n\n

Move from panic to play<\/h2>\n\n\n\n

\u201cWe are all deer in the headlights, even people who are talking about it\u2026 yes, they are experts, but they\u2019ve only been experts in this for a couple of years, and most of the time a couple of months,\u201d Marsh says. He says we\u2019ve just been handed a \u201cmassive box of Legos,\u201d and have an opportunity to start putting the bricks together to see how it works. He encourages business owners that nobody is really behind at this point. \u201cJust play around with them. Have some fun, see what they do\u2026 if you like them, keep using them.\u201d<\/p>\n\n\n\n

Soo-Jin Yang is the CEO and founder of illumino, a technology-enabled eyelash extension brand in Las Vegas. She says her company has been \u201ctesting the waters and generating ideas to get us started\u201d using AI. They\u2019ve tried plannthat.com<\/a> to come up with social media post ideas using a mood board that they tweak as needed. This saves time, and ultimately money, in decreased brainstorming tasks. <\/p>\n\n\n\n

They also use ChatGPT<\/a> to edit blogs, captions and other copy, though they aren\u2019t looking to replace all of their copy needs with AI. \u201cIt cannot replace the creativity and touch of a real human,\u201d Yang says. Finally, they\u2019ve implemented AI to help \u201cclean up\u201d photos and make them more engaging without the extra time, creating backgrounds for product images, she explains.<\/p>\n\n\n\n

Do an internal audit to look for \u2018low-hanging fruit\u2019<\/h2>\n\n\n\n

Many businesses have already automated processes from invoicing to data entry, but David Taylor, co-founder and CPO of Promptmaster, does 30-minute AI strategy calls with clients to craft a \u201cpersonalized strategy for achieving radical cost savings in the era of artificial intelligence.\u201d The tech entrepreneur built a SaaS company that used machine learning to predict viral trends, designed and shipped more than 30 software products in the last 12 years, and co-founded the world\u2019s largest web3 Metaverse.<\/p>\n\n\n\n

Now at Promptmaster, Taylor reports seeing an \u201cuptick\u201d in requests from C-suite leaders on how to leverage AI. \u201cThere is a weird mix of caution and opportunism. Only a few companies have realized that AI can bring radical productivity gains to businesses,\u201d he says. His recommendation if you want to be one of them? Look for \u201clow-hanging fruit\u201d in your processes.<\/p>\n\n\n\n

\u201cTake a good look at how your employees are actually doing their jobs. What tasks take a lot of effort to generate text, images or audio? What tasks revolve around editing or refining generated content? This content can be anything from presentations, internal memos, customer support conversations, marketing collateral,\u201d he says. \u201cThose are your low-hanging fruits to unlock productivity for your teams and redirect 30-40% of their time toward more value-generating activity.\u201d<\/p>\n\n\n\n

He recommends having at least one marketing manager adept at using AI tools, and ensuring customer support agents can use ChatGPT well. He adds that social media managers should be masters of tools like HeyGen<\/a> or ElevenLabs<\/a>.<\/p>\n\n\n\n

\u201cFind the tasks that are ripe for automation,\u201d he adds. He uses an AI scoring formula with clients to estimate potential cost savings per task for companies. \u201cOperational costs can be cut in half\u2026 if that happens at departments that are profit centers, revenues go up immediately and significantly.\u201d<\/p>\n\n\n\n

Try out these AI tools <\/h2>\n\n\n\n

If you hear a tool mentioned multiple times in your network, check it out to see what the buzz is about, and if it would help your business, Marsh recommends. He also likes There\u2019s An AI for That<\/a> to help identify which tool you need for a specific task.<\/p>\n\n\n\n

Jeff Pedowitz, president and CEO of The Pedowitz Group in Alpharetta, Georgia, is also the author of AI Revenue Architect: Building Your Time Machine For Exponential Sales Growth<\/em><\/a>. He has a list of must-try tools that could benefit leaders in most industries:<\/p>\n\n\n\n