market research gpt

• Harvard Business School →
• Faculty & Research →
• Working Paper
• HBS Working Paper Series

Using GPT for Market Research

• Format: Print
• | Language: English
• | Pages: 37

About The Author

Ayelet Israeli

More from the authors.

• May–June 2024
• Harvard Business Review

What Makes a Successful Celebrity Brand?

• Faculty Research

Unintended Consequences of Algorithmic Personalization

• February 2024

Data-Driven Marketing in Retail Markets

• What Makes a Successful Celebrity Brand?  By: Ayelet Israeli, Jill Avery, Leonard A. Schlesinger and Matt Higgins
• Unintended Consequences of Algorithmic Personalization  By: Eva Ascarza and Ayelet Israeli
• Data-Driven Marketing in Retail Markets  By: Ayelet Israeli

Business growth

Marketing tips

How to use ChatGPT for market research

How to write effective ChatGPT prompts for market research

Before we get into the nitty-gritty of using ChatGPT for market research, here are some important tips to keep in mind as you go.

Get specific. ChatGPT isn't a mind reader. The only way you can get quality results is to tell it exactly what you want (and don't want) it to do. Don't just ask who the target audience is for your industry. Instead, specify the product/service idea you want to get information about, and tell it exactly what you want to know (i.e., their income level, education, gender, location…or something totally different).

4 ChatGPT prompts for market research

Gathering and presenting publicly available data 

Developing buyer personas 

Identifying competitors

Getting suggestions for how to fill in existing market gaps 

Imagine you're a vegan restaurant in Chicago. You want to start an online delivery program where your customers can order healthy salad bowls via an app and have the food delivered to their doorstep. 

Let's dive in.

1. Gather and present publicly available data 

The first step in market research is to gather data on your demographic. There are many ways to do this, including market research surveys and customer interviews, but ChatGPT can speed up the process for publicly available information.  

Prompt: I want to start an online delivery program where my customers can order salad bowls via an online app and have the food delivered to their homes in Chicago. Act as a market researcher and give me information on the demographics of people most likely to order salads in Chicago—including age groups, income, education, gender, and specific location.

2. Develop buyer personas

Prompt: Can you create detailed buyer personas for this online delivery program that delivers salad bowls to customers? Provide demographic info, psychographic info, needs, likes, and dislikes.

They may not be perfect, but they give you an idea of the spectrum your customers might be on. On one hand, there's a high-earner who just wants top-notch salads. On the flip side, you have a low-income person who's trying to get a decent salad, while saving money on food expenses. 

3. Identify competitors

Prompt: Can you make a table of the top 5 brands in the food delivery space, their website URLs, Instagram handles, and some important data about each of them?

This table shows that, if you create your own online delivery program, you'd be competing against some of the largest food delivery brands in the world. Now, you're faced with two choices: create your own online delivery app and have only your loyal customers use it, or partner with one (or more) of these food delivery brands to bring your salad bowls to many people, loyal customers or not.

If you can't beat 'em, join 'em.

3. Get suggestions for how to fill in market gaps

Prompt: Are there any market opportunities or unique selling propositions (USPs) that current food delivery brands, like Grubhub, DoorDash, and Deliveroo, don't take advantage of?

I ran this prompt through ChatGPT twice, and (after admitting that it doesn't have real-time data), here's what it came up with. 

While some suggestions overlap in both answers, there are suggestions unique to each response (a good reminder to always run your prompts more than once). Now, you have a bunch of ideas of what to do to set your online delivery program apart from similar brands in the industry.

Get market research insights with ChatGPT

What I did above is just scratching the surface—imagine if I had continued to dig deeper with each answer. 

Related reading:

Get productivity tips delivered straight to your inbox

We’ll email you 1-3 times per week—and never share your information.

Althea Storm

Althea Storm is a B2B SaaS writer who specializes in creating data-driven content that drives traffic and increases conversions for businesses—small startups and large businesses alike. She has worked with top companies like AdEspresso, HubSpot, and Thinkific. When she's not writing web content, she's curled up in a chair reading a crime thriller or solving a Rubik's cube.

• Artificial intelligence (AI)

Related articles

How to use ChatGPT for copywriting and content ideation

How to use ChatGPT for copywriting and...

12 Linkedin Lead Gen Form examples to inspire your next campaign

12 Linkedin Lead Gen Form examples to...

14 types of email marketing to experiment with

14 types of email marketing to experiment...

8 business anniversary marketing ideas and examples worth celebrating

8 business anniversary marketing ideas and...

Improve your productivity automatically. Use Zapier to get your apps working together.

Quick Links

• Leadership Donors

Using GPT for Market Research

• AI & Future of Business Technology
• Future of Work
• Performance and Metrics

D^3 Faculty

Can market research be done effectively with a synthetic market?

The study uses GPT-3.5 to examine consumer responses in various scenarios, testing its accuracy in reflecting real-world economic behaviors such as price sensitivity and product preferences. Using both direct and indirect methods, the research gathers data on consumer preferences and willingness to pay for different product attributes. The findings indicate that LLMs like GPT-3.5 can effectively mimic consumer decision-making processes, demonstrating potential as a valuable tool in market research.

The research provides promising insights into the use of LLMs in market research. It showcases the potential of these models to offer cost-effective, efficient alternatives for understanding consumer behavior and preferences. However, it also points out the need for further exploration and refinement in the application of LLMs to ensure accuracy and reliability in market research settings.

Engage With Us

Join Our Community

Ready to dive deeper with the Digital Data Design Institute at Harvard? Subscribe to our newsletter, contribute to the conversation and begin to invent the future for yourself, your business and society as a whole.

ChatGPT in Market Research: A Definitive Guide

Market research has historically relied on human judgment, intuition, and analysis. Today, tools available to researchers have evolved, promising more accuracy, depth, and speed.

Top of that list of evolving tools is artificial intelligence (AI), with its tantalizing prospects and considerable challenges. And amidst this backdrop, ChatGPT.

However, the interplay between artificial intelligence (AI) and market research has always been filled with potential, and challenged with pitfalls. In an age where data-driven decision-making has become the norm, the allure of integrating AI into market research processes has grown exponentially.

Voxpopme and ChatGPT seek to address the historical challenges and meet the unique needs of market researchers. In this guide, you’ll see the transformative role that this technological collaboration plays in the world of market research, how you can master it, and more…

• Why AI didn’t feel right for market researchers until now
• What makes ChatGPT different from “AI”

How content bridges market researchers and ChatGPT

How researchers at fortune 500 brands are using chatgpt.

• 33 Effective ChatGPT prompts you can use to master AI in market research

We’ve also put this extensive guide into one PDF you can reference anytime you want.

Download The Market Researcher’s Guide to ChatGPT ebook.

For market researchers, AI comes with baggage

Historically, AI’s promise for market research and insights professionals has been clouded by 5 misgivings, which collectively eroded the industry’s trust for anything related to artificial intelligence (AI):

1. Statistical analysis was called AI

Traditional statistical methods were sometimes branded as AI, leading to a muddling or confusion of terms.

While statistics are methodical and produced the sentiment of analytic rigor, displaying statistics alone lacked the “evolutionary learning” facet of what research professionals expected from AI.

2. Advanced math was called AI

Pattern recognition algorithms, no matter how sophisticated, were often mistaken for AI. This overreach led to disappointment when they didn’t deliver on the AI promise, particularly on the generative facet of what research professionals were expecting from AI.

3. “AI” was non-interactive

Earlier AI models often resembled one-way, lecture sessions — they provided insights but lacked an interactive Q&A feature, leaving researchers with potential queries unanswered.

Even worse, most AI experiences didn’t give researchers the opportunity to query the data set with a question. AI just processed the data, made broad assumptions on the researcher’s insights objectives/goals, then provided a response based on its assumptions on the researcher’s objectives/goals.

In short, early versions of “AI” lacked the interactive elements available in today’s AI, and didn’t allow researchers to cross-examine AI with follow-up questions and queries.

4. Black-box syndrome

In the past, many AI tools didn’t reveal their inner workings or analytical models. Without clarity on how they derived insights, researchers couldn’t fully trust and understand the tools.

This opacity was a significant impediment to widespread AI adoption in market research, particularly because researchers want to know the underlying reasoning behind how insights were generated.

5. All the marketing hype from tech providers

Driven by competitive fervor, technology firms servicing the research industry often over-marketed or oversold the capabilities of their AI tools. When these tools under-delivered on researcher’s expectations, it contributed to an atmosphere of skepticism, hesitation, and distrust.

As we move forward, recognizing these pitfalls will shape an AI-driven future that aligns with the actual needs and expectations of the research community.

What makes ChatGPT different from “AI”?

“AI”—in the sense as we’ve experienced it before now—could display one or more of the aching misconceptions above. But ChatGPT shows promise. It’s a revolutionary tool that combines four components to redefine market research:

1. User experience

One of ChatGPT’s crowning achievements is its user-centric design. By making AI interaction intuitive, it democratized access to advanced data analysis.

As OpenAI’s Founder said:

“It wasn’t the underlying model that mattered, it was the usability of it. Both the reinforcement learning from human feedback (RLHF) and the interface.” — Sam Altman

2. Processing power

Complex analytical models analyzing vast repositories of unstructured research data requires last amounts of processing power.

Serving as the stack’s engine, cloud providers like Microsoft Azure ensure that rapid data processing is possible and that ChatGPT can provide users with timely feedback.

3. Technical capabilities and use cases

ChatGPT’s analytical models are more than just algorithms; they represent the culmination of cutting-edge research and development in artificial intelligence.

These models serve as the discerning brain of the system, adept at navigating vast content repositories and extracting meaningful insights from them.

Here’s a brief dive into how these capabilities translate into practical use cases:

Content creation

Based on the researcher’s objective, Voxpopme’s AI Insights (powered by ChatGPT) automatically generates survey questions and answers banks.

Summarization

You can pinpoint key findings from vast datasets of unstructured, qualitative data such as video survey feedback .

Code generation

For market researchers who rely on custom software tools or scripts to process and analyze data, ChatGPT’s code generation feature is a game-changer.

By simply describing their requirements, researchers can obtain snippets of code tailored to their needs, streamlining the data analysis process.

Chat and semantic search

Search functions allow market researchers to find, cross-examine, and query their data repository—giving insights a higher level of accessibility and depth.

Theme, entity and sentiment

Automatic sentiment evaluation, theme extraction, and relevance determination enrich the quality of Voxpopme AI Insights ’ responses to a researcher’s query.

At its core, the power of artificial intelligence and ChatGPT comes mostly from the content it has access to. In ChatGPT’s publicly available version, its vast repository enables a richness in insights, allowing for varied responses based on wide-ranging data.

And in proprietary instances of ChatGPT, market researchers are using it to analyze large repositories of unstructured research data to discover insights.

Despite AI’s current capabilities, 70% of organizations are only exploring the realm of generative AI but not fully committing. This shows many are yet to realize practical use cases for the technology.

Why? To realize these benefits, you need vast content repositories. Already, this content repositories are available to research and insights teams. If you can accurately analyze them (with AI), they can unveil a multitude of practical benefits.

Take a look at the bare mechanics of Voxpopme AI Insights: It takes input (content made of unstructured qualitative data) to produce an output (insights).

Let’s dig deeper into the crucial role that access to content and data—balanced with tight control over user access to the platforms that process the data—plays in enhancing the efficacy of products like Voxpopme AI Insights.

Foundation of learning

Voxpopme AI Insights relies on diverse, large datasets for better learning and accuracy, mirroring the fundamental principle of AI and ML models.

Security and privacy

Market researchers value security and privacy in managing their data repositories; hence, access to Voxpopme AI Insights needs strict control to ensure the integrity and ownership of the data.

Breadth and depth of knowledge

The extensive underlying dataset of Voxpopme AI Insights enriches its knowledge base, enabling a wide understanding of various research projects and facilitating insights across multiple use cases.

Quality and precision

The quality of responses from Voxpopme AI Insights is directly tied to the quality of the data it’s been trained on. Fresh, diverse, and high-quality data contribute to accurate and contextually relevant insights.

Enhancing complex tasks

Beyond answering questions, Voxpopme AI Insights assists in complex tasks like predictive analytics and strategy formulation for go-to-market and positioning, leveraging insights derived from multiple research projects.

Contextual understanding

Voxpopme AI Insights, through analyzing previous interactions or related content, can better understand the researcher’s intent, making interactions smoother and more meaningful, showcasing the importance of context in conversational engagements.

Content and data are the foundation upon which tools can learn, adapt, and evolve. Without content and data, it is like a library devoid of books—structurally existent but functionally empty.

As Voxpopme continues to shape the future of market research , the importance of data access will only grow, making it paramount for market researchers and businesses to prioritize quality data acquisition, management, and security.

In an era where understanding consumer sentiment is pivotal for brand success, Fortune 500 companies are turning to AI to gain a competitive edge.

Voxpopme, with its innovative applications Smart SurvAI and AI Insights, powered by OpenAI’s ChatGPT, is at the forefront of this evolution.

Here’s how researchers at leading brands are leveraging these tools to optimize their market research endeavors:

Applying ChatGPT’s components using qual content housed in Voxpopme

Market researchers often use Voxpopme to run video surveys, resulting in many hours of video feedback. Going through all this video to find important insights for business decisions usually takes a lot of time and effort.

But with tools like Smart SurvAI and AI Insights in Voxpopme, powered by OpenAI’s ChatGPT, this task becomes much quicker and easier. These tools help researchers launch survey projects and sift through the video content faster, finding the insights they need in much less time.

Generate goal-based survey questions

By integrating ChatGPT, SurvAI simplifies ‌creating engaging video surveys tailored to the researchers’ objectives. They simply input their goals into Smart SurvAI, which then proposes three questions to kickstart the survey creation. 

Researchers can then use, edit, or omit these suggestions, ensuring the survey aligns with their objectives while saving a lot of time.

By reducing the time spent on question creation, researchers can channel their focus towards deriving meaningful insights from consumer responses. This AI-assistance in drafting questions also mitigates potential bias, paving the way for more accurate and insightful responses.

Key insights in minutes

Voxpopme’s AI Insights tool speeds up the usual process of understanding video survey feedback like never before. It works 60 times faster than going at it yourself, helping researchers quickly move from gathering data to making sense of it, which helps in making decisions on time.

Interact with their research repositories

The AI Insights tool lets researchers have a back-and-forth with their data, almost like having a conversation. They can ask questions, get helpful hints, and dig into their data through a simple chat. This makes looking through customer feedback easy and full of discoveries.

Generate follow-up research projects

Once researchers have initial findings, it suggests follow-up questions for subsequent research projects, enabling researchers to deepen their understanding of consumer sentiments. This feature accelerates the iterative research process, helping brands stay updated with market trends.

Create competitive advantages (security and privacy)

Keeping data safe and private is really important in market research. Voxpopme makes sure researchers completely own their data while keeping it secure. This safe space helps create special insights, giving an edge to brands like Airbnb, Pepsico, McDonald’s, and Microsoft in their markets.

In super competitive markets, understanding what consumers want and quickly adapting to market changes is key. By having ChatGPT in Voxpopme’s toolkit, big brands are moving towards a future where they make smart decisions quickly by understanding what people say in video feedback, encouraging new ideas and faster strategic decisions.

Effective ChatGPT prompts within Voxpopme

Optimizing the insights you generate involves crafting precise prompts. Depending on the study type, these prompts can range from demographic comparisons, consumer needs assessments, product positioning evaluations, to competitive analyses.

For instance, for Target Consumer Studies, prompts like “How do Millennials and Gen X differ in their views on eco-friendly products?” can provide layered insights, while for Product Positioning Studies, questions like “How do respondents describe our latest smartphone model?” can help brands refine their messaging.

Below is a guide of prompts that you can use to generate insights for specific research objectives.

Prompts based on type of insight/project

Chatgpt prompts for foresight studies.

A foresights research project aims to anticipate future trends, events, and possibilities, helping organizations prepare for and shape the future through informed decision-making.

Here are some prompts you can use to support these research objectives:

• What desires or needs, in relation to our product or service, will occur in the next three years?
• Which emerging technologies or innovations are mentioned in this project? How will these influence our product’s utility or relevance?
• How do consumers see our product fitting into their lifestyle in the next five years?
• What challenges or barriers might deter consumers from choosing our product over competitors in the forthcoming years?
• What new product features or enhancements will be critical to maintain our market position?

ChatGPT prompts for target consumer studies

A target consumer research study seeks to profile and understand a specific segment of the market, delving into their broader demographics, income levels, preferences and behaviors to influence go-to-market approaches.

Here are some prompts you can use to support a Target Consumer research project:

• Based on the demographic information, can you find different groups or cohorts that have differing views?
• How do Millennials and Gen X differ in their feelings towards (insert topic)?
• What are commonalities across all demographics in this study?
• Are there any patterns or trends in the responses, and what do they reveal about the population being studied?
• What do (insert demographic) think about this topic vs (insert demographic)?
• What does the study say is the relationship between (variable A) and (variable B)?

ChatGPT prompts for consumer need studies

A consumer needs/wants study aims to understand more specifics around consumers’ needs, preferences, and behaviors, gauge their perception of products or brands, and derive insights to further refine marketing strategies.

• What does this study tell us about consumer needs around (topic)?
• Based on the study’s results, describe the perfect (product) that consumers want?
• What specific challenges or problems did respondents encounter when [activity]?
• Show me respondents describing a situation where they felt dissatisfied or frustrated with [product/service]? What caused these feelings?

ChatGPT prompts for product positioning and messaging studies

A product positioning and messaging study aims to determine how a product is perceived, identify its unique value, and craft compelling messages that resonate with the target audience. And depending on the questions asked in the research project, it can also be used to identify competitive dynamics.

Here are prompts you can use to support a Product Positioning and Messaging study:

• How do the study’s respondents describe [product/service]?
• What unique value or benefits do respondents associate with [product/service] compared to similar offerings in the market?
• Based on the study’s results, describe the ideal customer profile for [product/service].

ChatGPT prompts for price and demand optimization studies

A pricing and optimization study seeks to assess how pricing and promotions affect consumer decisions, pinpoint optimal price points, and gauge potential demand shifts based on varied pricing strategies.

Here are prompts you can use to support these research objectives:

• How does the current price of the product/service influence respondents’ purchasing decisions?
• Are there any specific price points mentioned in the study that would affect the purchase of [product/service]? What factors contribute to that decision?
• How would changes in the price of [product/service] impact demand for it?

ChatGPT prompts for competitive research studies

A competitive research study aims to identify key competitors, assess their strengths and weaknesses, and uncover strategic opportunities to gain a competitive edge in the market.

Here are prompts you can use to support a Competitive Research project:

• What competitors of [company] are mentioned in this study?
• What do the findings say our competitors do better than [company]?
• What is [company] doing better than our competitors?

Get quant insights from qual studies

A research initiative focused on converting unstructured qualitative findings into structured quantitative outcomes aims to harness the depth of narrative insights, making them accessible and interpretable in a numerical format.

This transformation allows for enhanced statistical analysis, trend identification, and more objective comparisons, bridging the gap between in-depth qualitative exploration and data-driven, quantitative decision-making.

Here are prompts you can use to convert qualitative research data into quantitative insights:

• Imagine this study is a quant study. Generate me some quant results from the findings
• What quant results from this study are most surprising?
• What quant results from this study summarize its main insights?

Executive summaries

Executive summaries serve as a concise overview of the research findings, encapsulating the key insights, recommendations, and conclusions drawn from the data.

The primary goal is to provide stakeholders with a quick, digestible snapshot of the research outcomes, enabling informed decision-making.

Here are some prompts that can aid researchers in crafting compelling executive summaries:

• Summarize the top three insights from this study.
• What are the key takeaways from the responses regarding [product/service]?
• What strategic actions do the study insights suggest we should take?
• Are there recurring themes in the feedback that indicate a market trend?
• Based on the study, how do we stand against our competitors?
• Provide a summary of consumer sentiments towards our brand as revealed in the study.

To Learn More…

Voxpopme Platform + ChatGPT = AI Insights. That’s what you get when you combine analytical models with large data repositories, and merge processing power with an interactive interface. A potent tool for market researchers to work through complex qualitative research data and extract insights in record time.

Make your work smarter. Learn more about how you can use ChatGPT’s power to analyze and extract insights from your qual data with Voxpopme.

(Re)Imagine

The Official Blog of Acuity Knowledge Partners

ChatGPT: Overview of implications in market research

Published on February 14, 2023 by Abhishek Bhatia

Since its launch in November 2022, OpenAI’s ChatGPT has taken the world by storm. It breached 1 million users within one week of its launch – a record. Unsurprisingly, every sector is scrutinising the advantages this conversational artificial intelligence (AI) tool can bring to its business.

Let’s explore ChatGPT and how it can revolutionise the market research industry.

What is ChatGPT

ChatGPT (Chat Generative Pre-trained Transformer) is a large language model trained on a massive collection of text data. It combines NLP (natural language processing) and machine learning to generate human-like text, keep track of the context and provide relevant information based on the input received.

ChatGPT uses the primary techniques of deep learning, which include supervised learning and reinforced learning from human feedback. This enables the tool to analyse and use a user’s previous response to generate its next response.

OpenAI’s explanation of ChatGPT methodology

The goal of ChatGPT is to provide a conversational AI system that can generate informative, engaging and contextually relevant text.

ChatGPT in market research

ChatGPT, given its ability to understand the context and provide relevant information, could prove to be a valuable resource to collect, analyse and understand market trends. Some key benefits of the tool are its ability to streamline existing processes, collect qualitative data through conversational surveys, analyse and extract information from large amounts of unstructured data and provide valuable market intelligence , and save significant time and effort of researchers.

Acuity Knowledge Partners recently surveyed 115 senior market researchers globally on ChatGPT and its implications in the market research industry. 45% respondents said ChatGPT would have a deep positive impact on the industry, while 36% were currently exploring and following up on ChatGPT, but they expected its use to increase in the coming years. Survey findings also revealed ChatGPT should influence market research. But many aspects need to be factored to make traditional market research more effective. We expect an increasing number of market research companies to explore ChatGPT and how positively it may affect their market research processes.

Use cases of ChatGPT in market research

Some common use cases of ChatGPT in market research are as follows:

Chatbot surveys: ChatGPT can be used to develop conversational and smart surveys for gathering customer feedback and insights. This allows for more natural and engaging data collection compared to traditional surveys.

Customer segmentation: ChatGPT can be used to categorise customer data based on the responses.

Trend analysis: ChatGPT can be used to analyse large amounts of customer feedback, social media posts and other unstructured data sources to identify trends in customer sentiment and behaviour.

Sentiment analysis: ChatGPT can be used to analyse customer feedback and determine the overall sentiment towards a brand, product or service, providing valuable insights into market research and customer relationship management .

Text classification: ChatGPT can be used to categorise customer feedback and other unstructured data by specific themes, such as product features, customer service and marketing efforts, improving the analysis and understanding of customer needs and preferences.

Customer service: ChatGPT can be integrated into customer service chatbots, providing a more personalised and engaging customer support experience while gathering valuable customer feedback and insights.

Applications in market research

ChatGPT has numerous applications in market research (both quantitative and qualitative).

Applications in quantitative research

Text data analysis: ChatGPT can process and analyse large amounts of text data, such as customer reviews or survey responses, to help gain insights into patterns and trends.

NLP tasks: It can perform NLP tasks, such as text classification, sentiment analysis and entity extraction, to support quantitative research .

Data augmentation: The tool can generate synthetic data to supplement limited data sets in quantitative research.

Predictive modelling: ChatGPT can be used as a feature in predictive models, such as time series forecasting or classification models, to improve the accuracy of forecasts.

Data summarisation: It can summarise long texts, such as research papers, news articles or reports, thereby assisting researchers in quickly gaining insights from large amounts of information.

Applications in qualitative research

Open-ended surveys: ChatGPT can be used to design and conduct open-ended surveys. It can then analyse and categorise the responses, providing valuable insights into customer attitudes, opinions and preferences.

Focus groups: It can be integrated into virtual focus groups, where customers can participate in real-time, text-based discussions on products, services or experiences. It can then analyse and categorise a discussion, providing valuable insights into customer opinions and feedback.

In-depth interviews: The tool can be used to conduct in-depth interviews with customers, where open-ended questions are asked to gather in-depth feedback and insights. It can then analyse and categorise the responses, providing valuable insights into customer attitudes, opinions and preferences.

Social media analysis: ChatGPT can be used to analyse and categorise customer feedback and opinions on social media, providing valuable insights into customer sentiment and behaviour.

Customer feedback analysis: It can be used to analyse customer feedback and categorise it into specific themes, such as product features, customer service and marketing efforts, providing valuable insights into customer needs and preferences.

Content analysis: ChatGPT can be used to analyse large amounts of unstructured data, such as customer feedback and customer service logs, providing valuable insights into customer attitudes, opinions and preferences.

Limitations of ChatGPT

ChatGPT has the potential to improve the market research processes exponentially. Having said that, it would be sensible to understand its pitfalls, which include the following:

Lack of expertise: The model does not have specialised knowledge in market research and may not always provide accurate information.

Limited data: It has been trained on a limited amount of market research data and may not always provide up-to-date information.

Contextual issues: ChatGPT may struggle to understand the nuances and complexities of market research and the industries being researched.

Bias: The tool has been trained on a corpus of text that may contain biases and stereotypes, which can influence its answers in market research.

Lack of interpretation: The model can provide data-driven answers, but it lacks the ability to interpret or provide strategic recommendations based on the data.

Ethical concerns: There are ethical concerns around the use of AI models in market research, such as privacy and data security, that need to be addressed before ChatGPT can be used for market research.

Lack of symbol-representation system: The language model lacks a symbol-representation system, leading to the possibility that it would mistake and manipulate symbols as language instead of their own symbolic meaning, potentially leading to arithmetic mistakes.

In conclusion, ChatGPT is all set to revolutionise the way market research is conducted. As this technology evolves and matures, it will likely become an increasingly lethal weapon for market research companies looking to gain a competitive edge.

However, ChatGPT is not a substitute for human expertise and creativity. Thus, researchers need to take a more holistic approach and ensure its conjunction with human interpretations and other tools to make more informed decisions and gain better insights.

How Acuity Knowledge Partners can help

As a leading provider of high-value research, analytics and business intelligence, Acuity Knowledge Partners offers a full suite of  market research services . We started using AI in survey analytics to extract sentiments and deep dive into digital conversations using social media and verbatim survey responses. We plan to take significant strides in this space and follow a well-researched approach founded on our two decades of experience in the market research domain.

ChatGPT: Optimizing Language Models for Dialogue (openai.com)

ChatGPT Market Research (sisinternational.com)

The future of market research is here: Introducing ChatGPT (audiense.com)

ChatGPT Statistics for 2023: Comprehensive Facts and Data (demandsage.com)

What's your view?

Thank you for sharing your Comments

Share this on

About the Author

Abhishek Bhatia

Abhishek has more than 18 years of experience in market research, consulting and data analytics. He is an expert in market research and project management. Abhishek leads multiple large client engagements and key strategic projects. He was instrumental in setting up and expanding our primary research business.

• Other Related Articles
• More articles by this author
• Other Authors

Product marketing data specialists in asset mana....

In the fast-paced world of asset management, where precision and timeliness are paramount,.... Read More

Asset Management , Capital Market , data

Advantages of having a remote executive assistan....

“They’re troubleshooters, translators, help desk attendants, diplomats, human database.... Read More

Administration , Business , Communication

DARQ technologies through a financial lens....

What is DARQ? DARQ stands for distributed ledger technology (DLT), artificial intelligenc.... Read More

AI , AI Finance , AR Finance

Artificial intelligence in market research

Artificial intelligence (AI) is a branch of computer science that pursues making computers.... Read More

Acuity market research , Artificial Intelligence , Data Analytics

Like the way we think?

Next time we post something new, we'll send it to your inbox

AI-Powered Funnel with ChatGPT: Market Research and Competitor Displacement

June 7th, 2023

Picture this: you’re a marketer in the roaring 2020s, and the digital landscape is a wild frontier of possibilities. The buzzword on everyone’s lips? Artificial Intelligence (AI). It’s not just a sci-fi dream anymore; it’s here, and it’s changing the game.

According to a Gartner study, organisations that use AI in their marketing will move 75% of their staff from production to strategic activities by 2025 . That means more innovation, more efficiency, and broader reach.

Now imagine having an AI-powered funnel you can use to research customer behaviour, discover competitor insights, and target potential customers in a single platform. Not only that, but AI can also help you with keyword research, personalised content creation, and optimisation of campaigns to ensure maximum customer engagement.

This is just one example of how AI technology can change marketing for the better. That’s not just a small step for a marketer, but a giant leap for the industry.

And who’s leading the charge in this brave new world? Enter ChatGPT.

TL;DR: 7 Ways to Use ChatGPT in Market Research & Competitor Displacement

• Analyse Top Search Results : Gain a deeper understanding of what type of content ranks well for your targeted query.
• Create Buyer Personas : Analyse reviews and feedback, helping to build accurate buyer personas for yourself or your competitors.
• Find Competing Businesses : Describe competing businesses and their products, providing valuable insights in seconds.
• Report on Competitor Activities : Keep track of competitor updates to get a better understanding of their strategy and objectives.
• Analyse Website Performance: See how your competitors’ websites are performing in terms of page speed and keyword optimisation.
• Customer Review Analysis : Gain insights into your competitors’ strengths and weaknesses by analysing their customer reviews using ChatGPT.
• Analyse PPC Ad Copy : Understand your competitors’ value propositions by analysing their ad copy.

Exploring the Ever-Expanding Universe of ChatGPT

ChatGPT is not just another AI tool, it’s a powerful ally for marketers.

ChatGPT is an AI developed by OpenAI, a leading artificial intelligence company. It combines natural language processing, machine learning, and deep learning to provide users with an AI-powered assistant to help them with tasks such as content creation, research, and analysis.

Using ChatGPT,  you can quickly create personalised content that resonates with your customers. They can also optimise campaigns for maximum engagement from a wide variety of channels with much greater efficiency. According to Sortlist, 32% of employees using ChatGPT see a productivity increase of 25-50% , while 33% of employers see a slightly higher boost, 66%.

And ChatGPT’s potential is only beginning to be explored. With the right combination of strategy and technology, ChatGPT can help transform the way businesses communicate with their customers.

Here are some ways ChatGPT can be used in marketing:

The Power of AI in Marketing Funnels

Why are AI-powered marketing funnels such a big deal?

As mentioned earlier, they enable you to optimise  processes and save time, which increases efficiency and productivity. They can also provide valuable insights into customer behaviour, allowing for more personalised and relevant interactions. This in turn leads to higher conversions and improved ROI.

As per McKinsey, 95% of commercial leaders are already implementing generative AI , such as ChatGPT, in their workflows – or are planning to do so. Below you can also see a chart of the impact AI has on their marketing strategy.

This means, that if you don’t want to stay behind, you need to start adapting now . Luckily, we have the perfect tips to get you started on the right track.

Building an AI-Powered Funnel with ChatGPT

To build an efficient ChatGPT-powered AI funnel, follow these steps:

• Identify Your Marketing Goals : Define clear, measurable objectives for your AI funnel, such as increasing brand visibility, elevating conversion rates, or enhancing customer loyalty.
• Understand Your Audience : Pinpoint your target audience and understand their needs, preferences, and challenges. If you struggle with this step, scroll down to access the ChatGPT prompt below to help you automate buyer persona research.
• Generate Content with ChatGPT : Deploy ChatGPT to produce compelling content that guides your audience through your funnel, such as blogs, social media posts, email newsletters, or PPC campaigns ( read our guide to ChatGPT for PPC here ). Let ChatGPT evaluate your content against competitors, fill gaps, generate audience-specific content, and integrate your offerings.
• Integrate AI in Customer Service : Consider implementing an AI chatbot, like Algomo , using the GPT-4 API to bolster your customer service.
• Monitor Performance : Regularly assess the performance of your content, ensuring it is reaching and engaging your target audience, and meeting your marketing goals. Use these insights to refine your strategy.
• Adapt Your Strategy : Be ready to modify your strategy based on performance data. Marketing is an evolving field, and flexibility is key. You can easily analyse your data sets by using ChatGPT. 

Tip: For analysing tables, paste your data in markdown so ChatGPT can better understand it. 

Market Research with ChatGPT

Traditional market research can be expensive and time-consuming, with techniques like interviews, surveys, focus groups, and market reports costing substantial amounts.

For instance, traditional market reports can cost anywhere from $15,000 to $35,000, depending on the size and scope, making them inaccessible to many product teams. Plus, they often can’t handle the vast scale of data available today, making them less effective. 

Thankfully, by using AI-powered funnels and ChatGPT, product teams can access the same insights in a much more affordable and scalable way. 

So, how can you use ChatGPT to make better product decisions? Let’s explore the examples below.

*The prompts below require you to have access to ChatGPT Plus with plugins enabled . The plugins used in the steps below include:

• SEO CORE AI
• Keyword Explorer
• Competitor PPC Ads

Analyse Top Search Results And Prepare a Detailed Report

Use WebPilot to find top 5 articles that talk about [TOPIC].

Next, use VoxScripts to find 3 most viewed videos about [TOPIC].

Finally, write a detailed report on the most used keywords in both the articles and the videos, most used NLP terms, key topics, all questions that appeared in the articles, the tone of voice used in the articles, the targeted persona in the articles. You can use tables.

This report will help you identify popular industry topics and the most commonly asked questions. With these findings, you can produce content centred on those topics to enhance SEO optimisation and improve your website or product.

To begin, I used WebPilot to search for the top 5 articles about the topic. The results included a variety of sources including news aggregators, blogs, and industry websites. After reviewing each article’s content and relevance to the topic, ChatGPT compiled a list of popular keywords or phrases used in those articles. 

Create Buyer Personas Based on Your (Or Your Competitor’s) Reviews

Using WebPilot, scrape the reviews of [COMPETITOR 1], [COMPETITOR 2], [COMPETITOR 3] on TrustPilot. Create 3-4 detailed buyer personas based on the information gathered.

Using the insights gained from these reviews, you can create buyer personas for each competitor. These personas will usually be problem-driven and solution-aware, allowing you to better understand the needs of your target audience from the middle and bottom of the marketing funnel.

First, I asked ChatGPT to generate 3-4 buyer personas for each competitor. Each persona included the primary motivation for choosing the respective product, key pain points, and features they’d like to see in the product. You can then use these personas to map out potential customer journeys and target advertising campaigns based on customer needs. Additionally, you can use this data to refine your messaging so it resonates with the right people.

Find Competing Businesses And Describe Their Product In a Matter of Seconds

Using WebPilot, find 3 sellers of [PRODUCT]. Visit their product pages and summarise the key features of their products, as well as their value proposition. (*for marketing solutions, you can replace WebPilot with ChatSpot)

This report will help you quickly summarise the key features and value proposition of 3 sellers’ products. You can then easily compare these products side-by-side against your own, to help you determine if your product needs improvement or messaging needs changing.

Using WebPilot, I quickly located the top 3 most popular (*in search results) sellers of the product in question. ChatGPT then visited their respective product pages to find information about each seller’s value proposition (e.g. cost savings, free shipping) as well as a detailed breakdown of their offerings (e.g. features, hosting capabilities). You can use this information to get a quick overview of each competitor’s messaging and positioning on the market.

Checkmate: Mastering Competitor Displacement with AI

According to RedSearch, 64% of brands use AI marketing tools to stay ahead of competitors . But there’s more to winning than having the right technology. It takes strategic thinking and creative tactics to stay successful in a competitive market.

To win at displacement, you need to know your competitors and the landscape they inhabit. This means assessing their strengths and weaknesses, and understanding their current objectives and tactics. Knowing how to react quickly to changes in the environment is also key.

ChatGPT can help analyse your competitors’ position, customer feedback, and marketing campaigns. Here’s what it can do for you:

Keep an Eye on Your Competitors and Save Time on Manual Browsing

Report on the latest news from [COMPETITOR]. Summarise your findings and provide links to the source.

This report will be especially helpful if you’re part of a small marketing team with limited resources. It will save you from manually browsing for competitor news, which can take a great deal of time. You’ll be able to stay informed on what your competitors are up to while staying focused on more critical tasks. This is essential in staying ahead in today’s competitive market.

For this task, I enabled searching with Bing. ChatGPT then searched and reported on the latest news from my chosen competitor. It found the latest articles and stories related to their operations, products, services, and strategies. The results were summarised with links to the source.

Analyse the SEO performance of [COMPETITOR] with SEO CORE AI. Present your findings in a detailed report. Then, return 5 keywords that [COMPETITOR] ranks for in SERP. For each keyword, using Keyword Explorer, find 3 related queries.

You can use this prompt to audit your competitors’ websites and compare them against your own. It’ll come in handy at the strategising stage of a competitor displacement campaign.

I asked ChatGPT to analyse the SEO performance of Hubspot.com. After a few seconds, I received a detailed report featuring a variety of metrics such as website structure, page speed, and SEO-optimisation analysis to identify areas for improvement. This report contains a lot of data that can be used both to spy on your competitors, as well to quickly audit the performance of your own website.

Analyse Your Competitors’ Customer Reviews to Explore Their Strengths and Weaknesses

Using WebPilot, scrape the reviews of [COMPETITOR 1], [COMPETITOR 2], and [COMPETITOR 3]  on TrustPilot. Analyse the pros and cons of every solution.

In this report, ChatGPT analysed customer reviews from TrustPilot for 3 chosen competitors and summarised them in an easy-to-follow format. It provides an overview of the positives and negatives of each company, revealing their strengths and weaknesses.

By studying customer sentiment across all competitors, you can find out what works for them and where they need to improve. This will enable you to identify areas where you could improve your own product offering and gain a competitive edge.

Analyse Your Competitors’ PPC Ad Copy to Learn About Their Value Proposition

Using WebPilot find the top 3 [PRODUCT TYPE]. Using Competitor PPC Ads plugin analyse their PPC campaigns. Provide 3 examples of the PPC copy that these companies use.

ChatGPT quickly identified the top 3 competitors for the chosen product type. Using the Competitor PPC Ads plugin, ChatGPT analysed their PPC campaigns to provide the keyword and examples of copy used in their ads.

Analysing your competitors’ PPC ad copy can provide valuable insights into their value proposition. It will give you an idea of what they are trying to communicate, what message resonates with their target audience, and how they position themselves in the market. This will help you craft your own PPC campaigns to ensure they are effective and successful. 

The Future of Marketing is AI-Powered

As we look to the future, one thing is clear: the world of marketing is becoming increasingly AI-powered. Tools like ChatGPT are not just improving efficiency; they’re providing strategic insights that can drive business growth.

So, whether you’re a seasoned marketer or a newbie just starting out, it’s time to embrace AI. Because in the world of marketing, the future is now.

Request a demo or pricing information for Lunio to discover how you can harness the power of AI to boost your marketing efficiency.

Protect Your Search Ads From Fake Traffic

Ads are for humans, not bots. Get a demo and save up to 25% of your advertising budget by automatically eliminating fake ad engagements across all paid channels.

Related Posts

You may also like...

James Deeney | February 9th, 2023

James Deeney | January 9th, 2023

Rebecca Munton | March 22nd, 2023

Stop All Advertising Fraud in Seconds

ChatGPT for market research – A Tutorial

Unless you’ve been off the grid since November 2022, you must have either used some form of generative AI or would have seen posts across your social media with prompts to use to make your work easier (or promises to change your life for the better!).

Introduction

Welcome to this tutorial on ChatGPT and how you can harness its power for market research.

In this tutorial, we will explore what ChatGPT is, its applications in market research, and how to effectively train it for your specific needs.

What is ChatGPT?

ChatGPT is a state-of-the-art large language model developed by OpenAI, but it’s more than just a conversational AI.

We (a.k.a the average human) make more than 35,000 choices in a day . Now to base those decisions on data and further analyse them would take an eternity.

That’s when AI can come to our rescue – In this case we’re exploring ChatGPT as a platform, and how it can play a pivotal role in transforming market research.

As you explore the capabilities of ChatGPT in this tutorial, you’ll see how it aligns with the methodologies shaping the future of market research. For a deeper dive into this topic, check out our blog-post on “ Integrating Primary and Secondary Market Research. ”

Applications for Market Research

As we delve deeper into ChatGPT’s capabilities, it’s essential to recognise how this AI marvel can enhance market research efforts significantly. From optimising surveys , to addressing specialised research needs in PR agencies , ChatGPT offers a diverse array of solutions.

To get started, we thought we’d ask ChatGPT to tell us how it could help us with Market Research. Here’s what it said:

Here are some key domains where ChatGPT has proven its utility in market research:

• Drafting questions: ChatGPT can help create effective survey questions that yield valuable insights from respondents. If you’re looking for some guidance on writing a good research questionnaire, here are some tips.

(This is an example, but we’d recommend being more specific)

• Content Generation: ChatGPT can generate reports, articles, or summaries based on your research findings, saving time and effort.
• Competitor Analysis: It can help gather information on competitors from publicly available data and reports. This is a great way to get a summary of key competitors and understand where you stand in the market.
• Data Analysis or Visualisation: Chat GPT can assist in analysing large volumes of text data, such as customer reviews and social media comments, to extract trends and sentiments. This can be a little bit of a hassle to set-up but ChatGPT does integrate as a pug-in for Excel and then you can use it seamlessly. To go one step further, find out more about ChatGPT for data analysis and converting into visualizations .

Training ChatGPT – The Dos and Don’ts

To maximise the utility of ChatGPT in market research, here are some tips and guidelines to help train it:

• Clearly State the Prompt: Begin with a clear and concise prompt that defines the topic or theme you want ChatGPT to focus on.
• Use Specific Language: Describe your requirements using specific and concrete terms.
• Provide Context: If necessary, offer background information or context to help ChatGPT understand the task better.
• Be Clear and Concise: Use straightforward language to minimise ambiguity.
• Set Parameters: Define any limitations or parameters for the task, such as length, tone, or style.
• Provide Examples: Offer relevant examples or specify what you do NOT want ChatGPT to generate.
• Break It Down: If the task is complex, break it into smaller, more specific parts to make it easier for ChatGPT to understand.

Don’ts:

• Vague Terms: Refrain from using vague or abstract terms that could lead to unclear responses.
• Complex Language: Keep language and grammar simple to prevent confusion. By following these guidelines and avoiding common mistakes, you can harness the full potential of ChatGPT for your market research needs. It’s a versatile tool that, when trained effectively, can save time and provide valuable insights for your projects. If you’re keen on learning more about how to write effective ChatGPT prompts, here is a great piece by Zappier.

Formatting Tips & Tricks for Effective Communication

Proper formatting can make your prompts clearer and more effective in getting the desired responses. Here’s what we learned:

• Bullet Points: Use bullet points to list specific items or ideas, making your prompts easier to read and understand. o Example: “Write a list of the top 10 reasons why you should visit the following countries:  Japan  Italy  Australia”
• Bold for Emphasis: Utilise bold text to emphasise important instructions or elements in your prompts. o Example: “Write a persuasive speech on the importance of recycling. Include at least three examples of how recycling can benefit the environment and society.”
• Italics for Titles: Employ italics to indicate titles or for added emphasis within your prompts. o Example: “Write a review of the Star Wars movie franchise. Include your thoughts on the plot, characters, and overall enjoyment of the series.”
• Strikethrough: Use strikethrough to indicate something that should be removed or excluded from the response. o Example: “Write a persuasive speech on the importance of exercising regularly. Do NOT include any arguments about weight loss or physical appearance.”
• Code Blocks: Use code blocks to indicate specific language or code within your prompts. o Example: “Write a tutorial on how to set up a basic website using HTML and CSS. Include , , and tags in the code examples.”
• Comments: Add comments within your prompts to provide additional information that you don’t want ChatGPT to include in the response. o Example: “Write a descriptive paragraph about a person’s appearance. [//]: # (Include details about their hair, eyes, facial features, etc.)”
• Interrogative Questions: Format your questions appropriately for the type of response you want. o Open-ended: “What are the key factors influencing climate change?” o Closed-ended: “Is climate change caused by human activities?”
• Leading Questions: Use leading language to guide the response in a specific direction while ending with a question mark. o Example: “Don’t you agree that the best way to solve this problem is to call in a professional?”
• “Must Include” Phrase: Specify important requirements within the question. o Example: “What are the top tourist attractions in France? You must include the Eiffel Tower in your list.”
• Use Specific Language for Importance: Emphasise the significance of certain elements in your prompts. • Example: “What are the best beaches in Thailand? It is essential that you consider Koh Phi Phi and Railay Beach in your list.”

Training ChatGPT – Prompt Engineering Example

To effectively train ChatGPT, you can use prompts like the following:

“Can you provide me with a long and well-thought-out comprehensive yet simplified guide of [SUBJECT], that only includes offline information that you are certain is true and excludes any speculation or uncertainty? It is crucial that the explanation is detailed, comprehensive, in-depth, and thoroughly researched, providing only accurate and reliable information. Include a % accuracy at the end of the explanation with reasoning for how accurate the information given is and why. Give 2 web sources with general URLs (accurate as of 2021, ends in .com, .gov, or .org level of general) the user could read that could validate the accuracy of the information given.” This prompt is highly effective for obtaining detailed, accurate, and well-researched information on a subject while ensuring that it’s based on reliable offline sources. Additionally, it provides a clear structure for evaluating the accuracy of the response.

While ChatGPT is a powerful tool for market research and various other tasks, there are some important considerations to keep in mind:

• Data Accuracy / Fact-Checking: Although ChatGPT can now provide users with up-to-date information for their inquiries (instead of being limited to data before September 2021), always verify and double check the accuracy of the information. It is essential to fact-check any critical information or decisions based on its responses, especially in high-stakes situations.
• Ethical Use: Ensure that you use ChatGPT and similar AI tools ethically and responsibly. Avoid generating content that may be harmful, misleading, or against ethical guidelines.
• Privacy: When using ChatGPT with sensitive or personal data, take appropriate measures to protect privacy and comply with data protection regulations.
• Complex Tasks: While ChatGPT can handle various tasks, it may not always provide precise answers to highly complex or specialised questions. For such cases, consider consulting domain experts or using specialised tools. By being cautious and mindful of these considerations, you can make the most of ChatGPT’s capabilities while maintaining the integrity and accuracy of your market research efforts.

Market Research Tools – Competition

Here’s a brief overview of some market research tools and their unique offerings:

• Predict: Predict is an AI tool with a remarkable 95% accuracy rate for predicting customer responses on creative assets like attention and cognition. It utilises a robust eye-tracking database and is validated through neuroscientific methods.
• STORYD: STORYD is a tool designed to help users create AI-powered data presentations that are engaging and impactful. It enables users to quickly generate presentations that can capture the attention of decision-makers, ultimately aiding in recognition for their efforts.
• Luminal: Luminal simplifies the task of organising and cleaning large, messy spreadsheets using GPT-3. Users only need to show Luminal how the data should look and upload their spreadsheet. Luminal then dynamically generates a Python script to clean the data efficiently, speeding up spreadsheet preparation for processing. These tools offer unique solutions for market research, from predicting customer responses to simplifying data presentation and spreadsheet cleaning. Each tool addresses different aspects of market research, catering to various needs within the field.

By now, you should have a solid understanding of what ChatGPT is, its versatile applications in the field of market research, and how to effectively train it to generate valuable insights for your projects.

Just keep in mind the power of clear and well-structured prompts, these prompts can significantly influence the quality and relevance of the responses you receive from ChatGPT.

Remember to stay updated with the latest developments in the field of AI and natural language processing, as ChatGPT and similar tools are continuously improving and evolving.

If you have any further questions or would just rather use the help of a professional team of researchers for your research needs, then feel free to call us or to drop us a message here .

Need help figuring out the research you need, get topical tips, insights and more delivered to your inbox.

Be the first to know about the latest international business sentiments, behaviours and plans to stay one step ahead of your competition.

Find the right market research agencies, suppliers, platforms, and facilities by exploring the services and solutions that best match your needs

list of top MR Specialties

Browse all specialties

Browse Companies and Platforms

by Specialty

by Location

Browse Focus Group Facilities

Manage your listing

Follow a step-by-step guide with online chat support to create or manage your listing.

About Greenbook Directory

IIEX Conferences

Discover the future of insights at the Insight Innovation Exchange (IIEX) event closest to you

IIEX Virtual Events

Explore important trends, best practices, and innovative use cases without leaving your desk

Insights Tech Showcase

See the latest research tech in action during curated interactive demos from top vendors

Stay updated on what’s new in insights and learn about solutions to the challenges you face

Greenbook Future list

An esteemed awards program that supports and encourages the voices of emerging leaders in the insight community.

Insight Innovation Competition

Submit your innovation that could impact the insights and market research industry for the better.

Find your next position in the world's largest database of market research and data analytics jobs.

For Suppliers

Directory: Renew your listing

Directory: Create a listing

Event sponsorship

Get Recommended Program

Digital Ads

Content marketing

Ads in Reports

Podcasts sponsorship

Run your Webinar

Host a Tech Showcase

Future List Partnership

All services

Dana Stanley

Greenbook’s Chief Revenue Officer

January 9, 2023

ChatGPT and Implications for Market Research

Disclaimer: Unlike other articles you may have read about ChatGPT, this one definitely wasn’t authored by ChatGPT! What is ChatGPT? ChatGPT is the latest large language model released by OpenAI.…

by Josh Seltzer

CTO at Nexxt Intelligence

Disclaimer: Unlike other articles you may have read about ChatGPT, this one definitely wasn’t authored by ChatGPT!

What is ChatGPT?

ChatGPT is the latest large language model released by OpenAI. It follows other models they’ve released previously, which also share the name GPT. GPT stands for Generative Pre-trained Transformer. The first part, “Generative”, refers to the type of language model that it is, so what it’s doing at a basic level is trying to figure out, based on some prompt that it’s given, what text to generate next that would be most plausible based on all the text that it has already seen.

Then the “Pre-trained” part refers to the fact that it has been trained on an almost incomprehensible amount of data from across the internet. Finally, “Transformer” refers to the specific neural architecture that it’s using, introduced in 2017 and underlying most large language models.

Taking these three things together, you have a model that’s been trained on so much data, with a large capacity for representation, that it’s able to generate texts which sound eminently plausible based on other human generated texts from the internet. This means that GPT, and ChatGPT in particular, is able to do a very good job of improvisation.

It’s able to take on roles really well, for example, if you give ChatGPT a personality and say, ‘this is your personality’ and ‘what are you going to say?’, then ChatGPT is very good at adapting. So even if it’s going to make things up (and that’s a big concern) it’s very good at pretending. It’s also very good at repeating plausible things that it’s memorized in the past that are relevant to the prompt that you’ve given it. So essentially we can think of ChatGPT as a model that’s really good at generating text based on some sort of role or persona that it’s adopting based on the prompt that the user gives it.

What are the implications of ChatGPT for market research?

A key implication of ChatGPT for market research is in the further advancement of Conversational AI as a key methodology. Conversational AI has been talked about for a while within the context of market research as an emerging technology but, until recently, the AI capabilities weren’t really strong enough. So more than anything else, ChatGPT exemplifies the quality of conversations that AI can have, and demonstrates that the technology which will inform the future of market research is already here!

Harnessing AI's Potential for Market Research

However, there’s a lot more to be done. For example, the types of personas that ChatGPT could take on might be useful in some situations, but it’s like a human, you can have someone that knows how to ask questions within a conversation but market researchers, especially qualitative moderators, go through years of professional training and experience in order to be able to ask the right questions in the right context. So getting to the point where we can actually use technology like ChatGPT to make sure that it’s asking questions that are appropriate, that aren’t leading and that are context specific is where further innovation is needed.

So what needs to be done to make the AI effective for market research? That is, to be good at asking questions, as well as answering them?

A lot of what ChatGPT has been trained on or trained for is information extraction. So it’s useful for people to ask ChatGPT questions and then for it to use the knowledge base that it’s accumulated through all the training that it’s done to answer those questions. But like I said, ChatGPT can also take on certain personas, so it’s possible that you could prompt it to ask questions instead of answering them. Even just giving the right kind of prompt can nudge ChatGPT towards asking questions rather than answering them.

That said, that’s just the starting point. For the purposes of market research, there is a lot more that we would want out of an AI interviewer. We want it to be able to incorporate the context of the research project that’s currently being conducted—not just having some subject matter knowledge of what’s being discussed, but also understanding the specific research objectives.

We’ve seen this a lot in all the R&D that we’ve been doing related to natural language processing: it’s often quite easy to just ask some question about what’s being discussed but that doesn’t actually mean that the question is going to be useful, and is going to advance the research objectives of the researcher. That’s definitely one of the big challenges, to actually nudge the AI in order for it to ask questions that are relevant to the research objectives.

So that relates to the analogy with human researchers, particularly qualitative researchers, that not just anyone can ask questions that are going to get to deep insight. They need to be trained, they need to know how to phrase questions appropriately and to probe. So that’s analogous to what needs to be done to large language models like ChatGPT to make them suitable for asking relevant questions with conversational AI.

Another issue to overcome is that with large language models there’s a certain lack of control. That is, the user can’t know exactly what the model is going to say, because it is generative. Models can also have what I call hallucination properties, i.e. they may just make things up, bring up topics which were not discussed before and even put words into the research participants’ mouths.

So, there’s a danger which needs to be avoided there as well. But back to the analogy, all these things are also possible if a non-expert human is conducting an interview. Therefore, it’s necessary to augment models such as ChatGPT with the goals of being a market researcher, and the objectives for a particular project. Doing this in a project-specific, real-time, and cost-effective way is very tricky!

To achieve this takes a lot of R&D to work on representations that can be integrated with language models such as ChatGPT so that we can prompt or nudge the model in order to ask questions that are relevant. In particular this means having representations of what the researcher wants to know within a given market research context, to actually represent their research objectives in some way. For example, if someone brings up a certain phrase that the researcher might be particularly interested in then we can make sure that the model is going to ask questions about that specifically.

There are other features that can be built in. One of the weaknesses of language models is that they don’t have a symbolic representation system. That’s why, for example, they often make arithmetic mistakes, because they are manipulating the symbols as though they were language rather than having their own symbolic meaning.

The lack of structured representation presents a challenge for researchers wanting to do quantitative analyses. Likewise, it presents a challenge to eliciting information in a structured manner, to ensure that participants are consistently asked for the information of interest to a research. To address these concerns, we can also build symbolic representations—you can think of them as opinion networks—which are incorporated into language models, and which are informed by market research principles.

Josh Seltzer

The views, opinions, data, and methodologies expressed above are those of the contributor(s) and do not necessarily reflect or represent the official policies, positions, or beliefs of Greenbook.

Comments are moderated to ensure respect towards the author and to prevent spam or self-promotion. Your comment may be edited, rejected, or approved based on these criteria. By commenting, you accept these terms and take responsibility for your contributions.

Top in Quantitative Research

Research Methodologies

Moving Away from a Narcissistic Market Research Model

Why are we still measuring brand loyalty? It isn’t something that naturally comes up with consumers, who rarely think about brand first, if at all. Ma...

Devora Rogers

Chief Strategy Officer at Alter Agents

May 31, 2023

Read article

Qualitative Research

The Stepping Stones of Innovation: Navigating Failure and Empathy with Carol Fitzgerald

Natalie Pusch

Senior Content Producer at Greenbook

March 16, 2023

Play Episode

Sign Up for Updates

Get content that matters, written by top insights industry experts, delivered right to your inbox.

67k+ subscribers

Weekly Newsletter

Greenbook Podcast

Event Updates

I agree to receive emails with insights-related content from Greenbook. I understand that I can manage my email preferences or unsubscribe at any time and that Greenbook protects my privacy under the General Data Protection Regulation.*

We will send you a greatest letters one per week for your happy

Your guide for all things market research and consumer insights

Create a New Listing

Manage My Listing

Find Companies

Find Focus Group Facilities

Tech Showcases

GRIT Report

Expert Channels

Get in touch

Marketing Services

Future List

Publish With Us

Privacy policy

Cookie policy

Terms of use

Copyright © 2024 New York AMA Communication Services, Inc. All rights reserved. 234 5th Avenue, 2nd Floor, New York, NY 10001 | Phone: (212) 849-2752

• Starting a Business
• Growing a Business
• Small Business Guide
• Business News
• Science & Technology
• Money & Finance
• For Subscribers
• Write for Entrepreneur
• Entrepreneur Store
• United States
• Asia Pacific
• Middle East
• South Africa

Copyright © 2024 Entrepreneur Media, LLC All rights reserved. Entrepreneur® and its related marks are registered trademarks of Entrepreneur Media LLC

How Can Marketers Use ChatGPT? Here Are the Top 11 Uses. With the recent developments in AI and the popularity of ChatGPT, you may want to integrate AI into your marketing practices. Find out how.

By Entrepreneur Staff Feb 16, 2023

Technology and artificial intelligence (AI) have infiltrated almost every industry imaginable. For better or worse, AI is here to stay — and it's only getting smarter.

In 2022, OpenAI, an artificial intelligence research and development company, created a tool called ChatGPT. This tool has the potential to change even more about each industry as we know it today, even the marketing and advertising industry.

Keep reading to find out how.

What is ChatGPT?

ChatGPT is an AI computer program that uses its intelligence to intake, comprehend and produce a response that mimics the natural diction of human language.

The program uses a transformer-based neural network that works off of so much data that the AI can analyze that information and create a response from it. When a human user converses with ChatGPT, the AI processes the human text and generates the answer based on the data it has access to.

The technology also considers context, syntax and word associations, which is how it can produce responses that mimic human speech and writing.

Related: What Is Artificial Intelligence (AI)? Here Are Its Benefits, Uses and More

Whether it's questions, answers, essays or entire conversations, this technology is meant to carry on as a human would.

ChatGPT can also:

• Answer follow-up questions.
• Admit mistakes.
• Challenge incorrect premises.
• Reject inappropriate requests.

Because of its human-like capabilities, ChatGPT has countless uses.

Top 11 ways marketers can use ChatGPT

1. content creation.

One of the biggest tasks for marketers is content creation. How can they grab the attention of consumers? What are the most significant trends? Or better yet, how can they create a trend?

While it takes an exceptional marketer to have an accurate pulse on the culture, ChatGPT can certainly make content creation smoother. ChatGPT can write product descriptions, headlines, blog posts, call-to-actions and other written content and make it sound just like a human.

Marketers can create compelling content in a fraction of the time with the assistance of ChatGPT, including:

• Blog posts: Marketers can enter keywords and specific requirements into ChatGPT, and the AI model will create high-quality, original content that is SEO-friendly and engaging for the target audience.
• Social media posts: ChatGPT can generate social media posts for various platforms, including Facebook, Twitter and LinkedIn. The AI technology will search its database for trending words and optimize short, quippy captions or longer, blog-style captions for the user.
• Video scripts: ChatGPT can generate video scripts for marketing and promotional videos. Whether it's a commercial or a full-length feature, ChatGPT can do it. Remember that the AI software will likely ask several follow-up questions about information and style, but it is possible.

Related: Here's How Your Business Can Use 3 Popular AI Content Creation Tools

2. Lead generation

Because of its linguistics capabilities, ChatGPT can carry on interactive text-based conversations to problem-solve with site visitors.

During these conversations, ChatGPT is not only helping customers, but it is also gathering information that can be used for lead generation and lead nurturing. Marketers can also use ChatGPT to engage with website visitors and valuable segmentation information.

More specific uses include:

• Chatbots: Marketers can use ChatGPT to build chatbots for their ecommerce sites and social media platforms. Chatbots can engage with visitors, just like humans, to provide information about products and services and collect contact and preference information for lead generation purposes.
• Lead scoring: ChatGPT can be integrated into a lead scoring system to help identify and prioritize high-quality leads. Generally, this takes some kind of lead scoring matrix or program; however, ChatGPT analyzes a visitor's interactions with a website, social media or chatbot and assigns a score based on whichever factors the marketer would like.
• Targeted email campaigns: Because ChatGPT can store and analyze so much data, it can generate personalized email campaigns based on a consumer's behavior and interests. By analyzing a customer's interactions with the website, social media or chatbot, ChatGPT can generate highly targeted emails to help increase the effectiveness of email campaigns and conversions.

3. Email marketing

ChatGPT will generate personalized email campaigns based on customer behavior and preferences. Marketers can utilize AI to ensure emails are tailored to each customer based on interests and buzzwords. The best ways to do this include the following:

• Subject line optimization: A subject line is the first thing a recipient sees. It either pulls them in or gets sent to the trash. ChatGPT can test, generate and provide recommendations for various subject lines to find the best-performing ones for a specific audience.
• Email segmentation: ChatGPT can analyze consumer behavior, identify common patterns based on interaction and segment email lists based on recipient behavior, preferences and interests.
• A/B testing: Marketers use A/B testing to analyze the performance of different email variations from subject line to format. ChatGPT can optimize email campaigns by analyzing the performance of different email variations and providing recommendations on which are likely to be the most effective for a particular audience.

Related: The Complete Guide to Effectively Using AI Writing Tools in Content Marketing

4. Customer service

ChatGPT is an excellent resource for providing 24/7 customer support, so your ecommerce site is available to consumers no matter their time zone or shopping needs. Train ChatGPT as a chatbot to answer FAQs, support requests and more needs like:

• Automated Chatbots: ChatGPT can handle simple and routine customer service inquiries, such as order tracking, account information and product information.
• Self-Service: ChatGPT can provide customers with self-service options for resolving their issues like referrals to FAQs, tutorials and videos.
• Multi-Language Support: It can be difficult to find customer service agents who speak more than one or two languages, and customers from all backgrounds need assistance. ChatGPT is a customer service representative that speaks multiple languages, making it easier for companies to serve customers globally.

ChatGPT will help with time and resources, as the AI can help sites assist more customers and provide cheaper labor for companies. In turn, this frees up time for human employees to focus on customers with more complex needs.

While this might not seem like a form of marketing, nurturing return consumers helps ensure that they have a positive experience with your brand.

Related: 3 Brands Crushing Instant Customer Service

5. Social media management

Many brands have turned to automation for social media . There are several platforms out there that handle scheduling, streamlining and optimization. ChatGPT will complete those same tasks, including:

• Scheduling: ChatGPT can be used to optimize the scheduling of social media posts based on audience behavior, preferences and peak usage times.
• Analysis: The program can analyze data and provide insights on consumer behavior, preferences and trends to provide actionable insights for creating a stronger strategy.
• Advertising: ChatGPT can analyze data to recommend the best ad formats and creative elements for a company's campaign.

6. Personalized recommendations

Customers want to feel like an individual and also appreciate guidance when it comes to any shopping need. ChatGPT can collect data that shows customer preferences and use that to make personalized recommendations on products and content.

You can also integrate AI to be interactive, with quizzes and games, so customers can have a positive and engaging experience. Based on collected data, ChatGPT will recommend:

• Products: Using browsing and purchase history, ChatGPT can recommend products most likely to interest the customer.
• Content: ChatGPT can use data and behaviors to understand a customer's preferences and recommend content like recommending articles, videos and podcasts.
• Advertising: The AI program can personalize online advertising to increase the likelihood that a customer will be engaged enough to purchase.

7. Voice assistance

The more inclusive and accommodating a business can be, the better natural advertising it gets.

Integrate ChatGPT into voice assistants, like Amazon Alexa or Google Home, to provide a more inclusive customer service experience.

• Customer service: A voice assistant to provide customers with an automated and conversational customer service experience.
• Product information and recommendations: Product information and recommendations created by ChatGPT can be synced with the device's voice reader to help customers find the right products and services based on their needs and preferences.

Related: The New Microsoft AI Tool Can Mimic Anyone's Voice

8. Market research

Market research is essential for any advertising team because to stay in the loop with the audience, you must know their interests. ChatGPT can streamline the market research process by:

• Conducting surveys: ChatGPT can conduct surveys and questionnaires to gather insights from target demographics. It can even create custom questions for individual consumers based on current data to drive future decisions.
• Analyzing feedback: The program can analyze customer feedback, measure it against critical trends and generate a detailed report so marketers can better understand customer preferences and perceptions.

Related: Top Four Data Analytics And AI Trends That Will Drive Businesses In 2023

9. Onboarding and training

Due to ChatGPT's language processing tool, the software can drive engaging conversations. If a company has employees complete independent or virtual training, employees might have several unanswered questions during the process.

By integrating ChatGPT into the process, future marketers will be able to have immediate answers to their questions during the onboarding process. They can even ask follow-up questions because of ChatGPT's dynamic usage.

Other uses for ChatGPT include:

• Personalized learning paths: Based on a new marketer's skills and experience, ChatGPT will create customized learning paths.
• Interactive scenarios: ChatGPT can generate interactive scenarios and even role-playing exercises, allowing new marketers to practice their skills in a controlled, low-stakes environment.
• Marketing terminology and processes: Every company has its own vocabulary, as well as commonly used industry acronyms. ChatGPT can explain terminology and processes simply and engagingly by generating definitions and explanations of marketing terms and concepts.

10. Search engine optimization

SEO refers to the amount of web traffic your ecommerce business gets and the relevance of that traffic to your business. SEO is a tremendous tool that can help you grow your search engine results to acquire and retain existing customers, and ChatGPT can help with that.

• Keywords: The AI will search its widespread database to generate a list of relevant keywords based on a given prompt or topic. Marketers can then use those keywords to optimize content and copy.
• Meta descriptions: Relevant meta descriptions help improve the click-through rate on search engine results pages. ChatGPT uses its data to generate meta descriptions that can improve those rates.
• Link building: Links are all about being strong, relevant and ethical. ChatGPT can generate links to improve an ecommerce site's search engine ranking.

Related: Conversational AI Is a Revolution That's Just Getting Started. Here's How It Can Boost Your Business.

11. Data Organization

There is so much data that tracking marketers must organize to stay at the forefront of their audience's needs. Often, the easiest way to keep track of data is through a spreadsheet like Excel or Google Sheets.

However, if marketers have yet to be trained in spreadsheet formulas, it can be a very frustrating and time-consuming practice to be tasked with. ChatGPT can take that frustration away .

By entering customer information, research results, budgets and customer feedback, ChatGPT can generate lists of data in spreadsheet form.

ChatGPT cannot create the spreadsheet itself, but it can organize the information for the marketer. It can also follow commands to help marketers complete spreadsheet formulas.

For example, a marketer can type a command into ChatGPT like "Show me a Google Sheet formula that copies all rows from sheet2 where column B contains the word 'jeans.'" ChatGPT would then produce that formula for the marketer to apply to the spreadsheet and further organize data.

What can't ChatGPT do for marketers?

With so many ways marketers can use ChatGPT, it almost makes the job seem obsolete. However, there is still no genuine replacement for humans, their drive and their creativity.

Even though ChatGPT is one of the most advanced artificial intelligence language programs, it does have its limitations.

• ChatGPT cannot perform physical tasks, like handling physical products, conducting in-person market research or contributing personality to team meetings.
• While ChatGPT is incredibly intelligent, its database is the Internet — and not everything you read online is true. Therefore, there is no 100% guarantee of accuracy when using the tool. Marketers should always verify the accuracy of their interactions with ChatGPT.
• There is no substitute for human decision-making. ChatGPT can analyze endless data and make calculated recommendations, but there is no replacement for the gut instinct of a marketer.

Related: Professionals In This Industry Already Can't Imagine Life Without ChatGPT: 'I Can't Remember the Last Time Something Has Wowed Me This Much.'

How you can utilize ChatGPT

ChatGPT is a powerful AI program that marketers can use to enhance the efficiency and accuracy of their campaign efforts.

From lead generation and content creation to customer support and search engine optimization, ChatGPT is a tool that marketers can implement to save time, effort and money while still producing high-quality ideas.

Are you interested in learning more about where artificial intelligence is heading? Visit Entrepreneur.com for everything you want to know.

Entrepreneur Staff

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick Red Arrow

• Lock 3 Things Your Business Idea Must Have to Succeed — as Proven By Famous Harvard Business School Startups
• This Couple Cashed in Their 401ks to Launch a Virtual Business — Here's How It Led to a 9-Figure Exit and Co-Owning 2 Professional Soccer Teams
• Lock The No. 1 State to Retire in Might Not Even Be on Your Radar, According to a New Report
• Lock 12 Books That Self-Made Millionaires Swear By
• Lock These Are the Highest-Paying Side Hustles for a Single Day of Work
• Use These 3 Steps to Find the Perfect Franchise Opportunity for You

Most Popular Red Arrow

These are the highest paying jobs in every u.s. state, according to a new report.

Certain states pay higher salaries for the same job.

T-Mobile Acquires USCellular in $4.4 Billion Deal: 'Even More Consumers Will Benefit'

The deal was announced on Tuesday.

Canva Is Going Viral For a Questionable Musical Performance at a Company Conference: 'Peak Cringe'

Canva Create took place in Los Angeles on May 23.

How to Become an AI-Centric Business (and Why It's Crucial for Long-Term Success)

Learn the essential steps to integrate AI at the core of your operations and stay competitive in an ever-evolving landscape.

'Creators Left So Much Money on the Table': Kickstarter's CEO Reveals the Story Behind the Company's Biggest Changes in 15 Years

In an interview with Entrepreneur, Kickstarter CEO Everette Taylor explains the decision-making behind the changes, how he approaches leading Kickstarter, and his advice for future CEOs.

Is Consumer Services a Good Career Path for 2024? Here's the Verdict

Consumer services is a broad field with a variety of benefits and drawbacks. Here's what you should consider before choosing it as a career path.

Successfully copied link

Working Paper

Using GPT for Market Research

• Posted on November 2, 2023

Insightful Prompts: Crafting Market Research Queries with ChatGPT

In the ever-evolving world of market research, the ability to ask the right questions is paramount. But what if we told you that an AI could help you craft those perfect queries? Welcome to the future of market research with ChatGPT. This powerful language model , developed by OpenAI, is revolutionizing the way we conduct market research, one insightful prompt at a time.

Imagine this: You’re sitting at your desk, sifting through piles of data, trying to formulate the perfect questions for your next market research survey. The clock is ticking, and the pressure is mounting. Suddenly, you remember ChatGPT. With a few keystrokes, you’re able to generate a list of precise, targeted questions that hit the nail on the head.

This isn’t a distant dream, but a reality that many researchers are already living. In this blog post, we’ll explore how you can leverage ChatGPT to craft insightful market research queries, saving you time and effort while maximizing the effectiveness of your research. So, buckle up and get ready to dive into the world of AI-powered market research.

Understanding Market Research

Let’s kick things off by getting on the same page about what market research really is. In a nutshell, market research is like a treasure hunt. It’s all about digging deep into the minds of your customers to uncover golden nuggets of information.

Think about it. You’re on a mission to discover what makes your customers tick. What do they want? What do they need? What problems are they facing? And most importantly, how can your product or service solve those problems?

But here’s the kicker: just like a treasure hunt, market research isn’t a walk in the park. It requires careful planning, strategic thinking, and a whole lot of patience. And that’s where ChatGPT comes into play.

With its ability to generate insightful prompts, ChatGPT is like your personal guide on this treasure hunt. It helps you ask the right questions, so you can uncover the most valuable insights.

So, are you ready to embark on this exciting journey of discovery? Let’s dive in and explore how you can leverage ChatGPT to supercharge your market research efforts.

Role of ChatGPT in Market Research

Now, let’s talk about the star of the show: ChatGPT. You might be wondering, “What’s so special about this AI, and how does it fit into the market research puzzle?” Well, let me tell you, it’s a game-changer.

ChatGPT is like your personal assistant, but on steroids. It’s designed to understand and generate human-like text, making it a powerful tool for crafting market research queries.

Here’s the deal: Crafting the perfect market research query is an art. It’s about asking the right questions, in the right way, to get the insights you need. And that’s where ChatGPT shines. It can generate a wide range of queries, from simple, straightforward questions to complex, multi-layered ones.

But that’s not all. ChatGPT can also help you analyze the responses, identify patterns, and draw meaningful conclusions. It’s like having a seasoned market researcher at your fingertips, ready to help you navigate the complex world of market research.

So, if you’re ready to take your market research game to the next level, it’s time to get acquainted with ChatGPT. Trust me, you won’t regret it.

The Art of Crafting Prompts

Imagine you’re an artist, standing in front of a blank canvas. You have a palette full of vibrant colors and a vision in your mind. But to bring that vision to life, you need the right brush strokes. That’s exactly what crafting prompts is like in the world of market research.

Prompts are your brush strokes. They’re the tools you use to paint a vivid picture of your market landscape. The right prompts can help you uncover deep insights, identify trends, and understand your customers on a whole new level.

But here’s the thing: crafting the perfect prompt is an art. It’s not just about asking questions. It’s about asking the right questions, in the right way. And that’s where many market researchers stumble.

But don’t worry, I’ve got your back. In this section, we’re going to dive deep into the art of crafting prompts. We’ll explore how you can use ChatGPT to create powerful, insightful prompts that will supercharge your market research efforts.

So, are you ready to become a master artist in the world of market research? Let’s get started.

Importance of Well-Crafted Prompts

Let’s get real for a moment. Crafting prompts is not just about throwing a bunch of questions together. It’s about creating a roadmap that guides your market research journey. And that’s why well-crafted prompts are so crucial.

Think of it this way: A well-crafted prompt is like a key that unlocks the door to valuable insights. It helps you delve deeper into your customers’ minds, uncovering their needs, wants, and pain points.

But here’s the catch: Not all keys fit all doors. A generic, poorly-crafted prompt might leave you scratching at the surface, while a well-crafted one can open up a world of insights.

And that’s where ChatGPT comes in. With its ability to generate human-like text, it can help you craft prompts that hit the bullseye every time.

So, if you’re serious about market research, it’s time to up your prompt game . Because the right prompt can be the difference between a treasure trove of insights and a dead end. And trust me, you want to be on the treasure trove side.

Tips for Creating Effective Prompts

Alright, now that we’ve established the importance of well-crafted prompts, let’s talk about how to actually create them. Here are a few tips that I’ve found super helpful:

• Keep it Simple: Remember, ChatGPT is an AI, not a mind reader. So, keep your prompts clear and concise. Avoid jargon and complex sentences.
• Be specific : The more specific your prompt, the better the output. Instead of asking “What do customers want?”, try something like “What features do millennials look for in a fitness app?”
• Use Open-Ended Questions: Open-ended questions encourage detailed responses, giving you richer insights. So, instead of “Do customers like our product?”, ask “What aspects of our product do customers appreciate the most?”
• Experiment: Don’t be afraid to play around with different types of prompts. Sometimes, a slight tweak can make a world of difference.
• Leverage ChatGPT’s Capabilities: ChatGPT is a powerful tool. Use it to its full potential. Ask it to generate multiple questions, explore different angles, or even analyze responses.

Remember, crafting effective prompts is an art. But with these tips and a bit of practice, you’ll be a master in no time.

Using ChatGPT for Market Research Queries

Imagine you’re a detective, hot on the trail of a mystery. Your secret weapon? ChatGPT. It’s like your trusty magnifying glass, helping you uncover clues and solve the puzzle of your market research.

Now, you might be thinking, “A detective? Really?” But hear me out. Market research is a lot like solving a mystery. You’re piecing together clues, trying to understand your customers, their needs, their wants, their behaviors. And just like a detective, you need the right tools to crack the case.

That’s where ChatGPT comes in. It’s not just a language model. ChatGPT is a powerful tool that can help you craft precise, insightful market research queries. It’s like having a seasoned investigator on your team, helping you ask the right questions and uncover the right clues.

In this section, we’re going to explore how you can use ChatGPT for your market research queries. We’ll dive into the nuts and bolts of setting up ChatGPT, crafting effective queries, and analyzing the responses.

So, grab your detective hat and magnifying glass. It’s time to solve the mystery of your market research.

Setting up ChatGPT for Market Research

Alright, let’s roll up our sleeves and get down to business. Setting up ChatGPT for market research is like setting up your detective toolkit. It’s about getting everything in place so you can hit the ground running.

First things first, you’ll need to access ChatGPT. You can do this through OpenAI’s API . Don’t worry, it’s a straightforward process. Just follow the instructions, and you’ll be up and running in no time.

Next, you’ll want to familiarize yourself with the interface. Play around with it. Get a feel for how it works. Remember, this is your toolkit. The more comfortable you are with it, the better.

Now, here’s a pro tip: Use the “Settings” to customize ChatGPT to your needs. You can adjust the temperature to control the randomness of the output, and the max tokens to limit the length of the response.

Finally, start feeding it prompts. Remember the tips we discussed earlier? This is where they come into play. Craft your prompts carefully, feed them to ChatGPT, and watch the magic happen.

And there you have it. You’re all set to use ChatGPT for your market research queries. Happy investigating!

Examples of Market Research Queries with ChatGPT

Now that we’ve got the setup out of the way, let’s dive into some real-world examples of market research queries with ChatGPT. These examples will give you a taste of what’s possible with this powerful tool.

• Customer Preferences: “Generate a list of questions to understand the preferences of customers shopping for organic food products online.”
• Product Feedback: “Craft a survey to gather feedback on the user experience of our new mobile app.”
• Market Trends: “What questions should I ask to identify emerging trends in the sustainable fashion industry?”
• Competitor Analysis: “Create a set of queries to analyze the strengths and weaknesses of our competitors in the digital marketing space.”
• Brand perception : “What questions can help us understand how our brand is perceived in the market compared to our competitors?”

Remember, these are just examples. The beauty of ChatGPT is that it can be tailored to your specific needs. So, don’t be afraid to get creative and experiment with different types of queries. The sky’s the limit!

What are ‘research queries’ and how can ChatGPT be used to generate them for market research?

Research queries are specific questions or prompts used to gather information on a particular topic. In the context of market research, these queries can help gather data about consumer behavior, market trends, and competitor analysis. ChatGPT can be used to generate these queries by leveraging its natural language understanding capabilities. Users can provide a general topic or specific instructions, and ChatGPT can generate a series of relevant questions that can be used for surveys, interviews, or data mining.

How does ChatGPT ensure the relevance and accuracy of research queries?

ChatGPT uses machine learning algorithms trained on a diverse range of internet text. However, it’s important to note that while ChatGPT can generate relevant and contextually accurate queries based on the input provided, the accuracy of these queries also depends on the specificity and clarity of the instructions given by the user. It’s always recommended to review and refine the generated queries to ensure they align with the research objectives.

Can ChatGPT help in analyzing the responses to market research queries?

Yes, ChatGPT can assist in analyzing responses to market research queries. It can process large volumes of text data, identify key themes and sentiments, and provide a summary of the findings. However, it’s important to remember that while ChatGPT can provide valuable insights, its analysis should be used in conjunction with other analytical tools and human judgment to ensure comprehensive and accurate results.

What are the best practices for designing ChatGPT prompts for effective market research?

When designing ChatGPT prompts for market research, it’s important to be specific and clear about your research objectives. Providing context can also help generate more relevant responses. For example, instead of asking “What do people think about our product?”, a more effective prompt could be “What are the common sentiments among customers aged 18-25 about our product’s usability?”. Regularly reviewing and refining your prompts based on the responses received can also improve the effectiveness of your research.

How does ChatGPT compare with traditional methods in generating research queries for market analysis?

ChatGPT can generate research queries more quickly and in larger volumes compared to traditional methods. It can also generate queries based on a wide range of topics due to its extensive training data. However, the relevance and accuracy of the queries depend on the instructions provided by the user. While traditional methods may require more time and effort, they allow for more control over the specificity and direction of the queries. Therefore, a combination of both methods could provide the most comprehensive approach to market research.

And just like that, we’ve reached the end of our journey. But before we wrap up, let’s take a moment to reflect on what we’ve learned.

We started off as novices, unsure of how to navigate the complex world of market research. But with ChatGPT as our guide, we’ve become seasoned explorers, adept at crafting insightful prompts and uncovering deep insights .

We’ve learned that crafting prompts is not just about asking questions. It’s about asking the right questions, in the right way. And with ChatGPT, we’ve discovered a tool that can help us do just that.

We’ve also seen how ChatGPT can supercharge our market research efforts, helping us delve deeper into our research topics and uncover valuable insights.

But remember, this is just the beginning. The world of market research is vast and ever-changing. And with tools like ChatGPT, we’re better equipped than ever to navigate it.

So, as we wrap up, I encourage you to take what you’ve learned and apply it to your own market research efforts. Because with the right tools and the right approach, the possibilities are endless.

Final Thoughts on Using ChatGPT for Market Research

As we wrap up, I want to leave you with a few final thoughts on using ChatGPT for market research.

Firstly, remember that ChatGPT is a tool, and like any tool, it’s only as good as the person using it. So, take the time to learn how to use it effectively. Experiment with different prompts, play around with the settings, and don’t be afraid to get creative.

Secondly, don’t underestimate the power of a well-crafted prompt. A good prompt can be the difference between a treasure trove of insights and a dead end. So, invest the time and effort into crafting your prompts. Trust me, it’s worth it.

Lastly, remember that ChatGPT is not a replacement for traditional market research methods . It’s a supplement, a tool that can enhance your research and help you uncover deeper insights. So, use it in conjunction with other research methods to get the most comprehensive view of your market.

And with that, I’ll leave you to embark on your own market research journey with ChatGPT. Happy investigating!

• Recent Posts

• Managing IoT Devices Efficiently with Custom GPT - May 28, 2024
• Enhancing Telehealth Services Through Custom GPT - May 28, 2024
• Developing Custom GPT for Mobile Gaming Enhancement - May 28, 2024

Share this:

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Notify me of follow-up comments by email.

Notify me of new posts by email.

Related Posts

• Posted on May 28, 2024

Managing IoT Devices Efficiently with Custom GPT

Enhancing Telehealth Services Through Custom GPT

Developing Custom GPT for Mobile Gaming Enhancement

• Posted on May 27, 2024

Custom GPT for Intelligent Tutoring in Education

Using Custom GPT for Effective NGO Impact Assessment

• Market Research

How to use ChatGPT for market research

• February 23, 2023

If you have not been living under a rock, you must be hooked to the ChatGPT wave already. The technology took the internet by storm after launch and had millions of users within the first few days. So, it’s not wrong to say — ChatGPT is big. People have been utilizing ChatGPT for all sorts of uses. But the big question is — Can you use ChatGPT for market research ? 

Do not waste time thinking about it (or blocking an hour on your calendars to test it out) because I took the liberty to test ChatGPT for market research. Reading this article will save time and help you discover how to use ChatGPT to conduct market research from scratch. 

Before we begin… 

Before you get all excited and pumped up, here are a few reminders — ChatGPT is an AI model you can use as an assistant. It has a lot of potential, but remember that ChatGPT is a trained AI model. So, setting the right expectations is essential before getting started. Here are some for this experiment: 

• Assumption: I’ll act like a solopreneur who wants to start a new business in the pet food industry. My target audience is millennials. 
• Expectation: Gathering data, identifying competition, and starting the market research survey process. 

If you remember the standard market research process , it’s all about: 

• Setting the right goals;
• Developing a research plan; 
• Gathering data;
• Analyzing the data;
• Taking action. 

We have a simple goal — finding the market demand or opportunity in the pet food space in the US. We will now use ChatGPT to gather and analyze data to speed up things. Let us look at how it works. 

Ready to Automate Your Market Research? Get exclusive access to GapScout prior to release!

ChatGPT as a market researcher: is it worth your time? 

The whole world is screaming about the power of ChatGPT. Naturally, you are allured into trying it out to automate your routine tasks, get copy written, do some research, and assist you in your marketing and growth goals. 

But can ChatGPT help you perform market research? 

There are many YouTube videos, online resources, discussions, and Twitter threads (like the one below) about using ChatGPT for market research but can AI simplify market research for a solopreneur ?  

We ran a small test and realized you can use ChatGPT for: 

• Identifying your competitors 
• Gathering, sorting, and presenting data
• Researching for relevant market research sources 
• Building and defining audience personas 
• Digging deeper into your competitors
• Asking for suggestions and recommendations to leverage untapped market opportunities, etc.

Let’s look at each of these use cases one by one. 

Using ChatGPT to gather core market research data.

The first step for market research is gathering data. There are many conventional ways — sending surveys, conducting interviews, etc. to gather data for validating your business idea. 

Basically, ChatGPT can speed up the process by giving you core data to take the first step in the right direction. 

For example, for our pet food industry business idea, I asked ChatGPT to help me with the core data about my target audience. Here’s how it went: 

Prompt: 

Response by ChatGPT: 

As you see, ChatGPT gave us a headstart regarding market research. Moreover, it helps to stop procrastinating about market research and put some ideas forward.

Using ChatGPT to identify competition in your industry. 

Knowing who you compete against is the most important aspect of market research. Who knew ChatGPT could simplify this for entrepreneurs too? 

We asked ChatGPT about the top 5 competitors for our hypothetical business idea and it didn’t disappoint. Have a look: 

Diving deeper into competitor research using ChatGPT.

While it gave a good list to get started, it was not enough to move forward. So, we asked ChatGPT specific questions about their website, Instagram presence, and some key facts about the competitors. 

Once again, ChatGPT didn’t disappoint. It came up with a table consisting of all the information we asked of it. 

Response by ChatGPT:

Sure, here is a table with some popular pet food brands, their website URL, Instagram handle, and some key facts and figures:

• Website URL: https://www.purina.com/
• Instagram Handle: @Purina
• Key Facts & Figures: Purina is one of the largest pet food manufacturers in the world, and is owned by Nestle. They offer a wide range of products for dogs and cats, and have a strong presence in both big-box retailers and pet specialty stores.
• Website: https://www.hillspet.com
• Instagram Handle: @HillsPet
• Key Facts & Figures: Hill’s Science Diet is a premium pet food brand that is owned by Colgate-Palmolive. They offer a wide range of products for dogs and cats, and are known for their focus on science-based nutrition.
• Website: https://www.royalcanin.com/
• Instagram Handle: @RoyalCanin
• Key Facts & Figures: Royal Canin is a French company that offers a wide range of premium pet food products for dogs and cats. They have a strong presence in both big-box retailers and pet specialty stores.
• Website: https://www.bluebuffalo.com/
• Instagram Handle: @bluebuffalo
• Key Facts & Figures: Blue Buffalo is a premium pet food brand that is known for its use of natural ingredients. They offer a wide range of products for dogs and cats and are one of the most popular D2C brand.
• Website: https://www.chewy.com
• Instagram Handle: @chewy
• Key Facts & Figures: Chewy is an e-commerce platform that specializes in pet products. They offer a wide range of pet food products, including their own private label brand, and are considered one of the most popular D2C brand in the US.

Once someone has this information, he can start analyzing what others are doing in their industry to delight clients and grow their sales revenue. 

Using ChatGPT for building audience personas.

Market research is not just about looking at competitors; you also need to know about your target audience. If you recall, we gave ChatGPT a base target audience as an assumption in the first prompt. 

Why not use it to create a detailed audience persona based on basic assumptions? Here’s the prompt we used to create a detailed audience persona using ChatGPT: 

While the prompt could have been better, ChatGPT still worked hard to create a detailed persona. Here’s what ChatGPT came up with: 

You see, it provided in-depth insight into what they think, want, and their general behavior — something that you must focus on as a market researcher or entrepreneur. Plus, the good thing was that it gave me ideas to improve my understanding of the market further. 

Using ChatGPT to unearth opportunities for differentiation.

We know about our competitors, we know about our audience now. All this made me curious to see if ChatGPT can help us find market opportunities for differentiation. We asked it about that: 

ChatGPT quickly responded with a list of pain points, opportunities, and USPs that can help drive product decisions. Have a look: 

There were some interesting opportunities and suggestions that are surely worth implementing. It felt like we have an on-call assistant who shells out everything we ask for. By now, we had a lot of stuff to start validating our business idea. 

But we thought, why not ask ChatGPT more about our competitors?

Using ChatGPT to get more specific about competition.

With so much in our hands, I decided to dig deeper into ChatGPT’s intellect to ask if it can suggest some market opportunities to beat the competition. 

I did not have any expectations, but it seems better than I expected. Here’s what it came up with: 

The suggestions and recommendations were generic. This is where I thought of twisting my prompts and being more specific. 

Improving ChatGPT responses for market research. 

ChatGPT is good, but sometimes it gives bland responses. If you feel the same while trying it out, be clear about what you want. It complies very well with specific commands and prompts.

Here’s what I did when it came up with generic suggestions to beat the competition:

If you give it a clear direction, it follows you really well and comes up with interesting responses. In this case, unique differentiation opportunities: 

The suggestions were good — not extraordinary, but definitely, a good start to try beating the competition and standing out in the industry. 

Tips for getting better ChatGPT responses.

The quality of your responses with ChatGPT is largely dependent on the kinds of questions that you ask. Here are some best practices when asking ChatGPT-specific questions:

• Feed data and call back: If you want ChatGPT to be factual in responses, initially, it’s always better to feed it with actual data. I’ve seen it can fetch data, figures, and facts if you provide it beforehand. 
• Tell it what you want it to be: A pro tip is to set the proper context and expectation. If you want it to be a market researcher, tell ChatGPT the same. If you see my first prompt, I’ve done the same. However, make sure to be clear in exactly what you want, else leave ChatGPT to it.
• Be very clear about what you want: ChatGPT is a trained generative AI model. So, you can’t expect to beat around the bush and get quality responses. Be specific and clear about what you want and see it doing the hard tasks without wasting your time. 
• Don’t rely on it solely: No matter how good AI tools like ChatGPT gets, it’s always good to go to real resources like online reviews from real users and interviews. Don’t just rely on ChatGPT data. Instead, scan online reviews from real customers at scale to power up your market research.

ChatGPT’s ability to understand natural language responses can help you gain a more in-depth understanding of your customers’ sentiments and emotions, which can inform marketing and product development strategies.

Share this:

The best in market research.

Market research tips & tools sent to your inbox.

By clicking Subscribe, you agree to our Terms and Conditions.

Popular Articles

How to measure customer loyalty on social media

Will AI replace digital marketers?

SaaS influencer marketing strategy

Email us: [email protected] Made with ♥ in sunny California

• Legal Policies

Sign up for early access here!

ⓒ 2023 GapScout. All rights reserved.

Get Early Access!

Sign up to get early beta access to GapScout before it becomes publicly available!

We use cookies to give you the best possible experience on our website.

ChatGPT in Marketing: Proven Strategies, Tools, and Prompts

• Artificial Intelligence
• Performance Marketing

According to a survey conducted by ResumeBuilder , in just over 1 year since the release of ChatGPT, 48% of businesses have replaced human workers because of the technology. Concurrently, a poll conducted by Smart Insights found, “48% of marketers are now using AI to assist with generating content…”

How Has ChatGPT Changed Marketing?

In the time since ChatGPT’s release marketers have been able to leverage its new web crawling capabilities, custom APIs, code interpreter, and comprehensive GPT store. It has enabled us to explore the following:

• Analyze search results to identify winning qualities of top-ranking content.
• Build custom content generators.
• Analyze reports to gain comprehensive insights into performance. 
• Optimize campaign strategies. 
• Use custom GPTs to generate and test ad creative

Not every use case has been successful. However, we were able to identify where ChatGPT’s strengths and weaknesses were and identify the best marketing use cases.

ChatGPT in Marketing Use Cases

• ChatGPT and SEO: SERP Analysis and Keyword Research

ChatGPT and PPC: Writing ad copy, keyword research, and campaign structure

• ChatGPT for Content Marketing: Content Research and Content Strategy Visualization

ChatGPT and SEO: SERP Analysis and Keyword Researc h

1. asking chatgpt to analyze serp.

Creating quality content that ranks and fulfills user intent involves in-depth search engine result page (SERP) analysis to identify areas of opportunity and content gaps. I recently found a ChatGPT plugin called SERP Analyser Pro that efficiently and effectively helps me analyze the SERP for my target keyword and provides valuable insights. You can ask this plugin to analyze the top results for your primary keyword and it will return a summary of the top 5 results and a recommended structure for your article based on its findings. Additionally, you can utilize the plugin to gain insights and recommendations on optimizing your article for answer engine optimization (AEO) and search generative experiences (SGE). 

The automation of this process helped me cut SERP analysis time in half and enabled me to spend more time writing. As always, I double-checked the accuracy and helpfulness of the plugin by conducting a lighter manual SERP review. However, the more you work with the tool on specific topics it can learn what you’re looking for and produce better accuracy. 

SERP Analysis Prompts

To get an analysis of the top 5 search results and a recommended article outline you can use the following prompt:

• “Analyze top 5 results for ‘primary keyword’.”

To receive AEO and SGE recommendations based on current results you can use the following prompt:

• “Based on the top article for ‘primary keyword’ what should I include in my article to rank in AEO and SGE?”

You can continue to build on this outline by using ChatGPT to conduct keyword research. This will provide additional topics, subtopics, and a starting list of keywords. 

2. Asking ChatGPT for Keyword Research

I have found many ways to utilize ChatGPT for SEO and one of the ways that it has helped me save the most time is through keyword research. One of the foundational elements of effective search engine optimization (SEO) is keyword research. ChatGPT can play a valuable role in this process by aiding in the identification of target keywords and understanding search intent. By leveraging ChatGPT’s natural language understanding capabilities, SEOs can gain insights into user search behavior, uncover relevant keywords, and optimize their content to align with user expectations.

Keyword Research Prompts

If you already know the main topic you would like to write about, then the following prompt can help you begin to develop an outline:

• What are the most popular subtopics related to (main topic)?

To expand out each subtopic and develop talking points, then you can ask:

• What are the most popular subtopics related to (subtopic)?

Now that you have an idea for your primary and secondary keywords, it’s important to develop semantically related keywords. Semantically related keywords are keywords that are conceptually linked to each other. By implementing semantically related keywords it can help improve the overall relevance and SEO of your content piece. Many different paid tools can help you do this, like SEMRush, but this prompt can help you get started just utilizing ChatGPT:

• If I am writing a blog on the primary keyword “_____” what semantically related keywords should I include?

Once completed, you will have a list of keywords that can help you begin writing an SEO-optimized content piece. It’s important to use other SEO tools that give you accurate information on search volume and intent for these keywords to ensure that you’re going to receive the right amount of high-quality traffic that you’re looking for.

3. Asking ChatGPT for Topic Clusters

Utilizing ChatGPT to help you create content clusters that can help you begin the process of creating an effective pillar page outline. 

Topic Cluster Prompt

• “Organize the above keywords into content clusters.”

The first group, SEO agency-related keywords, are all about the agency itself and what it does. The second group, Business-related keywords, is about the specific industries or types of businesses that the agency works with. The third group, Services related keywords, are about the different services that the agency provides. The fourth group, Expertise-related keywords, is about the expertise and level of knowledge the agency possesses.

This ideation is a perfect place to start if you’re attempting to build out or add a larger cluster strategy. Having these ideas out in front of you can help you identify connective elements between each subject which makes it easier to plan a cohesive pillar plan moving forward. 

3. Asking ChatGPT for Topic Suggestions

Ask ChatGPT to generate a list of the most frequently asked questions related to your primary keyword that are relevant to your target audience. 

Topic Suggestion Prompt

• “Generate a list of the most frequently asked questions related to primary keyword, that are relevant to target audience.”

Implementing these questions throughout your article in question-answer format will help you rank in answer engines and increase your organic visibility. Increasing your brand visibility through answer engines can help increase brand recall and authority establishing you as a go-to source for your given topic. These questions can be answered in a Frequently Asked Questions section on your website, individual blog content pieces, or even in social media marketing.

1. Writing ad copy

ChatGPT can be a great tool to help you write high-converting PPC headlines. To ask ChatGPT for a list of Google ad headlines ask this: “Write 5 high-converting headlines for a Google ads campaign containing the keyword “SEO agency” in 90 characters including spaces.”

It’s important to remember that ChatGPT is a generative pre-trained bot and only has access to its training data. So as more people use the platform, the better its responses will be, but until the AI is further developed it’s best to use it as an idea initiator rather than an idea generator. That means that these headlines can be used to give you a general direction for your own headline generation. 

2. Keyword research

Keyword research for paid ads can be done in a very similar way to keyword research for SEO. If you’re developing a PPC campaign your keyword research will be centered around a persona, pain point, and solution.

PPC Keyword Research Prompt

• “Give me 20 searches that an (desired customer/audience) who is looking to solve (problem) would type into Google to find a (product/service.)”

3. Campaign structure

This was probably one of the most helpful and robust answers from ChatGPT. I gave ChatGPT a simple prompt of, “Create a PPC campaign structure for the keyword “_____”. In return, it delivered 3 different ad groups with focus keywords, supporting keywords, and headlines. It also went a step further and gave me suggested campaign settings. If you’re designing PPC campaigns for an unfamiliar product or you have minimal PPC experience then this can be a great tool to give you a place to start designing your first campaign.

ChatGPT for Content Marketing: Content Research and Content Strategy Visualization 

1. content research .

Oftentimes, the most time-consuming part of content creation is the research process. There are millions of results for most queries and reading through each result can take anywhere from 5-10 minutes, if not longer, to find exactly what you need. One ChatGPT plugin I use daily is Link Reader which helps me reduce research time and summarize the most important points. Link Reader works on any web page, PDF, presentation, document, and more. 

Content Research Prompts

The primary prompt I use to quickly summarize web pages helps me quickly understand common themes and complex topics. 

• “Summarize the content of this URL”

When I need data, facts, or quotes to add authority to my content I use the following prompt:

• “Extract data/statistics/quotes from this URL related to topic.”

2. Content Strategy Visualization

When presenting to internal teams or clients it can be helpful to show a visualization of the proposed strategy to create clarity and understanding. Diagrams GPT can help create graphs, mindmaps, timelines, and more visualizations that can be customized and downloaded for presentations. 

Content Strategy Visualization Prompt

• “Use the information below to create a flowchart of the topic marketing strategy.”

Best GPT Marketing Tools

Now that we’ve covered the best use cases for marketers to utilize ChatGPT, let’s cover some of the other GPT marketing tools that can help you leverage AI’s full potential for yourself and clients.

• Merlin by Foyer  
• ChatGPT Chrome Extension
• Promptheus – Converse with ChatGPT Chrome Extension
• ABtesting.ai

1. Merlin by Foyer  

• Icon Facebook
• Icon Twitter
• Icon Linkedin

Alex Methvin

Cancel reply.

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Check our other articles

• Performance

Top 34 Performance Marketing Agencies in 2024

The Transformational Power of Generative AI: Marketing Use Cases 

30 Best Healthcare Marketing Agencies in 2024

Keep up with the latest and greatest in growth marketing 📖

• Comments This field is for validation purposes and should be left unchanged.

• Trending Blogs
• Geeksforgeeks NEWS
• Geeksforgeeks Blogs
• Tips & Tricks
• Website & Apps
• ChatGPT Blogs
• ChatGPT News
• ChatGPT Tutorial
• 15 Best ChatGPT Prompts for Job Seekers in 2024
• 15 Best ChatGPT Prompts for Digital Marketing in 2024
• 10 Best ChatGPT Prompts Examples for Email Marketing 2024
• 12 Useful ChatGPT Prompts for Marketing
• 11 Best Chatgpt Prompts for Affiliate Marketing
• 10 Best ChatGPT Prompts for HR and Recruitment
• 20 Best ChatGPT Prompts For Students
• 10 Best ChatGPT Prompts for Product Managers
• 10 ChatGPT Prompts for Content Marketers
• 10 Best ChatGPT Plugin for Advanced Web Research
• Top 10 ChatGPT Prompts for Teachers
• 10 Best ChatGPT Prompts to Make Money [+Sample Prompts]
• 10 Best ChatGPT Prompts to Streamline Project Management
• 15 Best ChatGPT Chrome Extensions 2024
• 11 Unique ChatGPT Prompts for Proofreading in 2024
• 10 Best ChatGPT Plugin for Real-Time Stock Market Insights
• 10 Best ChatGPT Plugin for Stock Portfolio Management
• Top 10 ChatGPT Prompts for Maximizing Legal Research Efficiency
• Top 10 Chatgpt Prompts for Architects

10 Best ChatGPT Prompts for Market Research (2024)

The future of any business is based on its market research, the more efficient the market research is, the more there is the possibility to tackle the problems that are faced by the company. Good market research helps the business to analyze the problems and the growth pattern of the business.

ChatGPT is one of the most popular AI tools and it helps to do market research effectively. ChatGPT can be a game changer for market research as it can be used to distribute surveys, analyze data, and even generate reports. ChatGPT prompts for Market Research can help startups and businesses analyze the data and tackle problems more efficiently.

Today in this article, we will discuss the 10 Best ChatCPT prompts for Market Research(2024). Let’s get started!

Prompt 1: Market Research Ideas

Prompt 2: current trends in consumer preferences, prompt 3: analysis of major competitors, prompt 4: feasibility of entering new markets, prompt 5: opportunities for product innovation, prompt 6: assess the digital presence of companies, prompt 7: opportunities for optimizing supply chain and logistics, prompt 8: measure customer satisfaction levels, prompt 9: impact of economic factors, prompt 10: consumer attitudes towards sustainability, 10 best chatgpt prompts for market research(2024).

Generate a list of market research ideas for any business or startup:

In general, to start doing market research for any business or startup , you should have a list of ways of doing market research efficiently and effectively. ChatGPT gives you the best strategies to do market research from analyzing the data to tackling the problem.

ChatGPT prompts for business development gives the proper sequence of doing market research. Utilizing the prompt even helps in the leverage of the comprehensive data analysis capabilities of ChatGPT.

Sample Prompts:

• Suggest a list of 10 best market research strategies for the XYZ business.
• Identify current trends and help to do market research.
• Propose five effective and efficient ideas for market research.
• Captivate the best market research ideas for the business.

How the prompt helps:

• Analyzing and Utilizing the effective prompts as per the requirement of the business.
• Recognition of the benefits and importance of the creativity blend related to the market.
• Inspiring ideas for the entrepreneurs as well as potential market shifts.

Investigate current trends in consumer preferences within the XYZ sector:

After knowing the effective ways of doing market research, the very first step should be investigating consumer preferences trends. The suggestions by ChatGPT helps each low-cost business or startup person to build a business for a larger audience.

ChatGPT prompts for Market Research helps to know how to analyze those trends effectively.

Sample prompts:

• Generate a list to analyze the trends for consumer preferences.
• List at least six effective market research ideas for small scale businesses to analyze their consumer preferences.
• Compose trending and unique market research ideas for analyzing the customer preferences trends.
• ChatGPT develops various low-cost ideas which bring working individuals as well as promotion of the company.
• Logical Working with minimal investment.
• A gradual growth with innovative ideas and analyzing the growth of the business.

Conduct a thorough analysis of major competitors in the XYZ sector:

To conduct the thorough analysis of major competitors of the XYZ sector, you need market research ways to see for the competitors in XYZ sector and also see how much share do they have in your particular market.

ChatGPT prompts for Market Research helps you analyze the market for your competitors very effectively and efficiently.

• Generate a list of competitors in the XYZ sector.
• List top three market share holders in XYZ sectors.
• Compose a list of all the market share holders in XYZ sectors.
• ChatGPT composes the list of all the competitors in your sector.
• Logical Working with minimal time investment.
• An efficient way to know about your competitor in less time.

Evaluate the feasibility of entering new markets within the XYZ sector:

Before you start any business you need to see if the business is feasible or not within your desired sector. For this you need to do market research to know about the already existing business in your field and how they are performing in that sector.

ChatGPT prompts for Market Research helps you conduct detailed market research to know if your business idea is feasible or not.

• Generate a list of businesses in the XYZ sector.
• List three good performing businesses in the XYZ sector .
• Compose trending businesses in the XYZ sector and analyze their growth rates in the past five years.
• ChatGPT develops a list of businesses already existing in your sector.
• Smart work in less time.
• An overview of the growth rates of businesses already existing in your sector.

Identify opportunities for product innovation within the XYZ sector based on consumer needs:

To know if your business will be feasible or not you also need to know the market trend for the product you are going to launch in the market. Apart from this we also need to focus on the consumer needs and preferences.

ChatGPT prompt for Market Research allows us to identify the opportunities for product innovation within the XYZ sector based on consumer needs and market trends.

• Generate a list of market trends for a product in the XYZ sector.
• List the ways to take the survey of consumer needs and preferences in the XYZ sector .
• Compose a list of trending products in the XYZ sector and analyze their growth rates in the past five years.
• ChatGPT develops a list of market trends already existing in your sector.
• Smart work in less time and different ways to do one thing.
• An overview of the growth rates of trending products already existing in your sector.

Assess the digital presence of companies in the XYZ sector:

Now we have done the research for the feasibility of our business and market trends of our business but what now? Now we have to analyze the online activity of our product, visibility of our product or business in the eyes of consumers and engagement of our product.

ChatGPT prompt for Market Research allows us to assess the digital presence of companies in the XYZ sector.

• Generate a list of ways to assess the digital presence of our product in the XYZ sector.
• List the ways to assess the digital presence of our product in the XYZ sector .
• Compose a list of trending KEYwords for increasing the digital presence of our products in the XYZ sector.
• ChatGPT develops a list of ways to assess the digital presence of our product in the XYZ sector.
• An overview of the ways to assess the digital presence of our product in the XYZ sector.

Explore opportunities for optimizing supply chain and logistics within the XYZ sector:

To expand your business you will need a big and cost effective supply chain. To find that you have to do market research and explore your options to enhance efficiency and reduce the cost of overall supply.

ChatGPT prompt for Market Research allows us to explore different opportunities for optimizing supply chains and makes market research easy for us.

• Generate a list of market research ideas to explore various opportunities to optimize our supply chain for a product in the XYZ sector.
• List the ways to explore various opportunities to optimize our supply chain in the XYZ sector .
• Compose a list of market research ideas to explore different supply chains to enhance efficiency and reduce the final cost.
• ChatGPT develops a list of market research ideas to explore various opportunities to optimize our supply chain for a product in the XYZ sector.
• Efficient solutions to reach the desired solution.
• An overview of market research ideas to explore different supply chains to enhance efficiency and reduce the final cost.

Measure customer satisfaction levels within the XYZ sector:

After we are done building the product and searching about different ways to supply it efficiently, the most crucial after step is to take the feedback from the customers. To do market research in such a way that we are able to measure the customer satisfaction level.

ChatGPT prompt for Market Research allows us to know different ways to take feedback from customers to measure how satisfied they are by our product and its quality.

• List different ways to check customer satisfaction for our product in the XYZ sector.
• Generate the list of ways to take the survey of consumer needs and feedback for our product’s quality in the XYZ sector .
• Compose a list of ways we can take feedback from our customers in the XYZ sector.
• ChatGPT develops a list of ways to take the survey of consumer needs and feedback for our product’s quality in the XYZ sector.
• This prompt helps by producing several ways with just one command prompt.
• Gives an overview of how to market research to measure customer satisfaction.

Analyze the impact of economic factors and overall market dynamics in the XYZ sector:

To analyze the impact of economic factors and overall market dynamics, we need to do market research and find out the Economic Indicators relevant to our sector and we also need to do market research of consumers spending patterns.

ChatGPT prompt for Market Research allows us to analyze the impact of economic factors.

• Generate a list of ways to analyze the impact of economic factors in the XYZ sector.
• List the ways to analyze the overall market dynamics in the XYZ sector .
• Compose a list of ways the consumer spent in the XYZ sector with the continuous inflation.
• ChatGPT develops a list of ways to analyze the impact of economic factors in the XYZ sector.
• This prompt helps by generating ways to analyze the market for changing economic factors.
• An overview of the consumer spending patterns in the XYZ sector.

Investigate consumer attitudes towards sustainability within the XYZ sector:

To investigate the consumer attitude towards sustainability we needed to do two things: take their feedback and know their spending patterns. But still we need to review those feedbacks and we need to do proper research on those patterns to identify consumer attitudes towards sustainability within the XYZ sector.

• Generate an overview of the consumer attitude towards sustainability in the XYZ sector
• List the ways to research consumer needs and their attitude towards sustainability in the XYZ sector.
• Compose a literature review to understand consumer attitude towards sustainability in the XYZ sector
• ChatGPT develops a list of ways to research consumer needs and their attitude towards sustainability.
• An overview of the consumer attitude towards sustainability in the XYZ sector.

In general, using ChatGPT prompts for Market Research allows the organization to have a better way of dealing with the work and the result is better and saves time. From creating new market research ideas to finding the best supply chain, increasing productivity and to doing competitive analysis, ChatGPT is a kit that provides an all-rounded tool for business people of all levels.

Integrating ChatGPT in market research into business can not just facilitate creativity and innovation but also helps the companies to evolve fast and respond more quickly to various market demands.

Related Articles: 10 ChatGPT Prompts for Content Marketers 12 Useful ChatGPT Prompts for Marketing 7 Top ChatGPT Prompts for Brainstorming Startup Ideas

FAQs – Best ChatGPT Prompts for Market Research (2024)

1. what are the most useful chatgpt prompts for business.

The most useful ChatGPT prompts for market research include: generate a list of market research ideas, enhance the supply chain [your company], and develop feedback forms[your company].

2. How can I use ChatGPT to improve my business using market research?

To improve your business using market research, you can utilize ChatGPT by generating ideas, composing social media posts as well as marketing emails, editing and a proper proofread of the content, generating a proper SWOT analysis and many more.

3. How do I get better chat prompts on ChatGPT?

To get better chat prompts on ChatGPT, there are certain points to be followed which include: specification of the desired format, details of the context to be provided, reference material [if any], parameters to be set, clarification of the desired topics.

4. How do I create a market research plan in ChatGPT?

To create a market research in ChatGPT, you need to be specific about the outline, dive into the product or service sections, breakdown of the competitors, marketing and financial analysis, pricing, SWOT analysis, operational plans, strategies and goals.

Please Login to comment...

Similar reads.

• ChatGPT Prompts
• Websites & Apps

Improve your Coding Skills with Practice

What kind of Experience do you want to share?

The future of financial analysis: How GPT-4 is disrupting the industry, according to new research

• Share on Facebook
• Share on LinkedIn

Time's almost up! There's only one week left to request an invite to The AI Impact Tour on June 5th. Don't miss out on this incredible opportunity to explore various methods for auditing AI models. Find out how you can attend here .

Researchers from the University of Chicago have demonstrated that large language models (LLMs) can conduct financial statement analysis with accuracy rivaling and even surpassing that of professional analysts. The findings, published in a working paper titled “ Financial Statement Analysis with Large Language Models ,” could have major implications for the future of financial analysis and decision-making.

The researchers tested the performance of GPT-4 , a state-of-the-art LLM developed by OpenAI , on the task of analyzing corporate financial statements to predict future earnings growth. Remarkably, even when provided only with standardized, anonymized balance sheets, and income statements devoid of any textual context, GPT-4 was able to outperform human analysts.

“We find that the prediction accuracy of the LLM is on par with the performance of a narrowly trained state-of-the-art ML model,” the authors write. “LLM prediction does not stem from its training memory. Instead, we find that the LLM generates useful narrative insights about a company’s future performance.”

Chain-of-thought prompts emulate human analyst reasoning

A key innovation was the use of “ chain-of-thought ” prompts that guided GPT-4 to emulate the analytical process of a financial analyst, identifying trends, computing ratios, and synthesizing the information to form a prediction. This enhanced version of GPT-4 achieved a 60% accuracy in predicting the direction of future earnings, notably higher than the 53-57% range of human analyst forecasts.

June 5th: The AI Audit in NYC

Join us next week in NYC to engage with top executive leaders, delving into strategies for auditing AI models to ensure fairness, optimal performance, and ethical compliance across diverse organizations. Secure your attendance for this exclusive invite-only event.

“Taken together, our results suggest that LLMs may take a central role in decision-making,” the researchers conclude. They note that the LLM’s advantage likely stems from its vast knowledge base and ability to recognize patterns and business concepts, allowing it to perform intuitive reasoning even with incomplete information.

LLMs poised to transform financial analysis despite challenges

The findings are all the more remarkable given that numerical analysis has traditionally been a challenge for language models. “One of the most challenging domains for a language model is the numerical domain, where the model needs to carry out computations, perform human-like interpretations, and make complex judgments,” said Alex Kim, one of the study’s co-authors. “While LLMs are effective at textual tasks, their understanding of numbers typically comes from the narrative context and they lack deep numerical reasoning or the flexibility of a human mind.”

Some experts caution that the “ ANN ” model used as a benchmark in the study may not represent the state-of-the-art in quantitative finance. “That ANN benchmark is nowhere near state of the art,” commented one practitioner on the Hacker News forum . “People didn’t stop working on this in 1989 — they realized they can make lots of money doing it and do it privately.”

Nevertheless, the ability of a general-purpose language model to match the performance of specialized ML models and exceed human experts points to the disruptive potential of LLMs in the financial domain. The authors have also created an interactive web application to showcase GPT-4’s capabilities for curious readers, though they caution that its accuracy should be independently verified.

As AI continues its rapid advance, the role of the financial analyst may be the next to be transformed. While human expertise and judgment are unlikely to be fully replaced anytime soon, powerful tools like GPT-4 could greatly augment and streamline the work of analysts, potentially reshaping the field of financial statement analysis in the years to come.

Stay in the know! Get the latest news in your inbox daily

By subscribing, you agree to VentureBeat's Terms of Service.

Thanks for subscribing. Check out more VB newsletters here .

An error occured.

GPT-4 is better than humans at financial forecasting, new study shows

• OpenAI's GPT-4 is better than humans at analyzing financial statements and making forecasts, according to a new study.
• "Even without any narrative or industry-specific information, the LLM outperforms financial analysts in its ability to predict earnings changes," the study found.
• Trading strategies based on GPT-4 also delivered more profitable results than the stock market.

OpenAI's GPT-4 proved to be a better financial analyst than humans, according to a new study.

The findings could upend the financial services industry that, like other business sectors, is racing to adopt generative AI technologies.

According to the study conducted by the Booth School of Business at the University of Chicago, the large language model did a better job of analyzing financial statements and making predictions based on those statements.

"Even without any narrative or industry-specific information, the LLM outperforms financial analysts in its ability to predict earnings changes," the study said. "The LLM exhibits a relative advantage over human analysts in situations when the analysts tend to struggle."

The study utilized "chain-of-thought" prompts that directed GPT-4 to identify trends in financial statements and calculate different financial ratios. From there, the large language model analyzed the information and predicted future earnings results.

"When we use the chain of thought prompt to emulate human reasoning, we find that GPT achieves an accuracy of 60%, which is remarkably higher than that achieved by the analysts," the study said. The human analysts were closer to the low 50% range with regard to prediction accuracy.

The large language models' ability to recognize financial patterns and business concepts with incomplete information suggests that the technology should play a key role in financial decision-making going forward, according to the study's authors.

Finally, the study found that applying GPT-4's financial acumen to trading strategies produced more profitable trading, with higher share ratios and alpha that ultimately beat the stock market.

"We find that the long-short strategy based on GPT forecasts outperforms the market and generates significant alphas and Sharpe ratios," the study said. 

• Main content

• Computer Vision
• Federated Learning
• Reinforcement Learning
• Natural Language Processing
• New Releases
• Advisory Board Members
• 🐝 Partnership and Promotion

Aswin AK is a consulting intern at MarkTechPost. He is pursuing his Dual Degree at the Indian Institute of Technology, Kharagpur. He is passionate about data science and machine learning, bringing a strong academic background and hands-on experience in solving real-life cross-domain challenges.

• Researchers at Arizona State University Evaluates ReAct Prompting: The Role of Example Similarity in Enhancing Large Language Model Reasoning
• A Comprehensive Review of Survey on Efficient Multimodal Large Language Models
• Llama 2 to Llama 3: Meta's Leap in Open-Source Language Models
• Developments in Family of Claude Models by Anthropic AI: A Comprehensive Review

RELATED ARTICLES MORE FROM AUTHOR

Dall-e, clip, vq-vae-2, and imagegpt: a revolution in ai-driven image generation, aaren: rethinking attention as recurrent neural network rnn for efficient sequence modeling on low-resource devices, internlm research group releases internlm2-math-plus: a series of math-focused llms in sizes 1.8b, 7b, 20b, and 8x22b with enhanced chain-of-thought, code interpretation, and lean..., inductive biases in deep learning: understanding feature representation, the rise of agentic retrieval-augmented generation (rag) in artificial intelligence ai, deep learning in healthcare: challenges, applications, and future directions, aaren: rethinking attention as recurrent neural network rnn for efficient sequence modeling on low-resource..., from noisy hypotheses to clean text: how denoising lm (dlm) improves speech recognition accuracy, internlm research group releases internlm2-math-plus: a series of math-focused llms in sizes 1.8b, 7b,....

• AI Magazine
• Privacy & TC
• Cookie Policy

🐝 🐝 Join the Fastest Growing AI Research Newsletter Read by Researchers from Google + NVIDIA + Meta + Stanford + MIT + Microsoft and many others...

Thank You 🙌

Privacy Overview

Help | Advanced Search

Computer Science > Machine Learning

Title: gpt store mining and analysis.

Abstract: As a pivotal extension of the renowned ChatGPT, the GPT Store serves as a dynamic marketplace for various Generative Pre-trained Transformer (GPT) models, shaping the frontier of conversational AI. This paper presents an in-depth measurement study of the GPT Store, with a focus on the categorization of GPTs by topic, factors influencing GPT popularity, and the potential security risks. Our investigation starts with assessing the categorization of GPTs in the GPT Store, analyzing how they are organized by topics, and evaluating the effectiveness of the classification system. We then examine the factors that affect the popularity of specific GPTs, looking into user preferences, algorithmic influences, and market trends. Finally, the study delves into the security risks of the GPT Store, identifying potential threats and evaluating the robustness of existing security measures. This study offers a detailed overview of the GPT Store's current state, shedding light on its operational dynamics and user interaction patterns. Our findings aim to enhance understanding of the GPT ecosystem, providing valuable insights for future research, development, and policy-making in generative AI.

Submission history

Access paper:.

• HTML (experimental)
• Other Formats

References & Citations

• Google Scholar
• Semantic Scholar

BibTeX formatted citation

Bibliographic and Citation Tools

Code, data and media associated with this article, recommenders and search tools.

• Institution

arXivLabs: experimental projects with community collaborators

arXivLabs is a framework that allows collaborators to develop and share new arXiv features directly on our website.

Both individuals and organizations that work with arXivLabs have embraced and accepted our values of openness, community, excellence, and user data privacy. arXiv is committed to these values and only works with partners that adhere to them.

Have an idea for a project that will add value for arXiv's community? Learn more about arXivLabs .

ChatGPT vs. Microsoft Copilot vs. Gemini: Which is the best AI chatbot?

Artificial intelligence (AI) has transformed how we work and play  in recent months, giving almost anyone the ability to write code , create art , and even make investments . For professional and hobbyist users alike, generative AI tools, such as  ChatGPT , offer advanced capabilities to create decent-quality content from a simple user prompt. 

Keeping up with all the latest AI tools can get confusing, especially as Microsoft added  GPT-4 to Bing Chat  and renamed it to Copilot, OpenAI added new capabilities to ChatGPT and released GPT-4o , and Google plugged Bard   into its ecosystem  and rebranded the chatbot as Gemini .

Also: How to use ChatGPT (and how to access GPT-4o)

Knowing which of the three most popular AI chatbots is best to write code , generate text , or help build resumes is challenging. Let's break down the biggest differences so you can choose the one that best meets your needs. 

Testing ChatGPT vs. Microsoft Copilot vs. Gemini

To help determine which AI chatbot gives more accurate answers, I'm going to use a simple prompt to compare them: 

"I have 5 oranges today, I ate 3 oranges last week. How many oranges do I have left?"

The answer should be five, as the number of oranges I ate last week doesn't affect the number of oranges I have today. First up, ChatGPT.

You should use ChatGPT if...

1. you want the most advanced ai chatbot for free.

OpenAI lets users access ChatGPT , powered by its GPT-3.5 and the GPT-4o models, for free with a registered account. If you're willing to pay for the Plus version, you can access GPT-4, use a higher prompt limit for GPT-4o, and get early access to new features for $20 per month.

ChatGPT with GPT-4o, available for free users, answered the question correctly. 

GPT-4o is a new multimodal model available to free and paying ChatGPT users. Rather than relying on three separate models to power its features -- GPT-4 for text, DALL-E 3 for images, and Whisper for voice -- ChatGPT now uses GPT-4o to process and generate text, images, and sounds. This makes it faster than GPT-4 for paying ChatGPT subscribers, and just as good for ChatGPT users who don't want to pay.

Aside from giving free ChatGPT users access to the latest GPT-4o model, the startup also announced that free users now get most of the features that until now were exclusive to ChatGPT Plus users. These include web browsing, access to custom GPTs, ChatGPT Memory, and advanced data analysis.

2. You want to try the most popular AI chatbot

OpenAI released a widespread preview of  ChatGPT  in November 2022. Since then, the AI chatbot quickly gained over 100 million users and has been at the center of  controversies , especially as people uncover its potential to  do schoolwork  and replace some work across industries.

Also: ChatGPT will put your data into interactive tables and charts with GPT-4o

Since its release, I've been testing ChatGPT almost daily. Although its user interface has remained simple, minor changes have greatly improved the tool, including GPT-4o for free users,  Custom Instructions , and easier access to accounts.

The free version of ChatGPT using the default GPT-3.5 model gave the wrong answer to our question.

Although ChatGPT has proven to be a valuable AI tool, it can be prone to  misinformation . Like other large language models (LLMs), GPT-3.5 is imperfect, as it is trained on human-created data up to January 2022. It also often fails to comprehend nuances, like it did with our math question example, which it answered incorrectly by saying we have two oranges left, when the answer should be five.

Also: I put GPT-4o through my coding tests and it aced them - except for one weird result

The GPT-4o model answered the math question correctly, having understood the full context of the problem from beginning to end.

Next, let's consider Microsoft Copilot , which is a great way to access GPT-4 for free.

You should use Microsoft Copilot if...

1. you want to use gpt-4 for free.

Although the free version of ChatGPT lets you use GPT-4o, access to free users is limited to about 15 messages every three hours or capped depending on peak hours, to keep it accessible to more people. After reaching your GPT-4o limit, your chat session reverts to GPT-3.5, limited to generating conversational text and information only until January 2022.

Also:  How to use Copilot (formerly called Bing Chat)

Meanwhile, Copilot can access the internet to deliver more current information than GPT-3.5, complete with links to sources.

Copilot's Creative conversation style was the only Copilot mode to answer the question accurately.

There are other benefits, too. Copilot is powered by GPT-4, OpenAI's LLM, and is completely free. Unfortunately, you are limited to five responses per conversation and can only enter up to 4,000 characters in each prompt. Copilot will eventually get GPT-4o built-in, but Microsoft hasn't made this update widely available, yet.

Also: Microsoft Copilot vs. Copilot Pro: Is the subscription fee worth it?

Copilot's user interface is a bit more cluttered than ChatGPT's, but it's still easy to navigate. While Copilot can access the internet to give you more up-to-date results compared to ChatGPT powered by GPT-3.5, I've found it is more prone to stalling before replying and will miss more prompts than its competitor.

2. You prefer more visual features

Microsoft has upgraded its platform several times to add visual features to Copilot, formerly Bing Chat. At this point, you can ask Copilot questions like, "What is a Tasmanian devil?" and get a response complete with photos, lifespan, diet, and more, for a more scannable result that is easier to digest than a wall of text. 

You can also ask Copilot to generate images for you. Give Copilot a description of what you want the image to look like, and the chatbot will generate four images for you to choose from. 

Also: How to use Image Creator from Microsoft Designer (formerly Bing Image Creator)

Microsoft Copilot features different conversational styles, including Creative, Balanced, and Precise, which alter how light or straightforward the interactions are.

The Balanced and Precise conversation styles in Microsoft Copilot answered my question inaccurately.

Finally, let's turn to Google's Gemini, formerly known as Bard. It uses Google's own LLM, also named Gemini, and has received considerable upgrades in the past few months.

You should use Gemini if...

1. you want a fast, almost unlimited experience.

In my time testing different AI chatbots, I saw  Google Bard catch a lot of flack for different shortcomings . While I'm not going to say they're unjustified, I will say that Google's AI chatbot, now named Gemini and powered by a completely different AI model than the one it debuted with, has improved greatly.

Also: How to use Gemini (formerly Google Bard): Everything you should know

Gemini gives speedy answers, which have become more accurate over time. It's not faster than ChatGPT Plus, but it can be faster at giving responses than Copilot and faster than the free GPT-3.5 version of ChatGPT, though your mileage may vary. 

Gemini answered accurately, like GPT-4o and Copilot's Creative conversation style.

Bard used to make the same mistake as other chatbots for my example math problem by incorrectly using the 5 - 3 = 2 formula, but Gemini, powered by Google's new Gemini Pro -- the company's largest LLM -- now answers the question accurately.

Also: Copilot Pro vs. ChatGPT Plus: Which is AI chatbot is worth your $20 a month?

Gemini is also not limited to a set number of responses. You can have long conversations with Google's Gemini, unlike with Copilot, which is limited to five replies in one conversation. Even ChatGPT Plus limits users to 40 messages every three hours. 

2. You want the full Google experience

Google also incorporates more visual elements into its Gemini platform than those currently available in Copilot. Users can generate images using Gemini, upload photos through an integration with Google Lens , and enjoy Kayak, OpenTable, Instacart, and Wolfram Alpha plugins.

Also: 6 AI tools to supercharge your work and everyday life

Gemini is slowly becoming a full Google experience thanks to extensions that add the wide range of Google applications. You can add extensions for Google Workspace, YouTube, Google Maps, Google Flights, and Google Hotels, giving you a more personalized and useful experience.

Artificial Intelligence

Copilot pro vs. chatgpt plus: which is ai chatbot is worth your $20 a month, what is gemini everything you should know about google's new ai model, what is gemini live how google's real-time chatbot competes with gpt-4o.

Elon Musk’s xAI Raises $6 Billion, Challenging ChatGPT and Other AI Leaders

E lon Musk’s xAI has successfully raised $6 billion in funding to escalate its competition in the AI technology sector against rivals like OpenAI’s ChatGPT. The substantial investment underscores xAI’s ambitious plans to bring its initial products to market, enhance infrastructure, and propel its research and development efforts.

Launched by Musk last summer, xAI aims to establish itself as a significant player by constructing its own AI supercomputer by late next year, aiming for a market valuation around $18 billion.

xAI’s debut product, Grok is exclusively available to X Premium subscribers on X , the platform formerly known as Twitter. This round of funding drew contributions from prominent investors including Andreessen Horowitz, Sequoia Capital, and Prince Al Waleed bin Talal of Saudi Arabia.

Despite previous denials by Musk regarding the financial targets, reports and SEC filings reveal that xAI had earlier sought up to $6 billion , indicating a consistent strategy to secure substantial capital.

The High Cost of AI Development

The technology driving AI developments, such as Nvidia’s forthcoming Blackwell B200 AI graphics cards priced between $30,000 and $40,000 each, represents a significant financial outlay. Musk has outlined plans to procure 100,000 of Nvidia’s H100 chips to power a supercomputer that would enhance Grok AI’s capabilities, with expectations to operationalize a new data center by fall 2025.

The competition in AI extends beyond hardware to include the acquisition of talent and technological advancements, with tech giants like Google, Apple, Amazon, Microsoft, and Meta heavily investing in their respective AI initiatives. Notably, Microsoft has deepened its collaboration with OpenAI through a multi-billion dollar partnership, aiming for further investment to transform the global chip industry.

Musk, previously a founding member of OpenAI, now critiques the organization for deviating from its original humanitarian mission, which has led him to initiate legal action against it.

Beyond his ventures with xAI and OpenAI, Musk has expressed a desire to focus on AI and robotics projects independently of Tesla, contingent on gaining greater control within the company. This development coincides with Tesla shareholders’ upcoming vote on whether to reinstate Musk’s $56 billion compensation package , set to precede Tesla’s annual meeting on June 13th.

Related News:

Featured Image courtesy of Britta Pedersen-Pool/Getty Images