In a previous post, I compared how a large learning model called ChatGPT answered a marketing question as compared to a human—and whether people could reliably tell the difference between the machine’s answer and the human’s (yours truly).
Today, I was given access to an A.I. from Google called “Bard”, so I thought I’d see how Bard answers the same question I posed of ChatGPT a few months ago. (ChatGPT is now owned by Microsoft). The question posed to both AIs was, “What is the value of brand relative to overall business value”? Because my original query to ChatGPT was three months ago, I repeated the query today to see how the answer might change over time.
Original response from ChatGPT (1/18/23):
“The value of a brand can be significant in relation to overall business value. A strong brand can increase customer loyalty and trust, making it easier to attract new customers and retain existing ones. This can lead to higher sales and revenue, as well as greater pricing flexibility. A strong brand can also make a company more valuable by increasing its perceived value to investors, making it more attractive for mergers and acquisitions, and creating a ‘halo effect’ that can benefit other products or services offered by the company. Additionally, it can help companies to secure better terms from suppliers and partners and increase the company’s ability to attract and retain top talent.”
Today’s response from ChatGPT (4/17/23):
“Brand value is an important component of overall business value. A strong brand can help a business differentiate itself from competitors, build customer loyalty, and generate revenue. In fact, in some industries, the value of a brand can far exceed the value of a company’s physical assets.
Brand value can be difficult to quantify, but there are several methods that businesses use to estimate the value of their brand. One common method is to calculate the brand’s net present value, which takes into account the future cash flows that are expected to be generated by the brand. Other methods include analyzing customer loyalty and brand recognition, as well as conducting surveys and focus groups to measure brand perception.
Ultimately, the value of a brand depends on a variety of factors, including the industry, the competitive landscape, and the strength of the brand itself. However, businesses that invest in building and maintaining a strong brand are likely to see significant returns in terms of customer loyalty, revenue, and overall business value.”
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Today’s response from Bard (4/17/23):
“The value of a brand relative to overall business value can vary greatly depending on the industry, the company, and the brand itself. However, in general, a strong brand can be a significant asset for a business. It can help to attract new customers, build loyalty among existing customers, and command a premium price for products and services.
There are a number of factors that can contribute to the value of a brand, including:
Reputation: A strong reputation is essential for any successful brand. It is built on trust, credibility, and a track record of delivering on customer expectations.
Awareness: A well-known brand is more likely to be considered by potential customers than an unknown brand. Awareness can be built through advertising, public relations, and other marketing activities.
Image: The image of a brand is how it is perceived by customers. It can be based on a variety of factors, including the brand’s products, services, marketing, and customer service.
Associations: A strong brand can create positive associations in the minds of customers. These associations can be based on factors such as quality, value, luxury, or innovation.
The value of a brand can be difficult to quantify, but it can be estimated using a variety of methods. One common method is to use a brand valuation study. These studies typically consider a number of factors, including the brand’s reputation, awareness, image, and associations.
A strong brand can be a valuable asset for a business. It can help to attract new customers, build loyalty among existing customers, and command a premium price for products and services. If you are building a business, it is important to invest in your brand.”
First, it’s interesting to note the difference between the two responses given by ChatGPT separated by three months: Today’s response was longer and more comprehensive and also discussed different methods for measuring brand value. I would say the more current response from ChatGPT is better than the first response, as one would expect of a continuously learning system.
But what about the difference of today’s responses by ChatGPT and Bard? I would have to say that Bard’s response seemed more thorough, with a breakdown of the factors contributing to brand value. The response from Bard also seemed a little more personal by using “you” and “your” in the close, while ChatGPT’s response always stayed generic (e.g., “businesses that…”). Does that make either one better than the other? Not to me. Both AIs read like a literature review or synopsis done by a college student. There is no unique perspective or inference, or extrapolation that engages the reader beyond the simple provision of information.
This could be the result of the human questioner (i.e., me) not providing a more specific query or, more likely, that these large learning models still have a ways to go toward demonstrating true intelligence. Regardless, it seems clear to this human that these models already can do some of the work required in college.
Hold on to your caps and gowns.