ChatGPT: Anticipating Business Risks | Strategies for Success

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ChatGPT: Anticipating Business Risks | Strategies for Success

Problem 2: Failure of GPT Store (monetisation)

OpenAI’s GPT Store was supposed to shake up the AI world with a marketplace of custom ChatGPT apps.

But did it deliver? Not really.

The second problem that OpenAI is facing is monetization particularly - current revenue channels we have already discussed in the beginning. However, since the moat is dead for OpenAI. Now as a company they need to focus on opening new revenue channels and optimization of the existing ones.

Problem is - GPT stores were supposed to improve the adoption of the paid plan.

They were launched to create a cool marketplace where people could find all sorts of helpful AI programs. From writing helpers to lifestyle tools, it was supposed to be awesome. But, We have not seen extremely great growth at that.

Here's why.

First off, new creators are having a tough time getting noticed in the GPT Store. It's like being lost in a big crowd. It would be better if it worked more like TikTok, where new creators can easily shine.

For users, finding what you need in the GPT Store can be a real challenge. It's like searching for a needle in a haystack. A better, easier way to find things would make a big difference.

Creators also want better info about how their programs are doing. Right now, they only get data from 10,000 chats. More data means they can make their programs better and come up with smarter plans.

And then there's the monetization. Some creators worry that OpenAI might copy their ideas and leave them behind. They want clearer rules about how they can make money from their creations.

From Business Point of View - The GPT store could serve as a lead magnet to entice users towards purchasing premium versions of ChatGPT. This requires better promotion, showcasing its capabilities effectively.

Solution 1: Providing demos of Custom GPTs

Here, we can offer free demos of paid Custom GPT models to users, before they decide to purchase them.

However, I believe that providing free demos could diminish the incentive for users to actually purchase the full version.

If users can access a limited version of the GPT model for free, they may not see the need to invest in the paid version.

This undermines the monetization strategy as it reduces the motivation for users to make a purchase.

Therefore, this solution is not ideal and should be rejected due to its negative impact on revenue generation.

However, we can change the first solution from design point to keep the impact and confidence same but monetization can be made better.

Solution 2: Providing previews of Custom GPTs commands

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Introducing GPTs (openai.com)⁠

Rather than offering live demos or free trials, I propose providing pre-recorded demos as an improved version of the first solution.

These demos will showcase the capabilities of the custom GPT by presenting a series of questions and answers specific to that GPT model.

By demonstrating how the custom GPT responds to various queries, users can better understand its functionality and potential utility.

Custom GPTs will serve as a compelling feature to attract users to the GPT Plus subscription tier.

To ensure the effectiveness of this approach, careful curation of the demo content is essential.

- We can either create a standardized set of questions and answers for creators to showcase their GPT models, or we can place the responsibility of providing demo content on the creators themselves. - One approach could involve suggesting three recommended questions for creators to showcase their GPT models, with the option for creators to modify or add their own questions. - Additionally, we can create a dedicated page within the GPT Store called "GPT Preview," akin to the app screenshots found in app stores, where users can view these recorded demos.

This strategy aims to leverage the appeal of custom GPTs as a lead magnet for the GPT Plus subscription, thereby enhancing user engagement and revenue generation.

For both Solutions 1 and 2 - Confidence is medium because - while this is a great solution, this comes in the user flow not at the start of it - puts the burden on the user for discovery. Financial impact is high because this improves curation of GPTs now - and answers the question - ‘why must i subscribe to paid GPT?’ for the user.

Solution 3 Automated recommendations of GPT models

1. Implement Automated Discovery:

We can introduce an automated system that analyzes user queries and matches them with relevant GPT models available in the store.

When a user asks a question, the system will determine if there's a GPT model in the store that can provide a better answer. If so, it will recommend that model to the user.

This automated discovery feature will enhance user experience by offering tailored suggestions and promoting the use of GPT models available in the store.

2. Accessibility for Paid Users:

We will provide the paid users with unrestricted access to the recommended GPT models as part of their subscription benefits.

This will ensure that paying customers can fully utilize the capabilities of the GPT Store and get the most value out of their subscription.

3. Encourage Conversion for Unpaid Users:

For unpaid users, when they encounter a recommended GPT model, a popup notification will prompt them to consider upgrading to a paid subscription for access to the full capabilities of the GPT Store.

This strategy will incentivize unpaid users to convert to paid subscribers by showcasing the benefits of accessing premium GPT models within the store.

4. Seamless Integration Within User Journey:

The recommendations for relevant GPT models will be seamlessly integrated into the user's interaction flow, ensuring minimal disruption to their experience.

By presenting these recommendations at opportune moments during user interactions, we can increase the likelihood of engagement and conversion.

Overall, this solution aims to improve both user discovery and monetization within the GPT Store by leveraging automated recommendations tailored to user queries, thereby enhancing user satisfaction and revenue generation.

Solution 4 - Leveraging Partnerships and Enhanced Recommendations

Introduce Contextual Recommendations - We can implement a feature within the GPT Store that provides contextual recommendations to users based on their queries or actions. For example, when a user searches for flight bookings, suggest trying out a custom GPT model tailored for travel planning.

Monetization Opportunities: By recommending specific GPT models for relevant user queries, OpenAI can explore monetization avenues. This may include partnerships with third-party providers or displaying sponsored recommendations within the GPT Store interface.

(However, it's crucial to align these monetization strategies with OpenAI's philosophy. Consideration should be given to whether in-app advertisements are acceptable or if alternative revenue models, such as partnerships with travel booking platforms like Kayak, would be more suitable.)

Initially, we can focus on leveraging partnerships with established travel booking platforms like Kayak. Collaborate to integrate their services within the GPT Store, enabling users to seamlessly transition from exploring travel options with GPT models to booking their flights or accommodations through partner platforms.

Furthermore, shifting our focus to B2B also helps address the issue of losing our competitive edge. While Google has a vast ecosystem, it lacks a certain perception factor.

Let's say I want to plan a trip to Europe and need recommendations for the top places to visit. Even though I have options like Perplexity and Google, I still feel like GPT is the best choice because it offers best brainstorming perspective.

When I know exactly what I'm looking for, like booking tickets to Venice, I'll go straight to Google. But when it comes to finding out the best time to visit Venice or checking the temperature, Perplexity is my go-to because it's great at answering factual questions.

For brainstorming, though, I always turn to GPT because I believe it's better suited for that task.

My Hypothesis here that - the initial stages of any journey or brainstorming process usually start with OpenAI.

Now, what if we could do other parts of the journey as well inside OpenAI, powered by our trusted partners?

Unlocking Untapped Potential: Recognize the untapped potential of the GPT Store and its ability to evolve into a comprehensive marketplace for AI-driven solutions. Through strategic partnerships and enhanced recommendations, the GPT Store can revitalize user engagement and drive monetization, positioning itself for a successful comeback.

Improving the store experience will act as a lead magnet and a funnel of non-paying to paying users and Improving GPT store as a product for B2C.

Marking: High, Medium, Low (Possibility)

Prioritization 2

Prioritization 2

Name

Live Demo

Recorded Demo

GPT models recommendations

Partnerships

Financial Impact/ Monitization

Low

High

Confidence

Medium

High

Medium

Ease of Execution

High

Low

Priority sequence

(Rejected)

There are no rows in this table

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