Conduct competitor’s product analysis with ChatGPT

Step 1: Identify and research key competitors

The first step in any competitive analysis is identifying who your competitors are and gathering detailed information about their products. We'll use ChatGPT's web browsing capabilities to ensure we have the most up-to-date information.

Prompt ChatGPT with:

Using your web browsing capability, please research and identify the top 5-7 competitors for [Your Company Name] in the [Your Specific Industry/Niche] market. We offer [Brief Description of Your Product/Service].

For each competitor, provide their company name, main products/services, target market, and a brief overview of their unique selling proposition. Please present this information in a table format.

This table provides a solid foundation for your analysis. Review the results and make any necessary adjustments based on your industry knowledge.

Step 2: Conduct in-depth product feature analysis

Now that we have identified our key competitors, let's dive deep into their product features and capabilities.

Prompt ChatGPT with:

Using your web browsing capability, please conduct an in-depth analysis of the main products/services offered by the competitors we identified for [Your Company Name]. Focus on [Your Product Category]. Create a detailed feature comparison matrix that includes:

1. Core features
2. Unique or innovative features
3. Integration capabilities
4. Scalability and performance metrics
5. User interface and user experience aspects

Please present this information in a comprehensive table format, using checkmarks (✅) for available features and crosses (❌) for unavailable ones. Add brief notes where relevant.

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This matrix gives you a clear overview of how your product stacks up against the competition in terms of features and capabilities.

Step 3: Analyze pricing strategies and market positioning

Understanding how competitors price their products and position themselves in the market is crucial for developing your own pricing and positioning strategy.

Prompt ChatGPT with:

Using your web browsing capability, please research and analyze the pricing strategies and market positioning of our competitors in the [Your Industry] space. For each competitor, provide:

1. Pricing tiers and structure (e.g., freemium, tiered pricing, usage-based)
2. Price points for each tier
3. Target market segments for each tier
4. Any unique pricing offers or promotions
5. Positioning strategy (e.g., premium, value-oriented, innovative)

Please present this information in a structured format for easy comparison.

This analysis provides insights into how competitors are approaching pricing and positioning in your market. Use this information to inform your own pricing strategy and market positioning.

Step 4: Evaluate customer sentiment and product reviews

Understanding what customers think about your competitors' products can provide valuable insights for your own product development and marketing strategies.

Prompt ChatGPT with:

Using your web browsing capability, please research and analyze customer reviews and sentiment for our competitors' products in the [Your Industry] space. For each competitor, provide:

1. Overall rating (e.g., out of 5 stars)
2. Summary of positive feedback (top 3-5 points)
3. Summary of negative feedback (top 3-5 points)
4. Any recurring themes or pain points mentioned by users
5. Notable quotes from customer reviews (both positive and negative)

Please present this information in a structured format for each competitor.

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This analysis provides valuable insights into what customers value and what pain points exist in current market offerings. Use this information to identify areas where you can improve your own product or highlight your strengths in your marketing efforts.

Step 5: Identify market trends and emerging technologies

Staying ahead of market trends and emerging technologies is crucial for maintaining a competitive edge. Let's use ChatGPT to help identify these trends in your industry.

Prompt ChatGPT with:

Using your web browsing capability, please research and identify the top 5-7 market trends and emerging technologies in the [Your Industry] space. For each trend or technology, provide:

1. A brief description of the trend/technology
2. Its potential impact on the industry
3. Examples of companies or products leveraging this trend/technology
4. Projected timeline for mainstream adoption

Please present this information in a structured format.

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This analysis of market trends and emerging technologies provides valuable insights for strategic planning and product development. Consider how these trends align with your company's strengths and how you can incorporate them into your product roadmap.

Step 6: Synthesize insights for strategic decision-making

In this final step, we'll use ChatGPT to help synthesize all the information we've gathered into actionable insights and recommendations.

Prompt ChatGPT with:

Based on our comprehensive competitor analysis, including product features, pricing strategies, customer sentiment, and market trends, please provide:

1. A summary of key insights (5-7 bullet points)
2. Three main competitive advantages we could leverage
3. Three key areas for improvement or investment
4. Two to three strategic recommendations for our product development and marketing strategies

Please structure this as an executive summary suitable for presentation to senior management.

This executive summary and set of strategic recommendations provides a concise overview of your competitive analysis and clear direction for future strategy. Use this as a starting point for discussions with your team about product development, marketing strategies, and overall business direction.

This tutorial was created by Tanmay.