Give a startup founder a mic and ask them about their idea—they won’t stop until you make them. (We’re built that way 😬)
When I wrote my first business plan for Upmetrics, I knew exactly what I was writing. Everything felt easy, except for two parts:
Market analysis and financial projections.
I knew what problem I was solving and for whom, but just mentioning “entrepreneurs & small business owners” as our “target audience” didn’t cut it.
It took me a couple of hard-pressed days to finish my “market research.” Well, that’s so not the case today.
I did a fictitious market research for this newsletter in just about 30 minutes.
So, how do you conduct thorough market research in 30 minutes or less?
There are two types of market research (I) Primary and (II) Secondary.
Primary research involves gathering first-hand information about your market and customers, whereas secondary research consists analyzing competitors and data available on public domains.
We’re focusing on secondary research here.
(If you have access to tools and resources for surveys or interviews, you can conduct primary research. Once you’ve collected data, you can use an AI tool like ChatGPT to organize it.)
Moving on…
I’m sharing two methods: (I) using ChatGPT (II) using our AI Research Assist
But before we start, these will be the main components of our research:
- Market size and growth rate
- Market trends
- Industry analysis
- Customer persona
- Target market
Let’s start with the first method.
(I) Market research using ChatGPT
When you bring in ChatGPT for any task, prompting becomes the most important thing. To write effective prompts:
- Set clear expectations
- Build a follow-up response
- Feed data from effective response
- Interact in the same thread
Now, the steps to use ChatGPT for market research:
1) Feed background information
ChatGPT doesn’t know who you are, what your business is, or what it does.
Supply it with essential details about your business, industry, and target market. This enables more accurate and tailored responses.
Tip: If you don’t have anything to feed just yet, prompt ChatGPT to ask you questions and then answer them.
2) Enable ChatGPT search
ChatGPT recently launched SearchGPT, which provides links to relevant web sources in addition to answering your queries.
If using a version of ChatGPT with web browsing capabilities, activate this feature to access up-to-date information and sources.
3) Conduct an industry analysis
Next, prompt ChatGPT to provide an overview of your industry or market.
Request an overview of your industry, including market size, growth rates, and key players. This analysis offers a foundational understanding of the market landscape.
E.g., “Provide an overview of the coffee shop industry in Austin, TX, focusing on market size, growth rates, and major competitors.”
4) Market segmentation
Divide your target market into distinct groups to adjust your strategies effectively.
Prompt Example: “Identify key market segments within the coffee shop industry in Austin, TX, focusing on on-the-go professionals.”
ChatGPT can outline segments such as:
- Young professionals: Aged 25-35, seeking quick service during morning commutes.
- Corporate employees: Office workers needing convenient caffeine fixes during breaks.
- Remote workers: Individuals looking for a change of environment.
5) Generate buyer persona
Create detailed profiles representing your ideal customers.
Prompt Example: “Develop a buyer persona for a young professional in Austin, TX, who prefers takeaway coffee.”
6) Analyze market trends
Stay informed about current industry trends to remain competitive.
Prompt Example: “What are the current trends in the coffee shop industry in Austin, TX, for on-the-go professionals?”
Moving on with the next step, and probably the easiest…
(II) Market research using Upmetrics’ AI Research Assist
Using Upmetrics can be considered the most streamlined way to conduct market research or create a business plan. Here’s how you do it:
- Set up your workspace: Enter your basic business information into the Upmetrics platform.
- Generate your plan with AI: Use the “Generate with AI” feature to create the first version of your plan.
- Access AI assistance: Navigate to the AI Assistant and select the ‘Market Research Analyst’ option.
- Conduct market research: Select or type “Help with market research, size, and data” to start the process.
- Ask specific questions: Since the AI is already familiar with your business context, you can inquire about market size, trends, competitors, and other relevant details.
- Review and refine: Examine the AI-generated research, ask follow-up questions, and update sections as needed.
To wrap up, Upmetrics accomplishes in minutes what used to take us days. If you need help with market research or business planning, Upmetrics is just the tool.
So, next time someone says, “Market research takes forever,” you’ll know how to prove them wrong—30 minutes (or less) is all you need! 😉
Check out these must-reads:
- How to conduct market research using ChatGPT?
- How to use Upmetrics AI agents for research and planning?
- How to prepare a market analysis for a business plan?
Until the next time,
Happy researching and planning 🙂
