AI Today (Aired 09-04-2024) : Streamline Business Plans & Market Research with AI

[00:00:00] SA foreign. [00:00:31] Welcome to another exciting episode of AI Today with Dr. Badot. I'm thrilled to have you join us as we deep dive into the fascinating world of artificial intelligence and its impact on our daily lives, our work, and most importantly, our futures. Today, we're focusing on something incredibly powerful, practical. I've gotten a ton of emails about trying to show some additional demos and show you some ways that these tools can be, can be leveraged. And today we're going to show you how AI can assist business owners in building a robust business plan and conducting market research to support that plan. [00:01:18] Whether you're seasoned entrepreneur or you've, you're someone that's got a bright idea and you want to try to take a plunge into a business or, you know, you're, you're really trying to, to gain an advantage or whatever that is. Understanding how AI and the tools that we have available today can streamline and enhance these processes is critical. Using them the right way, using them in a way that is very manageable. It's not going to try to boil the ocean, as we always try to say, is key to being successful when you're using whatever tool that you're, you're going to use. And so let's start with really what the fundamental question is, is why is a business plan so important? Well, you know, if you think about it, trying to develop a document that really shows you what your checklists are, you know, what the processes that you should be following to, you know, really show an investor or whoever that is, that you have a plan that is going to drive your, your behaviors and your activities associated with that business is crucial. It's really a roadmap, you know, that guides that business journey. You know, helping you navigate through the rough patches and, you know, helping you stay on focus to make sure you're accomplishing your goals. It's an outline for your vision, your strategy, your market, your financial projections, and really a lot more, depending on how deep you want to, you want to get into it. And, and so the challenge, though is these are extremely time consuming. Take a lot of time to do market research. It takes a lot of time to go out and find the information that you need. It takes a lot of time to find out what your competition is doing, who is even, who is your competition. That sort of thing takes an awful lot of time and, you know, to pull a solid business plan together in, you know, less than, you know, a week, a month in some cases is not, you know, not, not easy to do. It's a lot of time. It's a lot of effort. And so we're going to show you some ways that we can, you know, facilitate that because this is where, you know, AI is really a game changer. You know, it's think about having an assistant that can go out and just get all of that information, bring it back to you and even help you crunch the numbers, do the analysis around that is, is vital. You know, it doesn't have to sleep, it doesn't have to, you know, go out and do a whole bunch of different scans. It doesn't have to go to lunch. It doesn't have to do a lot of those things that we've talked about, you know, in the past that, you know, take so much time. And you know, with, with AI in the right tools and using it the right way, you can do it in a fraction of the time. And so if you're new to, to the show, welcome first. But, you know, trying to leverage things that don't boil the ocean, using the tools that are out there to, to really deep dive into what you're trying to do and what you're trying to project is extraordinarily important. And so today's show we're going to really focus on, on two parts. The first part is how do you build a business plan, right? And then the second is around, well, how do you conduct market research that's going to help you do that? That's our show in a nutshell, you know, today. And so looking at first what the business plan is, you know, these AI tools can streamline the process, right, by giving you frameworks, templates that are customized to your specific industry. [00:05:27] But it really can go significantly, you know, beyond that because you can also do financial forecasting with really some, some fantastic accuracy. You can use the AI algorithms to analyze past financial data, predict future revenue streams, look at cost savings, and even do, you know, market analysis to help drive, you know, what your projections are specific to your area. You know, if it's, you know, city location, whatever that is. And then, you know, at the same time, though, that means, you know that as you're getting newer and newer and newer data, you can update your business plan significantly easier than you've ever been able to in the past. You know, it used to be where, you know, as you were trying to generate these business plans and you're getting new data in, you know, you're balancing between how often do you update versus how often can you commit to finish certain segments. And those were not always, you know, easy to do. Because of the overlaps. And so, you know, AI and using it from that perspective is a huge, huge time saver. You know, we're going to start, I'll show you a couple of different tools, but if you think about ChatGPT and cohere, those are the two that we're going to use today. But you know, they, I'll show you what they can do from drafting your, your different sections of your business plan, taking into account the different inputs and how you're prompting the AI to give you the information that you want. And we'll look at the business ideas and we'll look at the, the target markets and maybe even the value proposition and help with some goals and those sort of things. And then we will, you know, use some very basic things to, to get started. So for instance, like, you know, draft an executive summary or show me what a general business plan looks like for a specific market. And so we'll, we'll deep dive into that so you can see what some of those results look like and feel pretty comfortable as you're, as you're going through that. Then in another segment, we will start to look at competitor analysis and looking at social media and looking at market reports to, to make sure that we understand who our competitors are and what, you know, kind of position we can be in and how we can really, you know, strategically put ourselves in the best possible place in the market space. And then we'll start looking at really deep diving into some additional market research around, you know, trying to understand the markets better, the locations better, you know, online presence, marketing dollars and those kind of things. Because, you know, that's really the cornerstone of any successful business plan. You know, it used to be, again, as we've talked about, you would have to go buy a lot of this information out there and to get a strong, you know, foundation for the numbers and those kind of things and surveys and stuff. It would, it would be extraordinarily expensive as well. And so I can automate a lot of that work and we'll start to, you know, even ask it things such as consumer behaviors and trends across different platforms. You know, you can target your industry specifically and even what customers are saying about some of your competitors and how you can shape some of those messages that you want to get out there so that you can look like you're at the forefront of the industry. And so those algorithms that these AI tools are using can really help from a prediction perspective. And then really, then here's what is really going to be fun for Me to show you guys today is, you know, the potential for having AI in the chat bots and the virtual assistants and those sort of things that are out there, conduct additional surveys and even interact with your customers that you, you know, you might want some additional feedback from. You know, all of this is meant to save time. It's all meant to reduce the amount of effort that you have to put into this so you can focus on what the aspect of the business that you're actually trying to start is. And that is key to success because, you know, if you can get things in real time, get feedback from a significant number of potential users, potential customers, those sort of things without having to leave the computer, that is a win there by itself. And so, you know, what we're trying to do is, is really teach you how to leverage that and go beyond, you know, what your comfort level is for using these tools. And so I know a lot of you are probably thinking, you know, you know, Dr. Bodeaux, it's, you know, you're, you're, you may be stretching the envelope. We've heard a lot of negative things about AI in the past few, few weeks, and maybe this is stretching it. No, we're, we're going to show you how to do it, going to show you how to use some of these things, and then, you know, how folks like myself are using it to do the exact same thing that I'm trying to do and teach you all. It's really about how to innovate, how to lead, how to create, and then, you know, how to use those artifacts to really drive the direction of your, of your business. And so I appreciate you all joining me on this journey as we are building our, our business plan and are conducting the market research that we have to do. So let's get started. You know, we're going to take a short commercial break and, you know, tune back in and watch how these things are used live. And so, you know, we'll be right back after this short commercial break. [00:11:49] SA welcome back to AI Today with Dr. Bideau. We are exploring how we can leverage AI tools to develop a business plan. And I'm going to show you some capabilities and how you can use tools like ChatGPT. [00:12:37] You know, we'll, we'll touch on Cohere so I can show you a little bit of the differences and what they produce and the detail that both of them do. Both of them equally good. Just a little bit of a, you know, different perspective, as we always like to say, but there are other tools that are, that are out there that you can leverage. Like Live Plan is a good example. Biz plan, Jasper, you know, AI, there's, there's a ton of them out there that you can use. So don't think that you just have to use this one. But everything though, is really going to be around how you're prompting the AI, how you're asking it those certain questions and you know, really, then what do you do after you get some of those responses back? And so, you know, as everybody pretty much knows, I'm down in Key west. And so we're going to focus on something that's going to be a little bit of, you know, fun. And we'll just use this as an example. But for instance, we're gonna, we're going to start to try to figure out how we may want to set up a holistic spa and salon in Miami, for example. And so what we will do is, is, you know, just start with, you know, coming up with a prompt and you know, really at the end of the day, there's no wrong prompt. Okay. I know it can be intimidating. [00:13:58] Do not use this like Google though. Think about it that you've got, as we did in the, you know, I talked about in the first segment, think about how you have your assistant that is going to go get information for you and really conduct, you know, all that market research that you need. And so you're just going to be communicating with somebody like that and so treat the AI just as you would an assistant. And so we will start by saying, you know, can you show me a template for a business plan that is in the market of salons and spas? [00:14:44] And I would like to have information about the Miami, Florida region. You know, terrible sentence, right? Awful. And I'm the worst typer and speller probably in the world, but just gives you an idea though, you know, of what, what sort of things are going to happen. And so it's going through and starting to, to generate information about, you know, the format of what your, what your business plan could look like and concepts, mission statements, you know, actually pretty good mission statement actually, and, you know, certain objectives which you want to do. And then as you're going through the different sections of the, that it's, that it's generating, you're starting to see some additional detail that it's starting to ask for your company description, your market analysis, and we'll talk about that and I'll show you how to do that in a one of the next segments that we have your marketing Strategy, what's your organization and your management looks like your services, your financials and of course your, your operations and then your, your appendix. And you know, that's a pretty good, that's a pretty good template for you. You know, some, there are some that are out there that are like, you know, 20, 30, 40 pages. That's too much. Business plans really should be focused. You should have your information very succinct which is why using a tool like this is so fantastic. Because you know, I am very verbose when I type and when I write. All of my friends and colleagues would tell you that I am an editor's nightmare when it comes to that. Using this AI allows me to, you know, get my thoughts across but have it put in a very, very easy, succinct way. Now I just showed you what it looks like for, you know, what something like ChatGPT will generate. Well, you know, let's go over to Cohere because we always want to try and give a couple of different perspectives on the tools and the same things. And so I'm looking Cohere. The interface is really easy. You know, I've, I've shown you on this a few times. We are in the chat playground area again, another one that is, that is fantastic to use and so, you know, it's very fun actually and easy as well. And so we're just going to drop that in, ignore some of these things up here. These are just some of the standard things that I have that you know, pop up that are out there. But we're going to, we're going to just ask the question and we'll see what it comes back with. And so it's got an executive summary, it's starting to do something very similar, what the company description looks like, you know, your products and services. So it's getting a little bit more fine tuned and fine grained on what some of those products and services are going to be. Your market analysis, pretty much the same things that we got from Chat GPT just a little bit in different orders, a little bit of details are a little bit different because this, you know, you can see the projected financials and much more detailed from the financial aspect of things and things that you should look for and try to want to accomplish. And so very good though nonetheless it really is going to be your preference on where you want to start and what you want it to look and feel like and that's really important. Now first thing that we're going to do, I could deep dive into one of These right off the bat. We will get there here in a second. But I do want to show you guys something that is very helpful and we're going to say, you know, can you put this in a PowerPoint, you know, setup? [00:18:59] Let's see what it says. Sometimes it'll work. This is, we're doing this live. Sometimes it'll work and sometimes it will, you know, you know, not work quite as well, but it's going through the process, it's thinking about things. Now remember, you know, using these tools, you know, allows you to save time any way that you can. Save time is important because again, you can focus on more important things. But, you know, asking it to do certain things. Can you generate data? Can you go get me this information? Can you put it in a PowerPoint slide deck? For me, that is, is key because any time that you can do something like that, again, saves you time. And that's what we want to use our AI tools for, is to try to save time. You know, across the board there are going to be some programs, some AI programs that cannot do that. There are going to be others that can. But it's always worth it to ask the question. Now, ChatGPT has said that it can, and so we're going to open it up now. You will see something like this that says, here's the, the code that it's, it's generating and things like that. Now, the reason I'm showing you this is I don't want you to panic when you see something like this because it could be a little bit intimidating, which is why I'm showing you this stuff right now. So don't panic. We're going to come over here, we're going to look at the analysis, we're going to show some of the details because it is the Python code that is, that is using it. If you know Python, that's great. [00:20:35] You can cut and paste this right in. Watch one of the other earlier shows where, where I walk you through something like this. But this could be in, you know, the, the outcome that you have and why? Because I didn't do a very good job asking it a prompt, right? [00:20:50] So what I want to do is can you export the business plan information into a PowerPoint slide deck? Now we're going to try this and see if it'll generate the, the PowerPoint slides for us Again, nothing wrong with what I did. However, the AI interpreted it slightly different than what I wanted it to do. I wanted it to just generate the darn PowerPoint presentation. But what it did is, is it gave me the Python code to go out and, and do that. And so while it is thinking, I want to see if we'll see some of the things that you can do, you know, with that. And yeah, so that's the, the thing and one of the fun things also at the same time is, is if you ever wanted to talk to you, you can do some stuff like that too, you know. So just food for thought for you all as you're looking at those sort of things now, you can see up here. Boom. It downloaded it. We're going to open this file and I'm going to show you what the output is with, with this. So give me a quick second while my PowerPoint opens. Boom. Here is our PowerPoint slide deck. [00:22:13] It is a great start for what it our plan looks like. Now you can see some of the formats may be off a little bit, but that's stuff that you guys can do pretty easily, you know, as well. And there's some things that you can do. I, you know, I can prompt it to do some other things to make sure that, you know, I could say, don't put any stars or additional information in it. I want it to look like it did on the screen. It'll change some of the formats for you. But overall, you can see that it's generated the information that we're looking for, the main points that we want to hit on. And as we're deep diving into this, then we will be able to figure out what some of those other key points are. Now, again, difference in how I prompted it. The first one, I said, can you do, you know, just generate a PowerPoint presentation, not very specific. So it gave me the Python code to do that. I changed that a little bit. I massaged what my prompt was and finally was able, well, not finally, the second time, give me, you know, a little bit of, you know, some leeway. The second time it generated the PowerPoint presentation as I was looking to do that. Now from here you can go anywhere that you want. You can pick a topic that you want to deep dive into. You can address other things that are just as important to you as you're trying to figure out what this business plan is going to, to look like. You know, we can talk about some additional topics. We can go in a million different directions now that we have, you know, all of this information really teed up in a nice framework and, you know, very easy to go in a whole bunch of different directions with this. Now I want everybody to stick around when you come back, we will start really deep diving into the set. You know, the, the marketing perspective as well as looking at the strategy and then even some of the services and the product lines. And we'll, we may be able to touch on some financial stuff. Just really quick to show you how it can work as we're, as we move forward. But stay with us. We'll be right back after this short commercial break to, to show you some more ways that you can use, you know, AI tools to help with your business plan. Stick around. [00:25:18] Welcome back to AI Today. I'm your host, Dr. Alan Bedot. Thank you for joining us today. We are using AI tools for, for a very practical, you know, application. It's trying to build a business plan and really deep diving into some of the components of that business plan. And why are we doing that? So we can save you time like we always are trying to, to do. This way you can focus on higher priority activities and things that you really wanted to do when you initially tried to start your business right? And so that's what our goal is. We just generated a PowerPoint presentation that had a framework for a business plan. Again, a lot of different options out there on software that can do some of those things. But ChatGPT is probably the largest AI tool set that's out there. That's the reason I'm focusing on it for you all. I also have cohere in the background to, to show you just a little bit different perspective on, you know, what sort of material it can produce and, you know, how you can leverage these, these tools going forward. Now we're going to start just really quick back up at the executive summary because, you know, I wasn't, you know, thrilled necessarily about the mission statement. Now I'm actually, it's not bad, quite honestly. However, for the purpose of our demo, I'm not thrilled, right. And so I want to refine it. I want to say, well, you know, let's, let's do a little bit better when it comes to that. And so what I'm going to do is I'm going to take all of this information and I'm going to just cut it, you know, copy it. Actually, we're not going to cut it, we're going to copy it. I'm going to paste it into ChatGPT. [00:27:11] I'm going to say, you know, I really would like you to refine the message so it's more focused on, let's say, natural treatments. Now again, I'm probably the worst one to be doing you know, anything around hair and salon type stuff. So if I mess up, don't send me an email when it comes to this. I'm doing this from a demo perspective, but you know, focus on natural treatments and natural services. [00:27:56] Okay. So we, we're asking it to, to redo it, try to do a little bit better when it comes to those, those sort of things. And so you can see it's starting to refine. It wants to, it says to create a haven of natural beauty and relaxation, offering personalized, eco friendly treatments that enhance well being and confidence through the use of organic and sustainable products. Now that's more in line with what I, you know, have asked it to do. And that's, that's pretty darn good actually from a statement perspective. And then you can start to see that it's, it's already, it's refined what the objectives are and it's also refined a little bit on what those monthly revenue targets are. You can do the exact same thing for anything associated with this business plan or even just in general. [00:28:51] You know, we started high big Target, remember Big target. And then we're starting to try to get down to what that bullseye is going to, to be because you know, that's the best way to use these tools is, you know, if you try to boil the ocean and have it do everything right off the bat, it's not going to do what you're, what you're really hoping that it would. It's just not, it did the, you know, these things are, these tools are very good, but they're not to that level yet of being able to just say, you know, one thing and it just go off and it be perfect. Right. And so a lot of work to do a lot of human intervention, but that's, that's not a bad thing. This way we can really get specific and fine tune it the way that we want it to go. And so, you know, we'll stick to the executive summary over here. We're talking a little bit about, you know, some hair styling and some skin care and those sort of things. We want to really try to figure out, you know, how we can refine our description. I know the big thing is right now is it going to be, you know, you know, since it's a salon and you're going to have that customer interaction, you know, where's the, a good location for us to set up our business in that general, you know, area. And so let's, let's go down into the, start some market analysis and try to figure out. Okay, well, let's try to pinpoint, you know, some, you know, some details around that. And so I'm going to ask it, I'm going to say from a market analysis perspective, you know, can you provide some demographics, demographic information on Miami and, you know, good locations to start a business like this. [00:30:51] Now let's see what it comes back with. [00:30:54] It's, it's picking up on, you know, continuing the conversation. So of course, you know, they're saying that Brickell is a good place because of the financial district, high concentration of young professionals, affluent residents, those sort of things. Why it's suitable? Well, it's, you know, a good place that, you know, is convenient. Again, high end wellness and beauty services. Right. That makes perfect sense why it would put Brickell in there. Same thing with Coral Gables. And then it starts to give you more, you know, information on what that is going to look like. Now you don't want to lose this information, right? And so it's important to be able to, to use it again, copy and paste whatever you want to do. But I'm just going to show you, you know, how you can make sure that you aren't going to use lose this. And you, you know, we're just going to say we're just going to do this. We're going to come down here and we're just going to copy it all. Why not? You know, we don't know what we're going to do with it quite yet, but we're just going to copy it. We're going to come over here to our market analysis piece. We'll just modify the slide on our own because we just are going to, we just want a new slide. We don't care about some of this other stuff. We just don't want to lose that information. We're going to keep it for later. And I just dropped it in my PowerPoint presentation. Just that easy for you all to see that, you know, cutting and pasting and formatting a lot of things that you can do, you know, as you, as you get more advanced with the AI. But I'm not, I'm not going to focus on that kind of stuff today. I want you to be able to get the information and then you tailor, tweak it to whatever you want it to, to look like. And so, you know, that's great. We got all this information and then it gives you market considerations for each, you know, location that you have. You know, the affluence and spending power, the lifestyle, health trends, visibility and foot Traffic and local competition that is, you know, very important when it comes to where you are going to establish yourself. Now, the other thing that is important also is cost. You know, how much are you willing to spend on rent? How much are, you know, how much are you willing to spend on location signage, you know, being close to south beach, for example, you know, some of the. Those things are maybe more important to you because you're trying to set a certain, you know, tone, a certain level of, you know, services that you want to provide. And so you can tailor it again, tweak it, ask it different questions on what that is going to look like. And so we're going to say, you know, now can you give me information? [00:33:50] Well, let's back up a little bit. Give me financial information on the cost of rent per square foot in each of the locations above, because that's important. We want to know how much rent we're going to have to pay, you know, because if you're not charging enough and you're paying too much rent, what does that mean? You're going out of business really quick, right? And so it's going to give you some averages on rent, you know, you know, annually, which is always going to be good. It's. It's helpful when you go to a real estate, you know, agent and you're trying to look for rent space. It gives you some comparative things that you can use as well as some potential projections that you are going to want to have, you know, at the ready. When you get ready to do some of those, you know, deep dive into the financials around that. And so all this information, you know, is fantastic, you know, because as you're pulling, as you're looking at different things, as you're trying to get different information that's out there, very important. And I think this would be a good place, you know, because, you know, you've got a range here. Ranges are always good. But this usually means that I like to get another perspective on some of those things. Now, again, we're going to just copy and paste it and we'll come over to Cohere and we're going to ask Cohere. Now, remember, Cohere hasn't didn't get the last question that we had. So we're going to have to be a little bit more specific and we're going to say, can you give me financial information on the cost of rent per square foot in the main business locations in Miami and additional demographic information, and we'll see what it comes back with. [00:35:47] You know, Cohere is doing the same sort of thing. It's giving you some different things on the square foot. Now again, let's see if we can fit both of these in here. Let's go to Brickell. It starts with Brickell, you know, right up here. And I'm almost there. Stay with me. It's giving you an average, a range of 40 to 75. This says 50 to 70, not too bad. Average of 55, not bad at all. So now you've got two points that are giving you something very, very similar. Downtown Miami. [00:36:26] You know, I guess there's a couple of districts that we could compare that to, but not quite, you know, so we're going to skip that. But still in the same general, general area and general information. [00:36:39] Coral Gables is 45 to 60 and chat GPT 35 to 55. You can see it's all pretty consistent though in what information that it is providing to you. And you know, again, here's the demographic information that we asked for, you know, early on with ChatGPT that it gave us. And now Cohere is giving us something very similar. Talking about income levels though, and tourism and cultural diversity. It really all depends on the direction that you want to go with your business. That's the same direction that you should go when you start asking some of these, you know, additional questions on, you know, of each of these tools or whatever tool that you're using. Because that at the end of the day is the only way that you're really going to be successful. It's really tailoring it to what you are looking for, you know, exactly. And so just, just so you can see every once in a while, maybe it's going to pop something in that maybe you don't quite understand and you want to, you want to get some more information on it. And so you see lease terms up there. And maybe you don't have any idea what a triple net lease is for a building or a rental space. So let's ask. We'll say, you know, I see lease terms terms on the list and I recently got a quote for a triple net lease. No, it's not formatted perfectly, but that's okay. What is a triple net lease? Let's see what it comes back with. Right? You want to ask questions. It's not a bad thing to do. [00:38:24] So what it's going to do is it's going to pop up there and it's going to say it's a commercial agreement, blah, blah, blah, blah, blah. It goes through all of the information that is in there, it's talking about key characteristics of a triple net lease, you know, and things that are going to be important for you as you are looking at the one building your business plan and your financial projections as well as the market that you and the, the customers that you want to specifically, you know, advertise to. And so stay with us. We'll be back after a short commercial break and I will do, I will show you how to do some financial projections as well as some advertising, give you some advertising ideas as you, as we move forward. So thanks, stick around and we'll be right back. [00:39:33] FOREIGN welcome back to AI Today. I'm your host, Dr. Alan Badot. We are exploring how tools like ChatGPT can really help you save time and, and energy to build a business plan. Very practical application on really how you can save time with using these tools for something that is extraordinarily important for your business as you move forward. Now we've talked about and I've shown you how it can generate a template for you. And there's a bunch of tools again that can do this. We used it to deep dive into some of the market to refine what our message is going to look like as well as get some demographic information that will help us, you know, really specifically target where we want to go. We just had it, you know, we, we had it explained what a triple net lease was because maybe, you know, someone wasn't familiar with that. And again, it's really about customizing your business plan and being able to, you know, get information really at the, you know, the speed of now is what I like to say as you try to refine what your message is, your, your plan, your and your, your path. You know, the great thing too, and I didn't get to show you this on the last segment, so I'm going to do it really quick. You know, we also, it also gave us pros and cons of what a triple net lease are, is, you know, and so any kind of information that you can use to your advantage is important. So getting, you know, pros of a triple net lease, cons of a triple net lease very, you know, you know, very, very important as you're trying to set up where our, you know, our business is going to, is going to go. And so again, just more information for you because, you know, the more that you have, the, the more educated decision that you can make and the better off you're going to be and the more successful you're going to be. And again, so we're going to, so we did the, the, the market analysis. [00:41:56] Just really quick now. Let's, let's go into, you know, I think I'm going to skip this, sir. Let's go into those services and the product lines because I think that's going to be very beneficial for you as, as well. And so let's say, you know, I want to offer, so we're deep diving into, into this again and actually let's start a new conversation, a new chat and we're going to say, you know, I want to offer a wide variety of spa and salon services that are all natural, natural, you know, in the Miami, Florida region. [00:42:51] You know, what are going to be the highest ROI services I can offer. Let's see what it says. Now normally you would keep the conversation going. I reset it though, because it's going to be easier for you all to follow along. But you know, you could always go back to that conversation if you chose to and continue on with that discussion there. But we're, we're, we're going to deep dive into it and we're going to see what kind of services are going to be the, the, the profit generators for us. And so it's going through. Massage therapy is good. Facials and skin treatments is another one. Manicures and pedicures. Body treatments. Oh, that's nice. Holistic health services. [00:43:42] Now that's an interesting one. And you know, because our, remember, our whole, you know, idea is to offer as many holistic, you know, treatments and all natural treatments as we can. Hair treatments. I think I'm going to skip that one for obvious reasons. You all can deep dive into that on your own time. Yoga classes. Now we're getting into some, you know, some of the other wellness type, you know, activities and packages and membership programs and you know, those sort of things. And so, you know, I'm going to give you something that I've actually recently, you know, been able to, to see with some of the data that we're looking at with, with, you know, my businesses. It's, you know, if you offer a, a membership plan or you know, some sort of rewards scheme, do you realize that your, your impact on your, on your customers goes up anywhere from, you know, 20 to, to 30%. Keep that in mind as you're, as you're building out what your services could look like? Because rewards, you know, everybody likes a deal, especially now, so keep that in mind. And so just for fun, we're going to say let's have it. Generate or create a membership Rewards program for us. We're just going to ask it. I don't know where to start. I've never done one for a spa before, but why not? Let's ask. [00:45:08] So, you know, can you give me some ideas on what a membership rewards program, you know, could look like? Like for my spa and salon specifically in Miami, I wanted to focus on Miami. I don't want it to be confused with that. So let's see what it comes back with. Creating. It's going to give us, you know, some ideas. So different tiers, you know, Oh, I like the names too. And you know, bronze tiers, a wellness starter. It's the cost a month, you know, per month. And here are some benefits associated with that. The silver tier, you know, yada, yada, yada, all the way down through what a, a VIP system could look like. Here is a points based system. Earn different points based on how much money you spend. Seasonal promotions. You can tie all that stuff, you know, together. These are things that you don't often think about, right? Because, you know, when you first start out, you're just trying to get going, you're trying to survive, you're trying to do everything that you can do to generate, you know, revenue. And oftentimes you don't think about, maybe if I offer a rewards program and I can engage my customer at a more personal, you know, a personal level to offer them more personalized services and things that they want, you know, so it's that kind of stuff that, you know, with a couple of questions, you're, you're there and you got an idea and you've got something else that you can, you can offer that may distinguish you in the market. Now, just for fun, let's see, you know, does anyone else in Miami, Florida offer a rewards program for similar services? [00:47:10] If so, can you tell me who? Now this is an interesting one. [00:47:18] You know, I'm getting very specific on this. I want to know who else offers a rewards program, you know, in this, this market, and can you tell me who? [00:47:31] Sometimes it will, sometimes it won't. So you've got to be, you got to think about that, make sure that your, your expectations on the response are where they should be. If it can't, we might pivot and we might try something else. So we'll see. [00:47:47] So it's searching. The great thing is, is that, oh, boom. The great thing is chatgpt can go out and search the web and it can do a lot faster than you can, a lot faster than I can. It's giving us the names of the customers, what those bot offerings are. It's giving you some details and I love it too because it's giving you some links that you can click on that will take you right there. Fantastic, fantastic information. Now what's interesting, we want to see where they are, right? Because we, we asked it earlier, where are some good places for us to locate? The last thing that you want to do necessarily. Maybe you do, maybe you're an aggressive, aggressive spa owner potentially. But oftentimes you don't want to set up shop right across the street from where, you know, a potential competitor is. That can get to be a little dicey sometimes and it's often a risk. So let's see what we can do. You know, can you show me the locations on a map where these businesses are located and core? Let's, let's, let's deep dive a little bit more, correlate to the best areas from a demographic perspective for the highest roi. So I'm asking it to map it and I want to see where the best area could be from a demographic perspective on where they're located. It's not a great question, right? It's not a great prompt. It's, it's a little bit wonky. It's a little bit all over the place trying to ask it certain things. But let's see what it can, you know, can come up with. It's. So it's generated a spa and a salon location map and it's tried to correlate them to the demographics where we will see a highest ROI from a services perspective. And it's looking at a whole bunch of different things. Your median income, your population density, preferences for wellness and spa services, all that stuff. It is taken into account now I don't know what it's going to look like. So we're doing this live, so we're going to see together. [00:50:10] And let me open the file. Boom. So here is the map. You can look through these and you can see a couple of different things, right? It's interesting as you're, as we're looking through this and I'll go slow so I don't, I don't want to get anybody motion sickness. You know, you could see that some of these areas in here there aren't really right on the coast. It could be for a lot of different reasons. It could be the expense of renting. Probably very high. Well, I know it's very high and some probably it is very high. [00:50:47] You can see that, you know, for the most part, south of the airport for these five, not sure what that trend necessarily says, but they are fairly, you know, clumped together when it comes to, you know, that kind of information. And so pretty, pretty good when you start to ask it certain questions and certain things that you're, you're really hoping, you know, you know, to get out of that. And so again, it's correlating information and it's correlating, you know, data. And so we want to come back here and one more time we're going to ask it one more question. We're going to say, you know, in these locations and within these businesses. Businesses, I'm doing this as fast as I can, folks. Businesses, what are the highest ROI services that each offer to their customers? Let's see, let's see. So we are looking through that and it's going through. And these are the services that Belize, Belizes Spa apologies if Belizes Spa is watching or anybody working there again doing this live Bamboo beauty and wellness, it's telling you what their, their, their best services are and what makes them likely the, the most amount of money. [00:52:24] Now, hair removal services, I am going to key in, in on a little bit on this one. If you notice, it really didn't say laser. [00:52:32] And laser is definitely a high ROI if you're, you know, depending on what kind of laser deal that you had. But those, those medical spa treatments, it really, we really haven't even touched on. And that could be a potential area that maybe you want to ask additional questions on. Maybe you want to deep dive into certain things. But, you know, hopefully what you have seen is you can go any direction with these tools. You can use them, you can ask questions, you can refine your prompts, you can have a crappy prompt like I've put in a couple of times because I'm in a hurry trying to do this and it still gives you some valuable information. [00:53:14] You're steering it, right? It's not steering you, you are steering it. You're asking it to go certain directions so that you can build your business plan so you can start to drive your business forward. And you can do it in a systematic way that is going to give you a strategic advantage by the services that you're offering, by the location that you are, and even by, you know, making sure you negotiate a, a rental agreement that is advantageous to you. And we've been able to do this in about an hour. [00:53:48] There's so much more that you can use these tools for. [00:53:54] But you know, the amount of time that you can save just trying to go get this information is, is tremendous. And if I wasn't such a bad typer, then we probably would have been able to do it even faster. But at the end of the day, I hope you enjoyed this week's show. I hope you are going to take that first step and jump into it and, and really just start asking questions to get a response, to get a template to build that business plan and to give yourself a strategic advantage going forward with that. I thank you. [00:54:30] You know, I, it's always a pleasure and it's an honor to to, you know, speak with you all on a weekly basis. Come back next week. We're going to have some great topics, maybe even a couple of guests on, on the show. And we'll, we'll see you then. Thanks. [00:54:50] This has been a NOW Media Networks feature presentation. All rights reserved.