Can ChatGPT help you with extensive and sophisticated market research? What if ChatGPT can truly tailor answers to your specific needs, and build upon the data and examples you share? Today I’m asking ChatGPT to help me with market research. As with most market research, the conversation can get sophisticated and individualized to the needs of the creator and business.
How will this change the way we come up with market research and competitive and comparative analysis? How can brainstorm effectively without doing all the research manually? This experiment left me intrigued and optimistic about the future of AI for creators and small business owners.
What My Market Research is About
Context: Since the day ChatGPT launched, we have been writing extensively about OpenAI and how it can apply to creators as well as businesses of all sizes. We are living at the tipping point of digital transformation that’s never seen before. As a result, Feisworld Media, as a business, is also in the process of communicating new services and products.
With an active YouTube channel (23K subscribers), and an active blog (roughly about 10K visitors per month and growing at a rate of 30% month over month), we are approached by AI companies regularly to put together review posts, video tutorials, and series of content. But is it a business worth pursuing? Are there other angles and prospects we should go after? I think so! But let’s ask ChatGPT to see what it thinks.
ChatGPT Prompts for My Market Research
1st Prompt: Setting up the question
help me choose the business I should start from the following options:
help AI companies grow with content strategy
help companies grow with AI strategies
help creators grow with AI strategies
Results from the 1st Prompt
Choosing a business to start is a significant decision that involves various factors such as market demand, skill set, passion, and long-term vision. Here’s a breakdown of the three business ideas you presented, looking at potential pros and cons for each.
1. Help AI Companies Grow with Content Strategy
- Niche Market: Focusing on AI companies means you can specialize deeply and build expertise in an industry that is booming.
- High Value Clients: AI companies often have significant funding, and they value high-quality services that can help them grow.
- Forward-Looking: You’ll be part of an industry that is on the cutting edge of technology.
- High Competition: There are already many agencies and consultants specializing in tech and AI.
- Fast-Paced: You’ll need to keep up with rapidly evolving AI technologies and market conditions.
2. Help Companies Grow with AI Strategies
- Broad Market: You have a larger pool of potential clients as you’re not limiting yourself to just AI companies.
- Diverse Projects: Working with companies in various industries will provide a range of challenges and opportunities.
- High Impact: Your strategies could yield significant results given AI’s transformative potential.
- Requires Expertise: You need to be well-versed in AI and its applications across various industries.
- Complex Sales Cycle: You’ll often need to convince stakeholders who may not be familiar with AI, making the sales process potentially longer and more complex.
3. Help Creators Grow with AI Strategies
- Emerging Market: The creator economy is relatively new and growing, meaning less competition and more opportunities.
- High Passion Clients: Creators are often deeply invested in their work and can be fantastic clients to work with.
- Innovative: Being at the intersection of AI and the creator economy will allow for unique and innovative strategies.
- Unpredictable Revenue: Creators often have fluctuating incomes, which might mean they are less reliable clients for your business.
- Scale: Depending on your business model, it might be challenging to scale your operations.
Here are some questions to consider:
- Skills: Which area aligns best with your current skills and expertise?
- Passion: Which business idea excites you the most?
- Market Demand: Is there proven demand for the services you are considering?
- Scalability: How easy is it to scale each business idea?
- Risk: Are you comfortable with the level of risk involved in each option?
After considering these factors, you should have a clearer picture of which business to start.
2nd Prompt – Adding my unique skill and perspective
Now, I can say skills-wise, I have worked with AI companies, and created content for them, and I have an active YouTube channel with over 23K followers. Does that help?
Results from the 2nd Prompt
Absolutely, your background provides valuable insights into which direction may be the most beneficial for you. Here’s a closer look at how your skills and experience could align with each business idea:
1. Help AI Companies Grow with Content Strategy
- Relevant Experience: You already have experience working with AI companies, which gives you an edge in understanding their specific needs and challenges.
- Content Expertise: Your experience in content creation is directly applicable here.
2. Help Companies Grow with AI Strategies
- AI Background: If you’ve worked with AI companies, it implies a level of comfort and understanding of AI technologies and applications.
- Content Capability: Your content skills could be valuable for explaining complex AI strategies in an understandable manner.
3. Help Creators Grow with AI Strategies
- Creator Credentials: As someone with an active YouTube channel and a sizable following, you’re well-placed to understand the needs and challenges of creators.
- Content & AI Fusion: Your background could allow you to offer a unique service that combines AI strategy with content strategy.
Here are some additional considerations:
- Market Influence: With a 23K following on YouTube, you already have a platform to market your services or even beta-test some of your strategies.
- Passion: Which of these avenues aligns most closely with what you’re passionate about?
- Credibility: Your follower count can serve as social proof, making it easier to attract clients.
Given your skill set and experience, all three options are viable. You could leverage your content expertise for AI companies, use your AI background to help a broader range of companies, or use your status as a content creator to assist other creators.
Your next step could be to conduct market research to assess demand for these services, and perhaps even run small-scale tests or pilot projects to see which business idea gains the most traction.
3rd Prompt – asking ChatGPT a direct question about who to target
It’s very helpful! Now what types of AI companies should I go after first?
Results from the 3rd Prompt
Selecting the right types of AI companies to target will depend on various factors including your existing network, industry trends, and your own expertise or interests. Here are some categories of AI companies you could consider:
1. Early-Stage Startups
- Eager for growth and more willing to experiment.
- Less bureaucracy, easier to reach decision-makers.
- Limited budgets.
- Risky; they might not be around for long.
2. AI Companies Specializing in Healthcare
- Highly funded and often willing to invest in quality services.
- Positive social impact can be a rewarding element of your work.
- Highly regulated, which could complicate your strategies.
- May require deep technical expertise in the field.
3. AI Companies in Retail and eCommerce
- Potential for quick wins through improved customer experience.
- Generally open to innovative approaches to growth.
- Competitive space, many players offering similar services.
- May require specific experience in retail/e-commerce.
4. Enterprise AI Solutions
- Big budgets and potential for high-value contracts.
- Often looking for holistic growth strategies, not just quick wins.
- Complex decision-making processes; could have a long sales cycle.
- Expect high levels of expertise and reliability.
5. AI Companies in Niche Markets (e.g., agriculture, arts)
- Lower competition.
- Opportunity to become a thought leader in a specialized area.
- Smaller market, so fewer potential clients.
- May require highly specialized knowledge.
6. Consumer-Facing AI Products (e.g., chatbots, personal assistants)
- Often more focused on user growth, which content can greatly assist.
- Usually open to innovative, consumer-focused strategies.
- Highly competitive, with many companies vying for consumer attention.
- Success often hinges on consumer adoption, which can be unpredictable.
Given your background, you might also want to consider:
- Technical Depth: Are you more comfortable with deeply technical AI subjects or more consumer-oriented applications?
- Network: Do you have existing connections in any of these sectors?
- Passion: Are any of these sectors particularly exciting or meaningful for you?
Conducting market research and perhaps informational interviews with potential clients can also provide valuable insights into where your services might be most needed and appreciated.
4th Prompt – my attempt to respond to the feedback and suggestions from a previous chat response
In terms of Technical Depth, I am more comfortable and interested in consumer-oriented applications, as well as those focused on established creators and small business owners
Result from the 4th Prompt
Given your comfort and interest in consumer-oriented applications and your background with an active YouTube channel, you could consider focusing on the following sectors:
1. Consumer-Facing AI Products
- Your understanding of consumer needs and behaviors would be invaluable for companies creating AI-powered products aimed at the general public, such as chatbots, recommendation systems, or personal assistants.
2. AI in Media & Entertainment
- Given your YouTube experience, you could provide unique insights into how AI can help content creators optimize their channel, reach a wider audience, or even automate certain aspects of content creation and marketing.
3. AI in eCommerce and Retail
- Small business owners in this sector are often looking for scalable ways to grow. Your insights into consumer behavior and content strategy can offer these companies a competitive edge.
4. AI Platforms Targeting Small Businesses and Creators
- There’s a growing number of AI platforms that offer tools specifically for small businesses and creators. You could help these companies refine their product offerings and marketing strategies.
- Aligned Interests: These sectors align closely with your skills and interests, likely making the work more enjoyable and fulfilling for you.
- High Impact: Consumer-oriented applications of AI generally have a broad impact, allowing your contributions to benefit a large number of people.
- Broad Skill Application: Your skills in content creation, understanding of consumer needs, and AI background will be broadly applicable in these sectors.
- Platform Leverage: With a 23K YouTube following, you already have a platform to test some of your ideas and concepts and even attract your first clients.
Given your specific interests and skills, focusing on these sectors could offer a fulfilling and financially rewarding business venture. Conduct some market research and perhaps even some pilot projects to further validate which specific niche within these sectors would be the best fit for you.
Conclusion: ChatGPT is powerful, engaging, and best with your unique insights and experiences
As you can see, ChatGPT can be hyperfocused and personalized to your needs. Moreover, it can build upon the insights given inside a chat and become more useful as the chat goes on.
ChatGPT is right often enough about important things that you can’t ignore it, even if it’s frustrating when it’s wrong.
ChatGPT also has limitations to its data sets, such as when I asked “Do you have data around recently funded AI startups in 2023?”, ChatGPT answered:
I’m sorry, but I can’t provide real-time or post-2021 data as my training only goes up until September 2021. However, there are various ways you can find information on recently funded AI startups in 2023:
However, instead of stopping short of stating the data is insufficient for post-2021 which is very relevant for my market research, ChatGPT attempted to provide additional sources of data I could look into instead. In this case, it suggested:
This platform offers information on startups, their funding rounds, and key personnel. You can filter by industry, funding stage, and year to find AI startups that have recently secured funding.
Similar to Crunchbase, but more focused on the investment side of things. Again, you can filter to find recently funded AI companies.
This platform not only allows startups to find investors but also enables investors and job seekers to find startups. You can look for AI startups by industry and see who has recently secured funding.
4. Financial News Websites
Websites like TechCrunch, VentureBeat, and Forbes often report on recent funding rounds in the tech industry, including AI startups.
5. Twitter & LinkedIn
Many investors and entrepreneurs announce funding rounds on social media. Follow some key VCs and AI influencers to stay updated.
Sometimes, the best information comes from industry insiders. Attend AI and startup-related events, webinars, or forums to network with people who might have valuable information.
After identifying recently funded startups, you can tailor your approach based on their likely current needs. For example, a startup that has just secured Series A funding is probably focused on product development but also starting to think seriously about scaling. On the other hand, a startup that has secured Series C or beyond is likely more focused on rapid scaling and market domination.
Given your experience and focus on consumer-oriented applications, you’ll likely be a strong fit for companies at various stages of funding, so it could be beneficial to target a mix to diversify your client base.
Overall I found this experience to be eye-opening. I also learned that ChatGPT is powerful, engaging, and best with your unique insights and experiences. Instead of general and generic prompts, we can do much more if we invest some time in providing useful examples, guidelines, inclusions as well and exclusions to help ChatGPT give us the most relevant answers.
What are your thoughts on using ChatGPT to help you navigate more complex requests? I’d love to know in the comments below.
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