How to Use ChatGPT’s Memory Feature to Improve Your Sales Process

The latest update to OpenAI’s chatbot enhances its ability to remember user details. Initially available to ChatGPT Plus subscribers, this new feature, called Memory, allows the AI chatbot to store personal details shared during conversations and refer to this information in future chats. Announced in February 2024, the Memory feature was initially accessible to a small group of users for testing until a wider rollout occurred in May.

We’ve spent significant time trying out this new functionality and have gathered some advice to implement this in your sales practice. Here’s what you can expect when using ChatGPT’s Memory for sales:

Getting Started with ChatGPT’s Memory

Adding facts about yourself to ChatGPT’s Memory is simple: just chat with the bot. As you use OpenAI’s software, ChatGPT gleans insights from the conversations, such as your customer name, their line of business, as well as more niche observations like your prospects need-state for making a purchase. Each time you add some nugget of information, you see a "Memory updated" notification.

While the chatbot passively gathers this data, you can also try a more direct approach. Start a prompt with “Please remember X…” or use similar language to add info you want filed to ChatGPT’s Memory. It will store this information synchronously.

We have been impressed by the new feature during our hundreds of interactions. One of the historical issues with utilizing chatbots and the AI prompt for productivity has been a lack of real-time data retention and recall. Having to repeatedly remind ChatGPT about crucial details was frustrating. Now you can seamlessly manipulate what the bot remembers through text prompts.

How to Use Memory for Sales

Here are some practical ways to leverage ChatGPT’s Memory feature to enhance your sales process:

Organizing and Curating Information: You can cut and paste information into the prompt window and ask for that information to be analyzed and organized for a specific purpose. For example, you can share information about a prospective customer and then ask for an outline of a sales approach. You can even attach a PDF document, and ChatGPT will analyze the document and add the content to memory.

Using ChatGPT as a Virtual Editor: Input prior and current communications with a prospect or client, then ask ChatGPT to formulate a follow-up email. This enables you to have a highly relevant yet succinct message that can increase your email response velocity and response rate.

Strategizing Sales Execution: It's beneficial to periodically re-evaluate your sales process, even down to the named-client level. With memory at its disposal, ChatGPT can help you design improvements to future qualifying questions, enabling you to better assess opportunities and potentially create emotional responses (e.g. sense of urgency).

Creating Account Summaries: Sales often involve juggling numerous accounts, making it challenging to remember all details, especially with accounts you haven't interacted with for weeks. Before heading into a follow-up call, you can generate an account summary as a refresher to warm up for the impending conversation.

Crafting Proposals: The memory function can ingest large amounts of information and output reasonable to high-quality proposal content with logical progression and clarity. This is extremely useful when providing bespoke products and services to clients and wanting your proposal to feel customized and personalized to their unique buying scenario.

ROI Gains with ChatGPT’s Memory

The memory feature offers significant return-on-investment (ROI) gains, including:

Faster Time-to-Response: With ChatGPT remembering key details about your prospects and clients, you can respond more quickly and accurately, enhancing your responsiveness and professionalism.

More Effective Communications: By leveraging stored information, your communications become more relevant and personalized, reducing lead decay and keeping prospects engaged.

Faster Time-to-Sale: With better-prepared and more relevant communications, you can move prospects through the sales funnel more quickly, shortening the sales cycle.

Higher Sales Conversion Ratios: Personalized and timely interactions foster better relationships and trust, potentially leading to higher sales conversion ratios.

Better Sales Productivity Output: With ChatGPT handling information organization and communication crafting, you can focus more on high-value activities, boosting overall sales productivity.

Conclusion

ChatGPT’s new Memory feature offers significant potential to enhance your sales process. By efficiently organizing information, crafting personalized communications, strategizing sales execution, creating detailed account summaries, and crafting bespoke proposals, this feature can help you operate more effectively and close more deals. The ROI gains, including faster response times, more effective communications, faster sales cycles, higher conversion ratios, and improved productivity, make it a powerful tool for any sales professional. Embrace the power of memory and transform your sales approach with ChatGPT.