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Market research is a critical component of business success. It helps to understand customer needs, identify market trends, and stay ahead of the competition. With the advent of AI, companies can now leverage powerful tools like ChatGPT to conduct efficient and effective market research.

Here are 19 focused ChatGPT prompts that can guide your market research efforts.

1. "What are the key trends in the [Your Industry]?"

The Prompt: "What are the key trends in the [Your Industry]?"
When to Use It: Use this prompt when you want to understand the latest happenings and patterns in your industry.
Variations: "What are the emerging trends in the [Your Industry]?"
Additional Background Required: Basic understanding of your industry.

2. "What are the strengths and weaknesses of [Your Competitor]?"

The Prompt: "What are the strengths and weaknesses of [Your Competitor]?"
When to Use It: Use this prompt when you want to analyze your competitors.
Variations: "What are the advantages and disadvantages of [Your Competitor]?"
Additional Background Required: Knowledge about your competitors and market.

3. "Who are the key players in the [Your Industry]?"

The Prompt: "Who are the key players in the [Your Industry]?"
When to Use It: Use this prompt when you want to identify your main competitors in the market.
Variations: "Who are the main competitors in the [Your Industry]?"
Additional Background Required: General knowledge about your industry.

4. "What are the customer preferences in the [Your Industry]?"

The Prompt: "What are the customer preferences in the [Your Industry]?"
When to Use It: Use this prompt when you want to understand what your customers want.
Variations: "What are the customer needs in the [Your Industry]?"
Additional Background Required: Basic knowledge about your customers.

5. "What are the opportunities and threats in the [Your Industry]?"

The Prompt: "What are the opportunities and threats in the [Your Industry]?"
When to Use It: Use this prompt when conducting a SWOT analysis.
Variations: "What are the growth opportunities and potential risks in the [Your Industry]?"
Additional Background Required: Understanding of SWOT analysis and your industry.

6. What is the market size of [Your Industry]?

The Prompt: "What is the market size of [Your Industry]?"
When to Use It: When you're trying to understand the potential of your industry.
Variations: "What is the estimated market size for [Your Product/Service]?"
Additional Background Required: You should have a clear understanding of your industry and product/service.

7. What is the growth rate of [Your Industry]?

The Prompt: "What is the growth rate of [Your Industry]?"
When to Use It: When you're assessing the potential for business growth and scalability.
Variations: "What is the projected growth rate for [Your Industry] over the next five years?"
Additional Background Required: A basic understanding of your industry is necessary.

8. What are the common pain points for customers in [Your Industry]?

The Prompt: "What are the common pain points for customers in [Your Industry]?"
When to Use It: When identifying problems your product/service can solve.
Variations: "What challenges do customers face when using [Your Product/Service]?"
Additional Background Required: Knowledge about your customers and their interaction with your product/service.

9. Can you describe a typical user persona for [Your Product/Service]?

The Prompt: "Can you describe a typical user persona for [Your Product/Service]?"
When to Use It: When you're trying to understand your target market better.
Variations: "What is the demographic profile of a typical user for [Your Product/Service]?"
Additional Background Required: Information about your product/service and its target market.

10. What pricing strategies are my competitors using?

The Prompt: "What pricing strategies are my competitors using?"
When to Use It: When you're setting or adjusting your pricing strategy.
Variations: "How does [Competitor's Name] price their products/services?"
Additional Background Required: You should know who your main competitors are.

11. How is [Your Competitor] marketing their products/services?

The Prompt: "How is [Your Competitor] marketing their products/services?"
When to Use It: When developing your marketing strategy.
Variations: "What marketing channels does [Your Competitor] use?"
Additional Background Required: Basic knowledge about your competitor's operations is necessary.

12. What are some potential barriers to entry in [Your Industry]?

The Prompt: "What are some potential barriers to entry in [Your Industry]?"
When to Use It: When assessing the feasibility of entering a new market.
Variations: "What challenges might I face when entering [Your Industry]?"
Additional Background Required: An understanding of your industry's landscape.

13. What are some recent innovations in [Your Industry]?

The Prompt: "What are some recent innovations in [Your Industry]?"
When to Use It: When you're brainstorming how to innovate within your industry.
Variations: "What are some groundbreaking products/services in [Your Industry]?"
Additional Background Required: Basic knowledge about your industry's trends.

14. How does [Your Competitor] handle customer service?

The Prompt: "How does [Your Competitor] handle customer service?"
When to Use It: When you're developing or refining your customer service strategy.
Variations: "What is [Your Competitor]'s approach to customer satisfaction?"
Additional Background Required: Information about your competitor's customer service practices.

15. What are the regulatory requirements in [Your Industry]?

The Prompt: "What are the regulatory requirements in [Your Industry]?"
When to Use It: When you're assessing the legal and regulatory landscape of your industry.
Variations: "What are the legal considerations for operating in [Your Industry]?"
Additional Background Required: Basic knowledge about your industry is necessary.

16. How is [Your Competitor] leveraging technology?

The Prompt: "How is [Your Competitor] leveraging technology?"
When to Use It: When you're considering how to use technology in your business.
Variations: "What technology does [Your Competitor] use in their operations?"
Additional Background Required: Information about your competitor's operations and technology use.

17. What distribution channels are most effective in [Your Industry]?

The Prompt: "What distribution channels are most effective in [Your Industry]?"
When to Use It: When you're developing your distribution strategy.
Variations: "What distribution channels does [Your Competitor] use?"
Additional Background Required: Knowledge about your industry's distribution practices.

18. How does [Your Competitor] retain their customers?

The Prompt: "How does [Your Competitor] retain their customers?"
When to Use It: When you're developing your customer retention strategy.
Variations: "What customer retention strategies does [Your Competitor] use?"
Additional Background Required: Information about your competitor's customer retention practices.

19. What social trends could impact [Your Industry]?

The Prompt: "What social trends could impact [Your Industry]?"
When to Use It: When you're considering the broader social context your business operates in.
Variations: "How could current social trends affect [Your Product/Service]?"
Additional Background Required: Basic understanding of current social trends.

The key to any good prompting in ChatGPT is context. So, as much as possible, load up your questions with some background information about your industry, competitors and your own business plans to ensure the advice and responses given are as relevant as possible.

To make that easier, you can always store all your market research for any business project in Bizway. Bizway then takes all your saved research, notes and ideas and will answer the above prompts with the benefit of all the information you've already saved.

Plus, it'll help you formulate detailed plans to help get your business up and running. Get started with Bizway today, and continue your market research in a new Biz project.