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Large Langue Models (LLMs) can help you conduct market research in minutes.
Popular AI chatbots (such as Google's Gemini, OpenAI's ChatGPT, Anthropic's Claude, xAI's Grok, or Perplexity) allow us to instruct the underlying LLMs.
When we prompt the LLMs in the right way, they can generate answers to our questions.
LLM Powered Market Research enables you to create and use a series of prompts to...
Please keep in mind that the answers you will get, are synthetic or artificially generated. They will always sound plausible, but are not always 100% accurate.
Feel free to ignore a chatbot's follow-up suggestions and ask them to improve their answers if you're unhappy with the quality.
In order to research your market, we first need to understand what your ideal clients look like. Let's create a prompt that generates an ideal client profile. And make sure the LLM understands what your ideal clients look like.
Here's your Ideal Client Profile Prompt:
Our ideal clients are based in with a headcount of and an annual revenue of .
Our ideal clients need to in order to .
Please confirm by returning an ideal client profile in a table format containing client type, geographies, company size, company’s challenge, and overarching goal.
Select, copy and paste this prompt in the AI chatbot of your choice. Whether this is Gemini, ChatGPT, Claude, Grok, or Perplexity.
Once pasted into the chat, you can adjust the prompt as you see fit.
Let's identify the challenges that cause your ideal clients the most pain, that are urgent, recognized, and expensive.
Here's the prompt that instructs the LLM to act as a market researcher and get you your clients' top challenges:
Act as a market researcher and uncover the top [number] most painful, urgent, recognized, and expensive challenges our ideal clients face.
I want you to think deeply and back up your statements with proof / existing sources.
Please return the results in a table format. Use the following dimensions on the horizontal axis: short description of challenge, level of pain, level of urgency, level of recognition, level of cost impact, description of how the challenge materializes, description of the potential financial impact (in gains and losses), and links to online sources that proof the challenge is real.
Select, copy and paste this prompt in the AI chatbot of your choice.
Once pasted into the chat, you can adjust the [number] to change the amount of challenges.
PLEASE NOTE! The sources that are returned as proof, may be fictional and outdated. Always verify that sources actually exist and are (still) relevant.
Let’s find out what solutions your ideal clients may currently be using to overcome the challenges that you can actually resolve for them.
Here's the prompt:
For challenges [reference numbers], indicate the top [number] solutions that our ideal clients may be using.
For each solution indicate the average price per year and the most likely monetary, procedural, and emotional switching costs.
Put the results in a table format.
Once pasted into the chat, you can adjust the [reference numbers] to select the challenges and the [number] to change the amount of possible, current solutions.
Let's uncover your ideal clients’ willingness to pay.
What would our ideal client be willing to pay to have each challenge resolved?
Please return the results in a table format. Use the following dimensions on the horizontal axis: challenge, estimated annual cost / loss to client, willingness to pay to resolve annually, and justification for WTP.
Let's identify who your direct competitors are.
For each solution, list the top [number] companies in our ideal clients’ geographical location that offer the solution at a price that our ideal clients are willing to pay.
Please return the results in a table format. Use the following dimensions on the horizontal axis: solution category, top companies, links to their websites, estimated price range, and why they fit our ideal clients.
Once pasted into the chat, you can adjust the [number] to change the amount of competitors.
Let's uncover how you compare to the competition, based on their websites and messaging online.
Now, act as a digital marketing strategist. For solution [reference numbers], visit the websites of the companies mentioned.
Based on each website (scope, depth, content, and focus) create a SWOT analysis, highlighting their strengths and weaknesses plus opportunities and threats to us.
Once pasted into the chat, you can adjust the [reference numbers] to select the solutions and competitors mentioned.
Let's identify indirect alternatives and substitutes to your solution.
Act as a market researcher and identify the top [number] indirect alternatives and substitutes that can also be used to solve our ideal clients’ challenges.
Please return the results in a table format. Use the following dimensions on the horizontal axis: challenge, primary solution / direct competition, indirect alternatives & substitutes, and substitution logic / why clients use them.
Once pasted into the chat, you can adjust the [number] to change the amount of substitutes.
Let's analyze how our ideal clients' industries are likely to evolve in the coming 5 years.
Act as a market researcher and clarify how our ideal clients' industries will evolve in the coming 5 years.
Use the previously uncovered data and combine with emerging trends and key market drivers derived from industry reports, academic research, social media, and news agencies.
Break down your answer into industry-specific evolutions, a 5-year DESTEP synthesis, and a structural pivot.
Back up your predictions by providing links to online sources that proof the impact and likelihood of the evolution.
Let's identify our ideal clients' sustaining needs in evolving industries.
Now, act as a business strategist. If our ideal clients' industries evolve in the way you've described, what would be [number] sustaining needs we could fulfill for our ideal clients?
Please return the results in a table format. Use the following dimensions on the horizontal axis: name of the need, short description, and a brief explanation on why this need is a sustaining one.
Once pasted into the chat, you can adjust the [number] to change the amount of trends.
As a bonus, let's take an educated guess on your company's sustained competitive advantage .
Please gather all information you can find about our company [name] and use the VRIO framework (Value, Rarity, Imitability, Organization) to perform a deep dive into our internal marketing and business development resources and capabilities.
Please note that the answer is merely an educated guess, based on your company's data that the LLM is able to gather.
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