How to Conduct Market and Product Research with ChatGPT in 2024: A Step-by-Step Guide for Product Managers

Market and Industry Analysis

Estimate TAM/SAM

Act as an experienced product manager conduct comprehensive market research using reputable sources, industry reports, research publications, industry conferences, startup ecosystems and customer feedback and analyze current industry trends in [industry]in [geo location]? What's hot right now that everyone is paying attention to?

Estimate total addressable market based on [industry description]. If you have incomplete data, make an educated guess but give me sources. Provide me with a list of top 10 companies.

Do a sanity check on the estimated annual revenue per company

Major Players: give a list of major players in the [industry] and their estimated market share.

Industry Reports: give any available industry reports or market research studies on the [industry].

Growth Rate: show historical growth rate of the [industry].

Plot a chart for annual revenue for the whole industry assuming the growth rate was stable and will be. Assume the revenue between 2010 and 2030. Currently it's 2023 so you'll need to go backwards and forward too.

Now summarize the conversation so far, explain to me step by step what you did and what educated guesses did you infer from them. The goal is to explain how this industry worksPlease provide me with the core data on the industry, in less than 200 words

Analyze Competitors and SAM

As a [product] who would be my biggest competitors? Identify the strengths and weaknesses of each competitor. Your response should be less than 200 words.

How to estimate the market size and what is TAM / SAM / SOM? See here

Understanding the algorithm for calculating the market

Pursuing a huge market or focusing on a mega-TAM of a poorly defined market is a bad idea and a waste of time, but defining the market is critical.

Imagine you are an experienced Product Manager with expertise in market sizing and research for technology products. Describe the approach to estimating the Total Addressable Market (TAM), Serviceable Available Market (SAM), and Serviceable Obtainable Market (SOM) for a [product type].

Product Type: [Provide a description of the product, including its main features, functionality, target audience, and potential use cases.]

Market Landscape: [Briefly describe the current market landscape for the product type, including key competitors, trends, and challenges.]

Format: Provide a step-by-step guide to estimating TAM, SAM, and SOM for the product type, including specific research sources and methods for each stage.

Analyze Direct Competitors

You are a market researcher. I'm looking to understand the [market]. Can you list 10 websites and products that offer this service?

I need you to be an expert market researcher of software solutions. Give a comparison table with the top 6 competitors for this player []. Your table must include feature differentiators, intangible differentiators, target industry, target segment, entry-level pricing.

Product comparison:

Do you believe [XYZ company] can fight competitors like [XYZ] for [XYZ use case / application / target/ industry]? What makes them different in this competitive scenario? Provide details on your reasoning beyond your answer.

Porter's Five Forces for Industry Analysis

It is a strategic business analysis tool that helps determine the competitive forces shaping an industry. Together, these factors determine the level of competition and attractiveness of an industry. Here I tell about it in more detail. A more detailed overview of Porter's thinking here.

Act as a Business Consultant from a top management company. I want you to generate a Porter's Five Forces Report on topic: [industry]

Layout the Porter's Five Forces in the following format. Give reasons why a point is included in the Porter's Five Forces.

Make the list compelling and professional.

{topic}

Porter's Five Forces

[introduction and definition about {topic}]

1. Competition in the Industry

[list about competition in the industry, bold - maximum of 4]

2. Potential for New Entrants

[list of factors about Potential for New Entrants, bold - maximum of 4]

3. Power of Suppliers

[list of factors about power of suppliers, bold - maximum of 4]

4. Power of Customers

[list of factors about power of customers, bold - maximum of 4]

5. Threat of Substitutes

[list of factors about threat of substitutes, bold - maximum of 4]

Conclusion

[conclusion]

Understanding the Target Segment and Jobs-to-Be-Done

Discover Jobs-to-Be-Done with Interviews

Act as an experienced product manager. Using principles from The Mom Test book by Rob Fitzpatrick, create user interviews with [10] questions to do user research on people suffering from [jtbd]. Focus on questions that highlight recent experiences.

Synthesize Interview Answers

Act as product manager and summaries the user feedback from customers interviews and survey detai

Prompts - List for Model gpt-4-1106-preview

Market and Industry Analysis

TAM/SAM Prompts - Use these prompts to estimate total addressable market size and understand market landscape. Critical for assessing product-market fit.

Competitor Prompts - Analyze competitor strengths/weaknesses, pricing, positioning. Vital for identifying competitive advantages.

Porter's Five Forces Prompt - Assess industry dynamics and attractiveness. Important for market entry decisions.

Understanding Target Segment and Jobs-to-Be-Done

JTBD Interview Prompts - Uncover jobs-to-be-done through customer interviews. Key to segmenting by needs.

Synthesis Prompts - Organize interview insights into themes. Helps identify underserved needs.

Segmentation Prompts - Group customers into segments based on jobs. Enables tailored positioning.

Forces of Progress Prompts - Understand customer switching forces. Gives ideas for differentiation.

Analyzing Product Reviews

Synthesis Prompts - Extract pain points and desired outcomes. Guides improvement priorities.

Attribute Prompts - Identify strengths and weaknesses. Informs positioning and messaging.

Value Proposition Prompts - Create resonant positioning. Communicates differentiation.

Pitch Prompts - Craft compelling messaging. Critical for marketing and sales.

Shadow Product Reviews

1. Act as an investigative journalist uncovering hidden insights about [product/company]. What surprising or controversial discoveries would you make?

Useful for identifying under-discussed weaknesses or opportunities that require "digging" to unearth.

1. Advise as an unethical competitor trying to take down [product/company]. What underhanded tactics would you employ?

Highlights potential vulnerabilities that ethical competitors likely won't exploit.

1. Act as a time traveler from 10 years in the future reviewing [product]. What innovations or evolutions stand out to you?

Reveals longer-term needs and forces that may shape the market.

1. If you could magically solve one frustration customers have with [product/company], what would it be?

Pinpoints high-potential areas for disruption that may be overlooked.

1. If you were creating a scandalous exposé on [product/company], what secretive insights would you uncover?

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