How To Make Money With Chat GPT (Explained)
Last Updated on March 9, 2023 by Tumto Siram
Chat GPT has taken the world of digital marketing and other online communities by storm since its release on 30th November.
I being someone whos been using various GPT-powered AI copywriting software, have always been keeping my watch on different AI technologies. It was obvious that the emergence of chat GPT did not go unnoticed by me.
Disclosure: The post contains affiliate links, which means that if you click on one of the product links and make a purchase, I’ll receive a small commission without any additional cost to you.
- Chat GPT is an AI-powered chatbot that understands natural language and generates answers to your questions.
- It's a tool that can help optimize your business workflow and marketing channels, but it can't make money for you passively.
- You can make money from Chat GPT by creating web and mobile applications with Open AI's API, utilizing Chat GPT's features in your business workflow, and learning Prompt Engineering to optimize the use of Chat GPT.
- Prompt Engineering can be learned on websites such as Learnprompting.com and can even lead to job opportunities in the future.
The only thing was I took chat GPT for just another ai copywriting tool with just a different task. I mean tools like Writesonic and Jasper already had the command feature and I thought Chat GPT of somewhat the same kind of tool with a bit different interface which is the chat feature.
But then, videos started popping up on my YouTube recommendation about how you can make money with chat GPT. This was when my curiosity grew and I went back and started playing with this tool. And I was stunned by its feature and capabilities.
However, I couldn't come up with a perfect money-making idea from Chat GPT, so I started researching this topic and this is how I came up with this blog post.
Now, In this blog post, I'll talk about actual ways you can make money with chat GPT. And I'll also share a different kind of skill that you will need to make the most out of Chat GPT and similar AI tools like that.
So, let's begin with…
What is Chat GPT?
Chat GPT is a powerful natural language processing model, designed to enable AI-powered chatbots for different purposes and tasks.
Chat GPT is based on a generative pre-trained transformer (GPT) model. It has been trained with large-scale data sets which are fed into the system using several pre-defined rules and parameters.
This model can quickly generate answers to questions that are posed in natural language. It is also capable of understanding and responding in multiple languages, as well as identifying the context and intent behind a user’s query.
In simple terms, Chat GPT is a powerful AI-powered chatbot that can understand what you’re talking about, and generate answers to your questions in natural language.
How To Make Money With Chat GPT?
As I told earlier, I did extensive research on this by watching around a working day's worth of videos and visiting blogs and joining forums and Facebook groups.
But the first step towards my research started with Chat GPT itself by creating an account and asking Chat GPT itself for the answer.
Here's what I got:
1. Developing and Selling Chatbot Applications:
One of the most obvious ways to make money with chatbots is by developing and selling chatbot applications. Whether it's for customer service, e-commerce, or entertainment, there's a wide range of industries that can benefit from chatbot technology. By developing and selling chatbot applications, you can help businesses improve their customer service, increase sales, and streamline operations.
2. Offering Training and Consulting Services:
Another way to make money with chatbots is by offering training and consulting services for companies looking to implement chatbots. With the right knowledge and experience, you can help businesses improve their customer service, increase sales, and streamline operations. By offering training and consulting services, you can help businesses take full advantage of the capabilities of Chat GPT.
3. Data Annotation Services:
Another way to make money with chatbots is through data annotation services. As chatbots rely on large amounts of data to function, companies often need assistance in organizing and labeling that data to improve the performance of their chatbot. By offering data annotation services, you can help businesses improve the performance of their chatbot.
4. Creating and Selling Chatbot Templates or Pre-trained Models:
Another way to make money with chatbots is by creating and selling chatbot templates or pre-trained models. Many businesses and developers are looking for a head start in creating their own chatbot, and by selling templates and pre-trained models, you can help them save time and money.
5. Developing and Selling Chatbot Games or Virtual Assistants:
Another way to make money with chatbots is by developing and selling chatbot games or virtual assistants. As the technology improves, chatbots are becoming increasingly sophisticated and are able to provide a wide range of services, such as playing games, providing information, and even making reservations. By developing and selling chatbot games or virtual assistants, you can help businesses and individuals take full advantage of the capabilities of Chat GPT.– Chat GPT
However, none of these made sense to me as it will be hard for non-programming individuals like me to develop applications even “Data annotation” the No. 3 on the list can be overwhelming.
Then, after searching for all other sources on the internet, I came to this conclusion.
Actual ways you can make money with Chat GPT
First of all, you should understand that Chat GPT itself is a product and a tool. And It's also not a magic tool that can make you money passively with the click of a button or asking some questions.
It can only be used as a tool to help you create, analyze and optimize your own business workflow and marketing channels.
However, we can divide utilizing Chat GPT for making money into three parts.
- By creating new products.
- By using Chat GPT's features for your business.
- Learning prompt engineering.
1. By creating new products
The first way to make money from it would be to take Chat GPT's advice itself, which is by creating products like chatbots or virtual assistant applications by using Open Ai's API (Application Programming Interface) which is chat GPT's primary tool.
And if you're down to it, Chat GPT has already opened their API to the public where anyone can start building their own apps. Learn more here.
2. By leveraging Chat GPT's powerful feature
The second way would be to use chat GPT to power your already established business by smoothing your workflow by integrating it with your business model.
For example, Writing content for your business blog, email sequences/drips, Newsletters, YouTube scripts, Facebook Ads etc.
You can also maybe make your Freelance services faster with the help of Chat GPT or start your own consultancy or training services around Chat GPT. Or maybe you can start your own blog, YouTube channel or digital marketing Agency.
Different Ways to Make Money Using Chat GPT
Here are actual ways you can make money using Chat GPT.
Utilizing Chat GPT to Generate Unique and High-Quality Content for Your Blog
Chat GPT can be used to generate high-quality and unique content for blog posts and articles. By inputting a prompt or topic, the GPT model can generate a well-structured and informative piece of content that is tailored to your audience.
Just remember to fact-check and edit the article giving your own twists and style. This can save content creators a significant amount of time and effort in the research and writing process.
Other than that, blogging is not just limited to only writing content, but it's also about building your brand using social media platforms. All these things combined become important components of your blogging business.
And you can use Chat GPT to streamline your work and grow this blogging business faster. You can learn more about this in one of my other posts.
Offering GPT-powered Copywriting and Content Creation Services to Businesses
As a digital marketer or content creator, you can use Chat GPT to offer copywriting and content creation services to businesses. By using GPT to generate high-quality content, you can help businesses improve their online presence and reach a larger audience.
This is a lucrative opportunity for those with a background in marketing and content creation. Freelance platforms like Fiverr and Legiit have already introduced a different category for AI-based services.
Creating Email Marketing Campaigns Using Chat GPT
Chat GPT can be used to create compelling and personalized email marketing campaigns. By using Chat GPT to generate subject lines, body content, and calls-to-action, you can increase the open and click-through rates of your emails.
This can help businesses reach a larger audience and generate more leads and sales.
Utilizing Chat GPT to Generate Product Descriptions and Other E-Commerce Content
Chat GPT can be used to generate product descriptions, product reviews, and other e-commerce content. By inputting information about a product, Chat GPT can generate well-written and informative content that can be used on an e-commerce website or online marketplace.
This can save e-commerce businesses time and effort in the content creation process and improve their online presence.
Creating Affiliate Marketing Campaigns and Strategy
You can increase conversions in your affiliate marketing campaigns using strategies from Chat GPT. And by using its natural language processing power you can create high-converting copies for your landing page and email follow-ups.
This can improve your conversions better and let you make higher commissions for your efforts.
Offering SEO Optimization Services for Websites and Online Content using Chat GPT
As a digital marketer, you can offer SEO optimization services for websites and online content. By using Chat GPT to generate keyword-rich and well-structured content, you can help businesses improve their search engine rankings and reach a larger audience.
This is a lucrative opportunity for those with a background in SEO and digital marketing.
Creating Social Media Marketing Campaigns and posts
Chat GPT can also be used to increase engagement and reach in social media marketing campaigns. You can come up with social media post ideas, create captions and research hashtags to increase your reach on platforms like Instagram, Facebook and Twitter.
This can improve the user experience for followers and increase the reach and impact of social media marketing campaigns and thus bringing more sales.
Using GPT to Create Engaging and High-Converting Landing Pages for Online Advertisements
You can also use Chat GPT to create compelling and high-converting landing pages for online advertisements. By using Chat GPT to generate the content and structure of the landing page, you can improve the user experience and increase your conversion.
Create and Sell Digital Products Using Chat GPT
One more thing you can do is create digital products like ebooks, and courses, and even create a PLR website to sell your products and make money in the process.
Here's one of my previous posts if you like the idea of making money with PLR products.
Start a YouTube channel with the help of Chat GPT
And lastly, you can do niche research about your YouTube channel, come up with topic ideas for the channel, and then let it create video scripts for you and start your Channel.
There are so many things Chat GPT can help you with when it comes to creating content for YouTube.
By the way, talking about YouTube, I just started my channel a few months ago, starting with a 30-day Shorts challenge, Check out my case study and results here, if this interests you.
So, these are just some of the ways you can make money with Chat GPT.
It's important to note that these methods may require some additional skills, such as programming, design, marketing and sales, but with the right knowledge and resources, anyone can monetize Chat GPT and make money with it.
If you're still not sure where to use the power of Chat GPT, here's a list of money-making ideas that you can start from home while utilizing the features of Chat GPT.
Now moving into the next part, Chat GPT and AI won't work like magic for you.
To make the most out of it, you should be giving it the right prompts and commands as I told you earlier while I was doing my research, I wasn't being able to get it to come up with the right answers that I wanted.
And, this is where the new skill comes up which I talked about sharing later in this post earlier. And this brings me to the third way you can be making money with Chat GPT or similar tools faster.
3. By learning Prompt Engineering.
Just like SEO specialists emerged from the need for search engine optimization, Prompt Engineers are about to be in demand when it comes to making the most buck out of Chat GPT and similar tools.
Now, let's talk a bit more about Prompt Engineering, what it is and where you can begin to learn it.
What is Prompt Engineering?
Let's get to Chat GPT itself to do the work.
My Prompt: “What is Prompt Engineering?”
Answer from Chat GPT:
“Prompt engineering is the process of creating the input, known as a prompt, that is fed into a language model such as Chat GPT to generate text. A well-crafted prompt can be used to guide the language model towards a specific task or outcome, and is a crucial step in achieving high-quality and coherent outputs.
Prompt engineering involves understanding the capabilities and limitations of the language model being used and designing prompts that will elicit the desired response. This includes understanding the specific use case, the desired output format, and the type of data that the language model will be working with.
The prompt should be designed to provide enough context for the language model to understand the task at hand, but not so much that it constrains the model's ability to generate creative or varied responses. It's also important to consider the constraints of the language model, such as the maximum prompt length or the number of tokens that can be generated.
Prompt engineering can also involve fine-tuning the language model on a specific task or dataset to improve its performance. This is known as transfer learning and can be used to adapt the language model to a specific domain or industry.
In summary, prompt engineering is the process of creating the input, known as a prompt, that is fed into a language model such as Chat GPT to generate text. A well-crafted prompt can be used to guide the language model towards a specific task or outcome, and is a crucial step in achieving high-quality and coherent outputs.
It involves understanding the capabilities and limitations of the language model, designing the prompt to provide enough context, and fine-tuning the language model on a specific task or dataset to improve its performance.”
I know most people will have to read this explanation twice to understand it clearly and fully, so here's an easier explanation that I got after giving another prompt.
My Prompt: “Can you explain it to a 10 grader”
Answer from Chat GPT:
“Prompt engineering is like giving instructions to a computer to write something for you. Just like you tell your computer what to do by clicking on buttons or typing commands, you tell a computer program called a language model, like Chat GPT, what to write by giving it a specific input called a prompt.
Imagine you want to write a story about a dragon, but you don't know where to start. You give a prompt to the language model, like “Write a story about a dragon”, and it uses that information to generate a story for you.
The better the instructions you give it, the better the story it will write. That's what prompt engineering is, it's making sure that the instructions you give the language model are clear and specific so it can write a good story.
Also, sometimes the language model needs to learn more about a specific topic or style of writing, just like you learn more about a subject in school. This is called fine-tuning, and it makes the language model better at writing on that specific topic.
In short, prompt engineering is giving clear instructions to a computer program called a language model, so it can write something for you, just like giving instructions to a computer to do something else. And fine-tuning is like helping the computer program learn more about a specific topic.”
The explanation is more digestible now, isn't it?
So, now you have the definition of Prompt Engineering as well as got an example of it, let's have a look at why Prompt Engineering is important for you and your business plus where you can start learning it.
Prompt Engineering's importance to businesses and individuals in the Ai revolution
Here are some of the main reasons why Prompt Engineering is so important for you as an entrepreneur that's thinking of leveraging AI and Machine Learning to create value and amass wealth:
- High earning potential: Skilled prompt engineers can command high salaries, as they will play a critical role in the development and deployment of Ai's chat GPT. Companies will be willing to pay a premium for experts who can help them improve customer engagement, increase sales, and streamline operations.
- Constant innovation: The field of natural language processing is constantly evolving, and new technologies and techniques are constantly being developed. This provides opportunities for prompt engineers to continue to learn and improve their skills, and stay relevant in the industry.
- Shortage of experts: As the field is still in its infancy, there is a shortage of experts in the field of prompt engineering. This presents an opportunity for professionals to establish themselves as thought leaders and experts in the field, with the potential for significant earning potential.
In summary, prompt engineering can be a lucrative career opportunity in the near future as the use of Ai continues to grow and companies will be willing to pay a premium for experts who can help them improve their marketing strategies, increase sales, and streamline operations through Ai.
Now you must be a bit sceptical about learning a new skill, but believe me, SEO one of the highest paying jobs in the world didn't exist before the internet so why can't you become a Prompt Engineer?
Now let's have a look at where you can get started and learn Prompt Engineering
There are several ways and places to learn prompt engineering:
I searched for some courses on Prompt Engineering on Udemy and other websites but didn't find any course specific to it.
However, there's a website called learnprompting.org which offers free courses to learn prompts and all. To get started you can head over to the website and start learning instantly.
Apart from that, you can:
- Look for online videos and tutorials from experts in the field on YouTube and other websites.
- You can get started by learning the fundamentals of natural language processing and machine learning through online courses, tutorials and books.
- The other way would be to be part of Conferences and workshops on natural language processing and machine learning can provide an opportunity to learn from experts in the field, network with other professionals, and stay up-to-date on the latest developments in the field.
- Also, the best way to learn prompt engineering would be through hands-on experience. This can be done by working on personal projects, experimenting with different prompts and journaling what you have learned from them.
In conclusion, prompt engineering is an emerging field with immense potential. The best way to get started in this field is by learning the fundamentals of natural language processing, machine learning and artificial intelligence, and participating in conferences, workshops and online courses.
With the right skill set and experience, prompt engineers can become experts in this field and capitalize on the opportunities that this field offers in the future.
Though chat GPT is a powerful NLP model, it's important to remember that it's not a magic tool that will make you money passively. There are many different ways you can use Chat GPT to make money, but one of the most important things is prompt engineering.
And If you're looking for a way to leverage Chat GPT and make money from it, be sure to keep prompt engineering in mind.
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