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Saving $300,000 in 30 seconds

Case Study Two
Saving $300,000 in 30 seconds
ANDRÉ FASCIOLA
CEO and Co-Founder,
Matcha.com

As the CEO of the e-commerce company Matcha.com, André Fasciola is always tuned in to what’s new in technology. Each week, he devotes between 10 and 20 hours to technology research, combing through whitepapers, reading tech news or chatting with associates in Silicon Valley.

With his ear to the ground, he knew ChatGPT was coming years before its release in November 2022. And when that day arrived, he was one of the first to use it. “It was a matter of necessity,” says Fasciola, who bootstrapped Matcha.com with his wife in 2016. “We needed to 10X myself and each of our employees, and I had read that AI or generative technology was a way to do that.”

By experimenting with ChatGPT, Fasciola found a “huge plethora of use cases — almost to the point where it was too many,” he says. Those included writing and editing blog posts; performing financial modeling; managing inventory and international shipments; mapping and predicting customer buying behavior; crafting legal documents such as partnership agreements, trademark agreements and NDAs; summarizing peer-reviewed journal articles, and much more.

The company has benefited significantly. For instance, by using AI to automate and optimize digital ad spending, Matcha.com has saved 30% year-over-year while growing revenue in that channel by 50%. Integrating customer service functions and automating answers to customers’ FAQs has reduced manual tasks for the customer service team by about 50%. Fasciola also credits AI with freeing up 15-20% of his own time, enabling him to devote more hours to working on the business instead of in the business. One of the greatest benefits, however, caught him and his team by surprise. After Matcha.com signed a deal with a famous musician (who Fasciola cannot yet name), the marketing team decided to experiment by using ChatGPT to create a commercial instead of hiring an expensive digital branding firm to do so.

Once fed the right prompt, ChatGPT generated a polished script for a 30-second commercial, complete with details about set design, sound effects and time of day to shoot.

“Right then and there, I knew this thing was amazing,” says Fasciola. “It probably saved us $300,000, and it did it in 30 seconds.”

His advice for other CEOs? Even if you’re a tech novice, don’t hesitate to jump into generative AI.

“Get in there, and don’t be afraid; research it, play with it,” he says. “You need to invest that time upfront to learn about it. Because if you don’t, your competitors will.”

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