June 20, 2023

Unless you’ve had your head in an actual book this summer, you’ve seen all the press about the rise of artificial intelligence (AI). We decided to put one popular chatbot to the test and asked ChatGPT to write a blog on a topic we know well — customer feedback during investor due diligence. Not surprisingly, there were some hits and misses when using AI to write this type of content. Below you can see the actual Chat GPT blog. But first, our assessment and some things to watch for if you choose to use AI.

The hits:

  • The bases were covered – the way we learned to write in middle school and high school was there.Chatbot Chat with AI, Artificial Intelligence. man using technology smart robot AI, artificial intelligence by enter command prompt for generates something, Futuristic technology transformation.
        • All paragraphs have topic sentences.
        • Spelling and grammar are correct.
        • The final paragraph is a summary of the main points.
  • The content is generally correct. All are huge wins.

The misses:

On June 16, 2023, the front page of the WSJ commented about the use of AI in healthcare: “New technology can take on routine tasks, but it also makes mistakes.” In general, we didn’t find mistakes — that could be critical in healthcare decision-making! We did, though, notice a few parts missing that can be key to getting your content noticed.

  • A title and story that will pull in the reader and keep them reading —an increasingly difficult task in today’s world! This takes knowledge of your reader/audience and an understanding of their fears.
  • The challenge – i.e., what are the risks if they don’t pay attention to customer due diligence?
  • Recommendations about how to interpret the information; 50% of the customers’ giving a high NPS score – is that good or bad? Are the weaknesses mentioned fixable? etc.
  • What to do with the information after it is collected. How can the data be applied to the situation?
  • Word choice - it’s subtle, but it matters.
        • The ChatGPT blog mentions gaining customer feedback prior to the due diligence; we recommend it  during due diligence.
        • Also, it mentioned “due diligence acquisition” which is confusing and not accepted terminology.
        • SEO. Using keywords is, well, key in content writing.

Overall, we were impressed with the draft. The basic structure and time-to-write (30 seconds) were outstanding. With some human intervention, the areas that needed work can be resolved. AI has an amazing future in many applications but still requires that human touch. 

The ChatGPT Questions and Blog:

Mayfield’s request: Write a blog about the Importance of getting customer feedback during the due diligence period before investment– this is what was written in less than 30 seconds:

When considering acquiring a company, due diligence is a critical step in the process. Due diligence involves conducting a comprehensive investigation of the target company to determine its value, risks, and potential opportunities. However, one aspect of due diligence that is often overlooked is gaining customer feedback.

Customer feedback is an essential part of any business's success, and it is particularly important when considering an acquisition. Here are some reasons why gaining customer feedback prior to due diligence acquisition is crucial:

    1. Customer Satisfaction: Understanding the level of customer satisfaction is a critical factor in assessing the target company's potential success. Gaining customer feedback can help to identify the strengths and weaknesses of the company's product or service offerings and how these offerings are perceived by customers.
    2. Market Positioning: Obtaining customer feedback can also help to understand how the target company's offerings are positioned in the market. This information can help the acquiring company to determine how the target company's products or services fit into their own portfolio and how they can leverage them to gain a competitive advantage.
    3. Potential for Growth: Customer feedback can provide insight into the potential for growth for the target company's offerings. This information can be used to identify opportunities to expand the offerings or to identify potential areas of improvement.

So, how can an acquiring company obtain customer feedback prior to due diligence acquisition? Here are some methods:

    1. Customer Surveys: One of the most effective ways to gain customer feedback is through customer surveys. Surveys can be conducted online, through email, or by phone, and can be targeted to specific customer segments.
    2. Customer Interviews: Another method to obtain customer feedback is through customer interviews. These interviews can be conducted in person, over the phone, or via video conferencing. Interviews provide an opportunity to ask detailed questions and to gain a deeper understanding of the customer's experience.
    3. Online Reviews: Online reviews are another valuable source of customer feedback. These reviews can be found on platforms such as Yelp, Google, and social media channels. Analyzing online reviews can provide insight into overall customer satisfaction and can highlight areas of strength or concern.

Businessman shaking hands with digital partner extending from laptop computer on futuristic background. Artificial Intelligence and Machine Learning Processes for the 4th Industrial RevolutionIn conclusion, gaining customer feedback prior to due diligence during an acquisition is a critical step in the acquisition process. It provides valuable insight into the target company's customer satisfaction, market positioning, and potential for growth. Utilizing methods such as customer surveys, interviews, and online reviews can provide an acquiring company with the necessary information to make informed decisions, forecast revenue and maximize the potential for success.

Mayfield Consulting’s team has hundreds of combined years of experience in sales and marketing, providing market research, business due diligence, sales, marketing and PR strategy and implementation. All services are performed by seasoned professionals, on an affordable, a la carte menu to business-to-business companies. Mayfield has special expertise in software, security, business services, financial services, and classic manufacturing industries. With a tagline of “Where Results Happen,” Mayfield Consulting has clients that have been named 11 times in the last eleven years to the Inc. 5000 List of America’s Fastest Growing Private Companies, won more than 70 awards, and experienced exponential growth.