Earlier this month, CNBC published a report claiming that shares of online education company Chegg had fallen because ChatGPT was hindering its expansion. The company, which offers homework help and online tutoring, forecast revenue of $175 million to $178 million this quarter, well below FactSet’s analyst expectation of $193.6 million.
Chegg shares fell 48.41% to $9.08 on May 2. At the time of writing, it was trading at $9.47.
This begs the question: Who wins at the cost of such losses?
There are many individuals and organizations today who are using the help provided by ChatGPT to make money.
Here are five ways you can use ChatGPT to make money –
Content creation
For content creators, ChatGPT is a game changer. The tool can help you write blog posts, articles, social media posts, and ad copy. Use it to generate interesting topics for blog posts, catchy headlines, and social media captions that will keep your readers interested.
ChatGPT allows you to provide AI-driven copywriting services to businesses. Moreover, you can compose persuasive emails for marketing purposes. You can also write enticing text for landing pages and product descriptions with the tool.
We asked ChatGPT to write a product description for the Aeropress Go launch in Asia and it wrote a pretty compelling description for the coffee brewer.
Design of tools based on AI
If you know how to code, you can design unique applications and solutions that use ChatGPT to solve problems or increase productivity. You can create ChatGPT powered solutions to help content creators and marketers plan and generate ideas for social media content, headlines and posts. The program can also be used to generate project and campaign ideas.
We asked it to help us build a ChatGPT powered notes extension for Google Chrome that summarizes a web page for quick reading. ChatGPT presented us with a series of steps to follow in order to create such a tool.
Content localization
You can use ChatGPT to translate text from one language to another. Since it is often a rough translation, make sure that the output is refined and edited for correctness and smoothness. Use the tool to find culturally unique allusions and expressions and replace them with counterparts that are more appealing to the target audience. Use ChatGPT to tailor material to the tone, style and habits of the target market so that your customer’s message is well received.
For example, we asked ChatGPT to translate a series of dialogue from a Martin Scorsese movie, The Departed (2006), from English to Hindi.
It was instructed to use street-smart lingo and was free to translate profane/obscene words as it is certified for an 18+ audience.
We found that the tone of the translation was sometimes formal and that a human translator needs to refine the subtitles.
encryption
ChatGPT has the ability to develop computer code for apps and software. Experienced programmers can use the tool to check their work for errors.
Developers can even use the technology as an assistant of sorts or ask ChatGPT to generate code based on their ideas. This can provide lucrative jobs for freelancers who design websites and software.
We also wrote some simple Python code for a marketing campaign and tried to convert it to C++ and guess what, the result was correct.
Likewise, if you have a large set of code in a programming code to convert, ChatGPT will do a good job of converting it into your preferred language.
Investment advice
Whether you are an experienced trader or a beginner, we can harness the power of ChatGPT to help you become a more productive and profitable trader. It can aid you in technical analysis by identifying key market indicators, including moving averages, support and resistance levels, and chart patterns. It can also analyze social media and news to make recommendations related to specific stocks, sectors or the overall market.
ChatGPT can even help you manage your trading portfolio by making asset allocation and diversification recommendations based on your risk tolerance and investment goals.
For example, we asked ChatGPT to suggest us some stocks listed on the New York Stock Exchange (NYSE) for a conservative trader. It gave us a list of blue chip stocks to consider such as Cola-Cola, Johnson & Johnson etc.
Needless to say, it asked us to assess their financial health and general market conditions before making a decision. Basically, it is a fairly competent counterpart to a fund manager.
Surveys reveal interesting patterns in ChatGPT adoption
Online professional networking platform Fishbowl published a research report in January of this year, we looked at the adoption rate of ChatGPT among professionals.
Nearly 27% of professionals have used it to help with work-related activities. With 29% having used it at work, Gen Z professionals have the highest adoption rate. Gen X came in second with 28%, and millennials came in second with 27%.
Marketing and advertising professionals had the highest adoption rate, with 37% reporting using AI to help with work-related activities. Technology and consulting professionals came in second and third with 35% and 30%, respectively. Accounting and education come second and third with 16% and 19% respectively. Healthcare had the lowest acceptance rate at 15%.
In terms of gender, 20% of women and 30% of men have used the tool to help with tasks at work.
Fishbowl also claimed the survey ran between January 4 and 8, 2023, and engaged nearly 4,500 professionals from thousands of companies, including Amazon, Bank of America, Edelman, Google, IBM, JP Morgan, McKinsey, Meta, Nike, and Twitter.
Fishbowl conducted another survey between January 26 and January 30, 2023 when it contacted 11,793 professionals. The research report revealed that ChatGPT’s adoption rate among professionals has risen to 43%.
However, 68% of professionals who use ChatGPT or similar AI tools said they did so without informing their bosses.
