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“Should I Be Worried??”

Unless you’ve been living under a rock, you’re well aware that artificial intelligence (AI) has become a huge topic of discussion – both in the business world, and in culture at large.

While we’ve all been living with AI integrated into certain aspects of our daily lives for years now, the sharp rise in public access to AI powered tools (like ChatGPT, Midjourney, and many more) has created a buzz around the advancement of this technology at a level which we’ve never seen before.

And it didn’t take long for business owners to figure out the potential for making money through AI either. Both in terms of unlocking productivity and efficiency – and in new programs, trainings, and software.

However, all the buzz and hype around the acceleration of AI hasn’t come without its fair share of concern, and even fear. As new technology takes access to information and skills that used to be reserved for a select few and essentially “democratizes” it to the masses via AI, what does that mean for coaches, consultants, and trainers?

Let’s tackle the question on most of our clients’ minds lately:

“Will AI eventually make expert businesses obsolete?”

Democratization – The Good and the Bad

Perhaps the most obvious benefit to AI for the common person is access.

Access to information. Access to abilities and functions that used to require extensive training or specialized labor.

Quick example…

Only a few years ago, if you wanted to remove the background from a picture of yourself (and actually have it look good), you would either need to:

  1. Purchase a license to Photoshop and master the lasso tool so you could do it yourself
  2. Hire a graphic designer or photographer who had Photoshop and could do it for you

Now, because of AI and machine learning, this entire process can be done in the click of one button in a matter of seconds – by ANYONE. And it can be done on much lower cost and easier to access softwares like Canva.

This process of taking previously specialized functions or knowledge and making them available to the masses is commonly referred to as democratization.

Democratization can have plenty of upside – the advancement of industry, acceleration of creativity, and (indirectly) expansion of the economy. Just to name a few. This is where AI really shines.

But it’s also what keeps expert business owners on edge.

Coaches, consultants, agency owners, trainers – all of them are paid for their expertise. For their ability to either do something that only a select number of people are capable of, or teach their CLIENTS how to do something that only a select number of people are capable of.

For example, say you run a media buying agency. Your clients hire you for your ability to get the best conversions at the best possible price by leveraging your knowledge of how to craft a winning bidding strategy and how to maximize budgets.

There are already AI-powered software tools that can integrate into a Meta advertising account, analyze campaign data in real time, and automatically adjust bidding within ad sets based on what will get the best result. Essentially… AI bidding. All of which can be done with zero human involvement.

A software that is capable of doing what professional media buying agencies have historically been paid to do.

That alone is startling. But now let’s go one layer deeper.

Meta has one goal when it comes to advertising on their platform – get as many people spending money on ads as possible. Therefore, any tool that allows people who don’t have the same “know how” as a professional media buyer (and can’t afford to pay an agency to do it for them) to launch ads and spend their money on the platform is a tool that Meta WANTS to succeed.

In fact, it would make sense for Meta to either partner with or acquire one of these softwares and integrate it fully into the platform as a feature.

Now, does this make media buyers completely obsolete? Not at all. But, what it does do, is make it extremely difficult to charge high-ticket premium prices for that service. In other words, once the ability to run profitable ad campaigns using AI hits the market in full swing, it could become a race to the bottom on pricing for premium agencies.

Innovate and Integrate

“So it’s all ‘Doom and Gloom,’ then??”

Hold your horses, ladies and gentlemen.

Let’s come back the original question posed in this article.

“Will AI eventually make expert businesses obsolete?”

The answer to that question is actually, “No.”

But, it will act as a filter, separating the sheep from the goats. Average and mediocre consulting businesses will be crushed by it. Businesses who are actively pushing the industry forward will only be helped by it.

The two key things that will make the difference is the speed at which you:

  1. Innovate
  2. Integrate

This is business “evolution” in its purest form. It’s historically proven that every time there is a major technological advancement, old and weak business models are killed off, and new business models rise up to take their place (i.e. – savvy people recognize the opportunity and leverage “new” things to make money and help people in new ways – leading to growth).

Businesses built on “tactics” will eventually break. Businesses built on proper models can adapt and shift, even if the tactics change.

Learn How to Scale Your Business Profitably With Our Models

No matter what happens in the world of AI, you can still grow and sustain a business built on your expertise – IF you build it on strategic models. Get started today with our best-selling book, The Wealthy Consultant. Available now!

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