How to Make Money with Prompt Engineering: 6 Ways

Prompt Engineering has been on the rise since the launch of ChatGpt on November 30 2022.It unlocked new avenues for earning money and created more business prospects, one of which is selling prompts. In this post I will show six ways or methods on where and how to make money with prompt engineering, covering everything from understanding the basics and monetize your skills effectively.

What is Prompt Engineering

The art of interacting with language models. Its how you talk with language model like chat GPT. Its about asking right questions to ask the best answers.

For example: An advanced prompt

So prompt engineering is how to create powerful prompts to get the best answers out of language models like Chat GPT and Google bard.

NB: To witness the amazing output try the above prompt.

The other aspect of prompt engineering is how to build and create automation scripts

Automation scripts = Power scripts + scripting (to automate a certain work flow)

Ways to make money with prompt Engineering

Selling Prompt Templates

Easiest approach is:

1.Selling individual prompts on marketplaces.

One of the best places to sell is at Promptbase . Here, I primarily sell and purchase prompts, giving me the opportunity to test them and generate new ideas.

Snackprompt is another well-known website. It’s more of a community where users post prompts, exchange comments, and have the ability to purchase and sell prompts. Signup, create and sell your prompts.

2.Selling a prompt library.

You can bundle several prompts into a single product and market it as such if you have a website or other social media account. For instance, I’m going to build a library on my website soon where I’ll be selling my own prompts. In addition, I made a blog(Prompt Engineering key concepts) to assist you in creating prompts.

Selling Automated Scripts

Creating Python scripts and selling them in place of prompts; you create and market automated scripts.

As an illustration, I’ve written the script you see below: It allows you to generate suggestions for titles and thumbnails once you run it.

If you want to sell any digital goods, such as prompts or scripts, you can visit websites like gumroad. It is possible to create scripts for automated content research and for the conversion of articles into social media postings. and provide it to a client in this manner. By doing this, you are providing them with something of greater value and saving them a great deal of time. They simply obtain the script, execute it, and receive the outcomes instead of having to test the prompt on their own.

Building Customization AI Solutions / Tools for your Clients

This is a more advanced method. It entails creating AI tools: For example: Check on my website I have a tool that generates blog titles soon I will share how to create such a tool. This allows you to create and market to your clientele because it’s unique and has no competition.

Build an AI API and sell on market places.

Example you can build an AI content generator and sell it on rapid API. In simple terms to understand what an API is: Take for instance you’re at a restaurant (the application) and you want to order food (data). The waiter (API) takes your order (request) to the kitchen (server), where the chef prepares the food (data processing) and then brings it back to your table (response).

In a real life example: Suppose you’re creating a travel application. Showing users the current weather at their destination is what you wish to do. You use a Weather API in place of creating your own, which would be difficult and time-consuming. When your app requests the Paris weather forecast, the Weather API provides the information.

The ability of various software systems to communicate with one another makes APIs vital. If APIs weren’t available, a new connection would need to be created each time two programs needed to talk. Software development becomes more efficient as a result of APIs’ simplification.

Start a SAAs(Software as a service ) business or build online tools

Software as a Service, or SaaS, is a method of software delivery via the internet. You use a web browser to access software online rather than purchasing it and installing it on your computer. It’s like renting a car you get to use the car (software) without worrying about maintenance or upgrades. With this service you can build AI tools, monetize with a recurring monthly membership or simply keeping it for free as a side project to grow your business , get traffic and build your email list. Below is an example of an online tool:

Education and consultation

Once you learn this experiences you can now provide a consultation service or maybe create an e-book or a course around prompt engineering and sell it or you can provide one to one consultation services for business to automate your workflow. There many places you can sell , if its a course you can sell on skill share, an e-book on amazon and so on.

How to find prompt ideas

Perhaps you are prepared to get started and are now proficient in optimizing and creating prompts, but you are lacking in ideas lets see what prompts to create:

One approach is to visit the markets, as we previously discussed, and see what other people are producing. Try to identify any gaps in their work that you can fill in to make it truly exceptional. We refer to this as competitor analysis.

Using Chat GPT is another method. Remember that you are a prompt engineer by this point. You can create or craft a prompt that instantly sparks thousands of thoughts. Also You could buy prompts from marketplace optimize and create something that will stand out and compete at a lower price. or combine multiple prompts in one to create a powerful prompt.

Some of the profitable Niches in Prompt Engineering that you can create include:

Content Creation: Crafting prompts for AI writing tools.

Customer Service: Creating prompts for AI chatbots.

E-commerce: Designing prompts for product recommendation systems.

Data Analysis: Engineering prompts for AI-driven data insights.

Tips to promote your prompts.

1.Product hunt and Publish: Similar to any digital product, after it’s finished and published, you can go to Product Hunt, publish, and launch it. This will offer you a little push, some traction, and user feedback ratings from individuals.

2.Publish on AI aggregators: You can publish on this top AI aggregatorsfuturepedia.io and futuretools.io

3.Build an email list or lead magnet-Create a package of prompts you can pick like five prompts package it in a pdf or Notion template and give it for free to collect emails and then you have a treasure that you can promote your premium products

4.Create content around your product– Pick two platforms Twitter and Medium and create content around product you are selling .Build authority, build audience, build email list and then it will be a lot easier to sell anything.

What to Consider When Pricing Your Services

• Experience and Expertise: Higher rates for advanced skills and experience.
• Market Demand: Competitive pricing based on industry standards.
• Project Complexity: Adjust rates according to the complexity of the project.
• Hourly Rates: Charge by the hour for your services.
• Project-Based Rates: Set a fixed price for entire projects.
• Retainer Agreements: Offer ongoing services for a monthly fee.

Conclusion

Making money with prompt engineering is very lucrative and the demand for this skill is on the rise. Finding prompt ideas requires a mix of creativity, market research, and understanding user needs. By staying tuned to trends and leveraging brainstorming techniques, you can consistently generate innovative and effective prompts.

Utilize social media, engage with communities, and offer value through free samples or tutorials to build a loyal customer base. Transparent and competitive pricing strategies can help you stand out in the market while ensuring you’re fairly compensated for your expertise.

That’s it if you have any questions? let me know on the comments section below and I will try my best to answer them all.