We know the extent of ChatGPT’s capabilities by now. It can crack jokes, design travel itineraries, and even debug code, but did you know you can use it for competitive analysis, too?
Competitive analysis and benchmarking can be a heavy task but with ChatGPT as your assistant, you can considerably lighten the load.
Let’s explore how you can use it to your advantage when analyzing your competitors and your market in this guide. We’ll show you prompts you can use ASAP so you can get started on the right foot.
Use Cases of ChatGPT and Prompts for Competitive Analysis
1. Who are my competitors?
Knowing your competitive landscape is a foundational step in competitive analysis. If you haven’t identified your industry peers yet, you can tap into ChatGPT’s power by using this prompt.
Prompt: “I am the owner of [company name]. Create a list of my competitors.”
Alternative Prompt: If you have a small, medium-sized, or niche business, you can rewrite this to: “Create a list of competitors for a company that offers [product] in [location]. My target market is composed of [target market].”
Things to remember: Add more details about your industry, your brand,and products. The more information you can add about your brand, the better because it gives much-needed context. You can also link your website or let ChatGPT do a search of your brand online.
Sample response:
Here’s a list of competitors for a company offering haircare products in the United States, covering various market segments:
Procter & Gamble (P&G) – Parent company of Pantene, Head & Shoulders, and Herbal Essences.
Unilever – Maker of Dove, Suave, and TRESemmé.
L’Oréal Group – Includes Garnier, L’Oréal Paris, and Matrix.
John Paul Mitchell Systems – Known for Paul Mitchell and Tea Tree brands.
OGX (Organix) – Focused on exotic, natural ingredient-based haircare.
SheaMoisture – Specializes in products for textured hair.
Aveda – Offers premium plant-based haircare products.
Amika – A trendy, salon-focused brand targeting younger audiences.
Briogeo – Known for clean, cruelty-free formulations.
Olaplex – Specializes in hair repair treatments and strengthening products.
This list can be refined further by target audience, product price range, or distribution channels.
2. What are my competitor’s product features?
Need ideas for product development? Ask ChatGPT about your competitor’s unique product features and selling points.
Prompt: “Analyze my competitors’ products and find their unique selling points.”
Additional prompt: "How do our products compare to [competitor name]’s products? What are our differentiators?"
Things to remember: When using this prompt, it’s important to verify if the information ChatGPT is using is up to date. Ask when it sourced the information about your competitor’s products.
Add more details about your industry, your brand,and products. The more information you can add about your brand, the better because it gives much-needed context.
You can also tell the chatbot more about your products so it can compare your competitor’s offerings with yours and how you stack up against them. Plus, you can link your competitor’s website and ask ChatGPT to visit it for a more thorough analysis.
Sample response:
Here's an analysis of your competitors' products and their unique selling points (USPs):
Procter & Gamble (Pantene, Head & Shoulders, Herbal Essences)
USP: Pantene is known for its Pro-V formulas that target hair strength and shine. Head & Shoulders dominates the anti-dandruff segment with clinically proven solutions. Herbal Essences highlights nature-inspired ingredients and sustainability.
Unilever (Dove, Suave, TRESemmé)
USP: Dove markets itself on gentle, nourishing products suitable for daily use, while Suave emphasizes affordability without sacrificing quality. TRESemmé appeals to salon-quality results at home with a focus on styling and professional care.
L’Oréal Group (Garnier, L’Oréal Paris, Matrix)
USP: Garnier leverages natural ingredients in accessible price ranges, while L’Oréal Paris focuses on science-backed innovations for luxurious results. Matrix appeals to professionals with a range of salon-focused products and treatments.
3. What is my competitor’s target audience?
Though you share a target audience with your competitors, you might be missing a market that they already know of and are actively targeting with their ads and content.
Prompt: "What are my competitors’ target audiences? How are they targeting them online? What details made you think they are targeting this particular audience?"
Additional Prompt: "How can I attract my competitors’ primary audience?"
Things to remember: ChatGPT’s answers will yield information that you might have overlooked, such as an acquisition channel, pain points, and other marketing tactics.
Sample response:
Competitors’ Target Audiences and Strategies
Procter & Gamble (Pantene, Head & Shoulders, Herbal Essences)
Target Audience: Mass-market consumers seeking affordable, everyday haircare solutions.
Online Targeting: Social media ads emphasize affordability, wide availability, and problem-solving benefits like dandruff care or shine enhancement. They also partner with influencers for relatable, everyday content.
Indicators: Messaging focuses on practical, solution-oriented benefits, with a presence on popular platforms like Facebook and Instagram.
Unilever (Dove, Suave, TRESemmé)
Target Audience: Budget-conscious consumers and young professionals aiming for salon-quality results at home.
Online Targeting: Uses digital ads, tutorials, and partnerships with hair stylists to showcase value-for-money and salon-inspired results. Dove often appeals to inclusive beauty and body positivity.
Indicators: Content includes tutorials and testimonials from everyday users and stylists, targeting broad demographics.
4. What are my competitor’s strengths and weaknesses?
Next is the SWOT analysis. You need to find out your competitors’ strengths and weaknesses to identify opportunities and threats and plan for the future. Use this to refine your marketing strategy.
Prompt: "What are my competitors doing better? List their strengths and weaknesses. Identify gaps in their offerings so we can enhance our offer."
Additional Prompt: "Explain each gap and brainstorm ideas of how we can fill the gaps and exploit any weaknesses my competitors have."
Sample response:
5. What are customers saying about my competitor?
Optics are everything. Reading real user feedback helps to get a feel for your prospective customers’ sentiments about your competitor and how you can turn this into your advantage.
However, reading through a flood of comments and reviews is not our idea of a productive time. Let ChatGPT do the sifting for you with this prompt.
Prompt: "What are the common complaints or feedback customers have about my competitors? List them down from the most common to the least common. What do they wish our competitor had?"
Additional Prompt: "What are the top things that users like most about [competitor]?"
Things to remember: Add user reviews for analysis such as reviews from an app store or review website.
Sample response:
6. Benchmark their pricing model
It can also be beneficial to benchmark your competitor’s pricing strategy to see if you products are priced competitively. Here’s a sample prompt.
Prompt: "How do my product prices compare with my competitor’s product prices? Conduct a price analysis."
Things to remember: You can use the information you get from ChatGPT to adjust your pricing strategy so that you become the most appealing option for your target customers. Also, check if your competitors have a free plan and what the limitations are for that plan.
Using AI and Panoramata for Competitive Analysis
In conclusion, while ChatGPT can be a powerful tool for competitive analysis, pairing it with a dedicated competitor tracking platform takes your insights to the next level.
ChatGPT helps you brainstorm ideas, explore prompts, and identify gaps, but a specialized platform like Panoramata ensures you access real-time, accurate, and actionable data.
Together, they create a dynamic duo that equips you to stay ahead of the competition, refine your strategies, and unlock new opportunities.
If you’re ready to elevate your competitive analysis game, consider using Panoramata to meet your needs. The right tools can make all the difference.
FAQs
1. Can ChatGPT provide real-time competitor data?
No, ChatGPT does not offer real-time data as it relies on pre-existing knowledge and inputs from you. For up-to-date information, combine ChatGPT’s insights with a competitor tracking platform like Panoramata.
2. How accurate is ChatGPT for competitive analysis?
ChatGPT can provide helpful insights and ideas, but the accuracy depends on the information it accesses. Always verify the results with reliable sources or tools for the best outcomes.
3. Should I rely solely on ChatGPT for competitor tracking?
ChatGPT is a great starting point for brainstorming and research, but it’s not designed for in-depth tracking. Use it alongside dedicated competitor analysis tools (such as Panoramata) for comprehensive and actionable results.
