You can’t be captain of a ship if you can’t navigate.
That’s exactly the problem with a lot of marketers out there.
You need to know your market.
And you can only do that with proper market research.
You have to be smart enough to know you need a guide or a blueprint when you go into business. Going blindly into it can incur a lot of losses that you cannot afford at all.
A custom market research plan is especially helpful when you plan to take your company to the next level. The plan will help you identify market opportunities, and potential customers, keep up with competition, minimize risks, create an effective marketing strategy, and make informed business decisions, to mention a few.
Armed with all this information, you can confidently develop and execute plans without fear of getting stuck in compromising situations.
Also, we built a custom market research with ChatGPT prompt that you can use today.
Developing a solid custom market research plan can do wonders for your company or brand.
You can zero in on accurate and beneficial data that will empower you to make important decisions.
Without further ado, here’s the prompt we created for you!
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The Prompt
Develop a comprehensive market research plan for [Your Business Name] to explore potential new target markets for our product [Product Name]. The goal is to understand the viability, customer preferences, and competitive landscape in these markets to inform our expansion strategy. Please include the following elements in the plan:
1. Business Overview:
[products and services you offer, one sentence explainer][Who is your current target audience, and what geographical areas do you currently serve?]
Optional: [mission and vision]
2. Product Details:
[provide a detailed description of the product(s) you are considering for new markets.][What unique value proposition does your product offer?]
3. Objectives:
[What are the primary objectives of this market research?][Are there specific questions or hypotheses you want this research to explore?]
4. Market Research Methods – to be Answered by ChatGPT:
Which market research methods do you prefer or think are most suitable for this project?(Options can include surveys, focus groups, interviews, data analysis, social media listening, competitor analysis, etc.)
5. Key Questions to be Answered – to be Answered by ChatGPT:
-Who are the potential customers in the new target markets (demographics, psychographics, behavior)?-What are the current trends influencing customer preferences in these markets?
-What is the competitive landscape like?
-Who are the main competitors, and what are their strengths and weaknesses?
-What are the barriers to entry and the potential challenges in these markets?
-How does the regulatory and cultural environment in these markets affect your product?
6. Target Market Details:
-Are there specific regions, countries, or locales you are interested in exploring?-Do you have any existing data or insights into these markets?
7. Expected Outcomes:
[What kind of insights or data are you hoping to gather from this market research?][How do you plan to use this information to influence your business strategy?]
Please leverage the information provided to structure a tailored market research plan that aligns with our business’s needs and objectives. This plan should outline the proposed research methods, key questions to address, and how the findings will be applied to our strategy for entering new markets.
The Output
Develop a comprehensive market research plan for XYZ Marketing Inc. to explore potential new target markets for our product “Lead Generator 5000”. The goal is to understand the viability, customer preferences, and competitive landscape in these markets to inform our expansion strategy. Please include the following elements in the plan:
1. Business Overview:
– We offer the Lead Generator 5000 – gets you all the leads 101% of the time – Target audience are doctors2. Product Details:
– The Lead Generator 5000 is for markets in asia – It gets all the leads!3. Objectives:
– To scope out new markets
– Is our product good enough4. Market Research Methods- to be Answered by ChatGPT:
– Which market research methods do you prefer or think are most suitable for this project?(Options can include surveys, focus groups, interviews, data analysis, social media listening, competitor analysis, etc.)
5. Key Questions to be Answered – to be Answered by ChatGPT:
– Who are the potential customers in the new target markets (demographics, psychographics, behavior)?– What are the current trends influencing customer preferences in these markets?
– What is the competitive landscape like?
– Who are the main competitors, and what are their strengths and weaknesses?
– What are the barriers to entry and the potential challenges in these markets?
– How does the regulatory and cultural environment in these markets affect your product?
6. Target Market Details:
-I am interested in expanding into Asia-I do not have existing data
7. Expected Outcomes:
-I want more sales!-Determine expansion plans
Please leverage the information provided to structure a tailored market research plan that aligns with our business’s needs and objectives. This plan should outline the proposed research methods, key questions to address, and how the findings will be applied to our strategy for entering new markets.”
Notice how simple and straightforward the sample is we generated using ChatGPT.
The prompt is carefully designed to generate content that you will need the most: business overview, product details, objective, market research methods, key questions to be answered, target market details, and expected outcomes.
This kind of market research plan helps you anticipate possible pitfalls and threats to your brand, something that many business owners overlook when they start their companies.
Where to Go from Here?
You can add other key elements or categories we did not mention in our sample output. Bear in mind that you need to be able to cover all your bases. You cannot afford to make expensive mistakes that will affect your business gravely.
Use ChatGPT to make life a lot easier for you. This impressive AI tool is designed to help you with any of your content needs. Give it a try!
Takeaways
It doesn’t matter if you haven’t done this before. Take risks!
Why?
Having no market research plan altogether can kill momentum.
And, this prompt covers all your bases.
You don’t have to hire a team of experts to get the job done. Using ChatGPT will save you a lot of money and time.
Once you already have all the information you need, you can proceed to brainstorming with your team and decide how you want to proceed.
Read more: Lead Qualification with ChatGPT: Score Your Leads Faster!
