What I Learned Trying to Set Up ChatGPT Ads

I tried to set up ChatGPT ads for a client. Here’s what I found.

I’m always interested in testing out new marketing opportunities to see what might work for advisors and why it might not. So when ChatGPT launched ads, I found a client who was willing to try them out.

ChatGPT ads are sponsored placements that appear below ChatGPT’s response after a user asks a question. The placements only show up for users on the Free and Go ($8/month) plans. Users on Plus, Pro, Business, and Enterprise plans don’t see ads.

Here’s why I thought the ads were worth testing. This test advisor doesn’t have particularly sophisticated prospects: local pre-retirees. These are people who are probably using the Free or Go version, if they’re using ChatGPT at all. If the niche were tech professionals, I wouldn’t bother. Those people are much more likely to be on a Plus or Pro plan where ads never appear.

The cost is a minimum of $25 per day per campaign. That’s a high floor compared with other platforms: Google Search Ads at $5/day, Facebook at $5/day, Nextdoor at $3/day, and LinkedIn at $10/day. The recommended cost per click it gave me was around $4.

Unfortunately, after setting everything up, I hit a roadblock. OpenAI is not currently allowing financial services firms to run ads. I knew this was a possibility going in, but I tried it anyway because the restriction doesn’t seem to be consistently applied.

And before you ask, I won’t be testing ads for my company either. Our target market of financial advisors almost certainly has Plus or higher subscriptions on ChatGPT.

So why am I telling you this if advisors can’t use ChatGPT ads? Because I think ChatGPT ads could be an interesting experiment if and when they do become available for advisors. Will they work? Probably for some niches and locations, and not for others. If you do get the chance to test them, make sure your niche or target audience is one that’s likely to use a Free or Go account. That means no business owners or tech professionals.

The takeaway: ChatGPT ads aren’t available to financial services firms yet, but they’re worth watching. When they do open up, the advisors who test early will have a head start, just like every other new marketing channel.