We weren't sure whether to feature articles about ChatGPT in the first pharmacy newsletter, since we feel it's important to differentiate (sorry Byron, we mean "to be distinctive") from our competitors. But then again there do seem to be a lot of generative AI based articles out there at the moment, and the demand for AI related content seems insatiable, so what the heck! To quote Public Image Limited, "This is What You Want, This is What You Get"....
The core technology behind ChatGPT has been around for a while but, like Apple used to do, Open AI has made it easy to use and accessible, taking the tech - beyond the bedrooms of people with more monitors than personal hygiene products- into the mainstream. Which in turn has widened the ethical debate around how and where AI should, and shouldn't be used. For example:
The judge in Columbia who used ChatGPT in deciding on a court ruling and, what seems to be a recurring theme with AI tools, accusations that ChatGPT displays political bias . Meanwhile Buzzfeed announced that they would use ChatGPT to write articles, the announcement may have contributed to a 92% rise in their share price and at Wharton Business School, ChatGPT managed to get through an exam with a passable grade .
Whatever your views, the growth of ChatGPT has been phenomenal, hitting 100 million users faster than TikTok, though of course, once tech becomes popular, monetisation tends to get in the way of any utopian visions and sure enough Open AI has just launched a pilot subscription plan, called ChatGPT Plus for $20 a month. It also remains to be seen whether it survives the recent investment of Microsoft (remember Skype?) who have already integrated OpenAI’s GPT-3.5 AI language model into a premium version of their Teams software.
Then there's the whole issue of competitors. Google have had at least two similar products in their skunkworks for a while, now reports say the company is now in “code red” mode, to accelerate the launch of a consumer facing competitor. CEO Sundar Pichai has even been said to have called in Google’s founders, Sergey Brin and Larry Page (the guys who once said Google wouldn't be evil) to help. In fact CNBC reports that the company is doubling down on a version called "Apprentice Bard" (catchy) that could lead to the public announcement of a Google rival to ChatGPT as soon as February 8th- that's next week!
Not so long ago, it wasn't ChatGPT, but AI powered voice assistants and smart products that were touted as the "Google Search Engine killer". (Why are 'Tech Bros' so obsessed with death?) Now, they're relegated to the bargain bin.
In another humorous take, Marketing Week has published The Marketoonist's observations on the evolution of Smart Products.
At Brand Pharmacists we're all about helping good brands get better. So we can heartily recommend taking 5 minutes to listen to 10 pieces of practical advice that can help smaller brands to grow, with marketing guru Mark Ritson, and the lovely Joe from The Marketing Meetup.
The sweary purveyor of the "Mini MBA in Marketing & Brand Management" has also written a pretty good piece on the latest findings- from ad tracking, testing and effectiveness company System1- which, (TL:DR) reinforces the long held view, of ad effectiveness experts Les Binet and Peter Field, that long term (brand) advertising always has a short term effect, whilst short term tactical ads have a role to play, but don't necessarily have any long term effects.
By the way, if you are experiencing any advertising effectiveness ailments, we always recommend taking a look at the excellent research on the subject by Jenni Romaniuk, or at least take a look at her 3 reasons why your ads might not be working.
Big tech companies are complaining they've got the symptoms of slightly less wealthy syndrome. It's not necessarily terminal but can result in shareholder angst, loss of hardworking employees and, if not treated, can lead to serious complications and in rare cases death. But let's not get all nostalgic over Alta Vista.
An apple a day is supposed to keep the doctor away, but sadly for the fruit's technology namesake, people aren't buying as many Apples. The company has just announced its biggest quarterly revenue drop in nearly seven years, posting a (measly) $117.2bn in revenue, down 5.49% from last year, its first quarterly revenue drop in around three and a half years.
Amazon reported worse than anticipated results on Thursday, with post-pandemic e-commerce sales falling (I mean, how didn't they see that one coming?), meanwhile at Google's parent company Alphabet, a fall in revenue from the Google advertising business hit the search giant’s revenue, sales reached a paltry $63.1bn for the quarter, $0.1bn beneath expectations.
Meta (the company formerly known as Facebook) saw its shares rise after beating earnings expectations, though its results announcement revealed a mixed picture, but smaller rival Snap Inc saw its stock plummet after missing sales forecasts.
Whilst the wealthy big shareholders of big tech companies might be a few millions less well off this quarter, sadly it's many of their employees that have paid the real price in mass redundancies- particularly in the US with its somewhat less employee friendly labour laws. Despite still being wealthier than many small countries, it seems that some big tech companies just don't seem to be able to treat the people who helped them grow with much empathy. Which prompted Wired to proclaim: "Big Tech is really bad at firing people."
Incidentally, some of the Brand Pharmacists team have experienced this personally before, so anyone who has been laid off recently is welcome to get in touch, even if it's just for a chat, we're happy to offer support if we can.
In other news, UK headquartered Shell announced its highest profits in 115 years, double those of last year, mainly on the back of rising prices for fossil fuels such as oil and gas. The results for the global climate crisis look less rosy. We'll just leave that one there.
On a more positive note, men are getting more than just a trim at barber shops in Islington, thanks to a pioneering mental health initiative . This kind of community action can really make a difference. The mental health crisis in our society is real and growing, with new research suggesting it is also affecting the cardiovascular health of young adults. So we'd also like to give a big shout out to the independent charity, Future Care Capital, who have just launched a new public guide to digital mental health tools, helping members of the public understand what support is available for their specific needs, on their phone or via the web.
Of course, we mustn't just rely on technology when it comes to tackling mental health, building positive human connections within communities is vitally important.
Author of Fortitude, Bruce Daisley, has an excellent newsletter called "Make Work Better." He reminded us of the Harvard Study of Adult Development, a research investigation into human wellbeing that has been running since 1938. The survey has delivered vast insights into the secrets of living a long, healthy life. It does so by taking a cohort of teenagers and following them until they die.
In a recent interview with The Atlantic, Robert Waldinger, who runs the study today recapped its main conclusion, that the engine of health and longevity is friendship: "The healthiest are the people who have more social connections and warmer social connections. Connections of all kinds—not just intimate partners, but friends and work colleagues and casual relationships." Or "Happiness is love. Full stop." in the words of the study's founder.
This sums us for us perfectly why, at Brand Pharmacists, whilst we want to help businesses making positive steps for the future of our planet, we also believe it's important to help organisations doing great things for the communities of people upon it.
Which brings us nicely onto things we've seen this week from organisations focussed on commercially viable sustainable solutions. Car manufacturing start-up Namx, has teamed up with the famous Italian automotive designers Pininfarina, to create the HUX, a hydrogen powered car, with a range of nearly 500 miles, which uses easily accessible swappable hydrogen bottles.
Meanwhile The Evening Standard has published an article featuring sustainable furniture brands to buy in 2023.
Another area we focus on at Brand Pharmacists is customer experience. As the effort required to keep shareholders happy intensifies, in the face of economic headwinds, it seems that more companies than ever view customer service as a cost to be contained rather than an integral part of their brand promise to fulfil.
A “customer satisfaction index”, just published by the UK Institute of Customer Service (ICS), found satisfaction was falling year-on-year, with nearly 17% of consumers reporting issues with a trader. The Observer asks "Poor Customer Service Costs UK Firms Billions, So Why Can't They Get it Right?"
Which reminds us that TechCrunch proclaimed 2022 as "The Year Customer Experience Died."
You might want to think twice about letting the kids play with your phone: Six year old Mason Stonehouse was distracting his dad from watching one of his favourite TV shows. So dad gave him his phone, on which Mason found the GrubHub app. The little boy was feeling hungry, so ordered $1000 of food for delivery on his dad's account. 🤠Perhaps this is one reason why the UK boss of Samsung Mobile wouldn't recommend giving under 11s a smartphone!
Have a great weekend!
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