Richasdy Blog

Market Research with LLM

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by

richasdy
in

chatgpt, google bard, bing chat

Market Research Process :

  • Setting the right goals;
  • Developing a research plan;
  • Gathering data;
  • Analyzing the data;
  • Taking action.

how businesses can leverage ChatGPT’s capabilities to gain valuable insights and enhance their brand voice. Integrating ChatGPT into market research, customer feedback analysis, competitor analysis, and improvements can unlock a wealth of AI insights for businesses

  1. Market Research with ChatGPT. By crafting well-designed prompts, businesses can gather insights about customer preferences, pain points, and expectations. For instance, prompt ChatGPT with queries like, “What are the emerging trends in our industry?“, “What factors influence customer purchasing decisions?“, or “How can we improve our product/service to better meet customer needs?“.
    • Analyse Website Performance.
    • Customer Review Analysis
    • Analyse PPC Ad Copy
  2. Validating your business idea. “I want to start an online-only dog food brand for pet parents in the age group of 26-35 residing in the US. I would need specific information about their demography to get started, plus competitor information. Act as a market research assistant and gather all the relevant information related to 26-35 years age group residing in the US.“, “I want to start an online organic beauty line for teenagers (age group: 13-19 years) residing in London. I am looking for specific information about their demography, both residents and foreigners. Act as a marketing research assistant and furnish all the information about the teenagers residing in London.“
  3. Gather and present publicly available data, Analyse Top Search Results. “I want to start an online delivery program where my customers can order salad bowls via an online app and have the food delivered to their homes in Chicago. Act as a market researcher and give me information on the demographics of people most likely to order salads in Chicago—including age groups, income, education, gender, and specific location.“, “I need a comprehensive market research and analysis to understand the [type of product or service] industry and identify potential opportunities and challenges.“, “I’m looking for insights on how to best segment the [type of product or service] market in order to better target customers.“
  4. Develop buyer personas. “Can you create detailed buyer personas for this online delivery program that delivers salad bowls to customers? Provide demographic info, psychographic info, needs, likes, and dislikes.“, “you know my audience persona I shared above. can you create a detailed audience persona highlighting the following as key information: Demographic infoNeeds and preferencesWhat do they likeWhat do they dislikePsychographic information“, “Okay! Also, can you build an audience persona using the following information: Demographic information, Preferences, likes and dislikes, and psychographic information? You can be as detailed as you want.“, “I need research on customer preferences and behaviors in the [type of product or service] market to inform our marketing strategy.“
  5. Unraveling Customer Feedback with ChatGPT. collect Google Reviews for a business and input them into ChatGPT. By asking, “What are the top 5 common things customers are saying about our business?“, ChatGPT can reveal the key aspects customers love or areas that need improvement.
  6. Gaining the Competitive Edge with Competitor Analysis. Identify competitors. Report on Competitor Activities. By prompting ChatGPT with questions like, “What are the strengths and weaknesses of our main competitors?”, “What unique value do we offer compared to competitors?“, or “Which features do our competitors excel at?“, “Can you make a table of the top 5 brands in the food delivery space, their website URLs, Instagram handles, and some important data about each of them?“, “Can you let me know the 5 major brands in the space. Research and let me know the D2C brands, big box brands, their market shares, and how popular they are among my target group?“,”okay. can you make a table of the popular pet brands, their website url, instagram handle, and if possible some key facts and figures for each?“, “Can you please name ten or more brands that target teenage skincare in the UK? Research and share the relevant D2C brands, big or small. Also, show details about their market share and their popularity amongst the target audience.“, “Can you disseminate more information about the competitor brands? Share their website URL, Instagram handles, and some key details about their brand values.“, “I’m looking for data to compare and contrast the [type of product or service] market across different countries and regions.“, “I need an analysis of the competitive landscape in the [type of product or service] industry to develop our pricing and positioning strategy.“
  7. Driving Improvements through AI Insights. ChatGPT’s AI-generated responses can offer innovative ideas and solutions for business improvements. Get suggestions for how to fill in market gaps and opportunities. “Are there any market opportunities or unique selling propositions (USPs) that current food delivery brands, like Grubhub, DoorDash, and Deliveroo, don’t take advantage of?“,”are there any USPs or opportunities or pain points which current brands lack in when it comes to pet food ordering process online, specifically with the competitors shared? Can you find something about their reviews, audience’s perceptions, and any additional information?“,”How can I improve my online ordering experience compared to existing brands like Royal Canin and Blue Buffalo? Is there some way I can reassure them that the products are safe or how can i leverage the opportunity?“, “These are pretty generic suggestions. can you get more specific regarding the differentiation opportunity?“, “What can I do to make my products stand out from competitors? What specific areas should I focus on in product differentiation?“
  8. Amplifying Brand Voice with Customer Love. ChatGPT identifies areas where customers rave about a business, it uncovers its unique selling points and areas of excellence

Advancing Using Plugin :

The prompts below require you to have access to ChatGPT Plus with plugins enabled. The plugins used in the steps below include:

  • WebPilot
  • VoxScripts
  • SEO CORE AI
  • Keyword Explorer
  • ChatSpot
  • Competitor PPC Ads
  1. Analyse Top Search Results And Prepare a Detailed Report. “Use WebPilot to find top 5 articles that talk about [TOPIC]. Next, use VoxScripts to find 3 most viewed videos about [TOPIC]. Finally, write a detailed report on the most used keywords in both the articles and the videos, most used NLP terms, key topics, all questions that appeared in the articles, the tone of voice used in the articles, the targeted persona in the articles. You can use tables.“
  2. Create Buyer Personas Based on Your (Or Your Competitor’s) Reviews. “Using WebPilot, scrape the reviews of [COMPETITOR 1], [COMPETITOR 2], [COMPETITOR 3] on TrustPilot. Create 3-4 detailed buyer personas based on the information gathered.“
  3. Find Competing Businesses And Describe Their Product In a Matter of Seconds. “Using WebPilot, find 3 sellers of [PRODUCT]. Visit their product pages and summarise the key features of their products, as well as their value proposition. (*for marketing solutions, you can replace WebPilot with ChatSpot)“
  4. Keep an Eye on Your Competitors and Save Time on Manual Browsing. “Report on the latest news from [COMPETITOR]. Summarise your findings and provide links to the source.“, “Analyse the SEO performance of [COMPETITOR] with SEO CORE AI. Present your findings in a detailed report. Then, return 5 keywords that [COMPETITOR] ranks for in SERP. For each keyword, using Keyword Explorer, find 3 related queries.“
  5. Analyse Your Competitors’ Customer Reviews to Explore Their Strengths and Weaknesses. “Using WebPilot, scrape the reviews of [COMPETITOR 1], [COMPETITOR 2], and [COMPETITOR 3] on TrustPilot. Analyse the pros and cons of every solution.“
  6. Analyse Your Competitors’ PPC Ad Copy to Learn About Their Value Proposition. “Using WebPilot find the top 3 [PRODUCT TYPE]. Using Competitor PPC Ads plugin analyse their PPC campaigns. Provide 3 examples of the PPC copy that these companies use.“

Reference :

  1. https://gapscout.com/blog/market-research-process/
  2. https://www.linkedin.com/pulse/using-chatgpt-market-research-customer-feedback-analysis-moroles
  3. https://zapier.com/blog/chatgpt-market-research/
  4. https://gapscout.com/blog/how-to-use-chatgpt-for-market-research/
  5. https://lunio.ai/blog/strategy/chatgpt-applications-market-research/
  6. https://www.geeksforgeeks.org/how-to-use-chat-gpt-for-market-research/
  7. https://clickup.com/templates/ai-prompts/market-research-and-analysis
  8. https://www.geeky-gadgets.com/chatgpt-for-market-research/
  9. https://www.analyticsinsight.net/chatgpt-for-market-research-gather-insights-from-customer-reviews-at-scale/
  10. https://analythical.com/blog/using-chatgpt-for-market-research
  11. https://www.intotheminds.com/blog/en/etude-de-marche-chatgpt-fiable/
  12. https://insightsopinion.com/market-research/chatgpt-and-implications-for-market-research/
  13. https://www.optimizedwebmedia.com/ai/chatgpt-for-market-research/
  14. https://www.udemy.com/course/ai-for-market-research/
  15. https://www.entropik.io/blogs/chatgpt-for-market-research-transforming-consumer-insights
  16. https://clearseasresearch.com/blog/artificial-intelligence/using-chatgpt-in-market-research/
  17. https://www.hbs.edu/ris/Publication%20Files/23-062_b8fbedcd-ade4-49d6-8bb7-d216650ff3bd.pdf
  18. https://www.bva-bdrc.com/opinions/chatgpt-and-mr-part-1/

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