Conduct the most accurate Competitive Research with these prompts

Competition analysis is a key component of every successful marketing strategy. Use these prompts and let ChatGPT do the best competitive research for your business:

Published: 2023-04-03

Competition analysis is a key component of every successful marketing strategy. Although this phrase could conjure up some unfavorable thoughts, competitive research has nothing to do with espionage. It all revolves around keeping an eye on your rivals and what they're up to.

Due to a lack of time spent conducting competitive research, many people lose out on business to rivals they have never even heard of. You may better position yourself in the market and your product or service by being aware of what your rivals are doing.

What does competing research entail?

Competitive research entails identifying your rivals, assessing their advantages and disadvantages, as well as the advantages and disadvantages of their goods and services. You may evaluate your goods and services and the threat they pose to your company by examining those of your greatest rivals. Also, it aids in pointing up business trends that you might have overlooked.

Doing competitive research has four advantages:

1) Being aware of your market: Competition research can highlight market trends that would have gone unnoticed otherwise. Each firm may greatly benefit from the capacity to recognize and forecast trends, which enhances the value proposition offered to clients. You should always be conducting competitive research, which includes this crucial element.

2) Enhancing your advertising: Your clients are interested in how your good or service can improve their lives. If customers are switching to one of your rivals, it's typically because they do a better job of outlining the advantages to their clientele or offer a superior product or service. You can better understand why customers choose to buy from you vs your competitors by conducting competitive research. You may eventually use this to enhance your marketing initiatives.

3) Finding holes in the market: While conducting competitive research, you examine the advantages and disadvantages of your rivals. As you examine the data, you'll frequently discover that there is a section of the population that is underserved. This can provide your company with a special opportunity to connect with such clients.

4) Making future preparations: The main benefit of competitive research is that it can assist you in developing a strategic plan for your company. This covers things like enhancing your good or service, implementing more tactical pricing plans, and enhancing the advertising of your goods.
An effective competition analysis might provide your company with a distinct advantage in reaching underserved clients.

It's critical to comprehend this portion of your market for two reasons: (1) it may present chances for your company to develop, and (2) it may also reveal a danger to your company that you would not otherwise be aware of.

Use these prompts and let ChatGPT do the best competitive research for your business: 

  • Here are the names of my top competitors in [industry]: [competitor 1], [competitor 2], and [competitor 3]. Generate an analysis of their strengths, weaknesses, and market position.
  • Here is a list of the key products or services offered by my top competitors. [Product 1] by [Company 1], [Product 2] by [Company 2]. Analyze their pricing, features, and marketing strategies to gain insights into their competitive position.
  • Please provide a list of the marketing channels used by my top competitors. Analyze their messaging, targeting, and customer engagement strategies to identify areas for improvement and gain a competitive advantage.
  • "Who are my main competitors in the [industry/niche] and how do they compare to [my company/product]?"
  • "What are my competitors' [strengths/weaknesses] and how can I use this information to gain a competitive advantage?"
  • "What kind of [products/services] do my competitors offer and how do they compare to [my company/product]?"
  • "What kind of [pricing strategies] do my competitors use and how do they compare to [my company/product]?"
  • "What kind of [marketing strategies] do my competitors use and how effective are they in [generating leads/attracting customers]?"
  • "What kind of [content] do my competitors publish and how can I create better content to compete with them?"
  • "What kind of [social media presence] do my competitors have and how can I leverage social media to compete with them?"
  • "What kind of [customer service/support] do my competitors provide and how can I improve my own customer service/support to compete with them?"
  • "What kind of [SEO strategies] do my competitors use and how can I improve my own SEO to compete with them?"
  • "What kind of [partnerships/collaborations] do my competitors have and how can I establish similar relationships to gain a competitive advantage?"