Unlock the Secrets of Your Rivals: ChatGPT Prompts for Competitor Analysis Revealed!

 

Hi, intuitive business owners and other readers who possess marketing dexterity! Are you ready to take up the wicked task of competitor analysis? Well, hold on to your seats as we are just about to take off on an adventure that’s going to change how you do competitor analysis. And how do we do this? We like to call it our hidden gem, which is ChatGPT prompts for competitor analysis!

Wait a second, let me guess what you are thinking. “Another AI tool is coming? Are you for real?” But just hear me out, this is not your ordinary chatbot. ChatGPT is like having a quick tool in your pocket that can reveal any competitive information on demand every minute of the day. Right now, so roll up your sleeves, and let’s get to business!

The Importance of Competitor Analysis (And What Help ChatGPT Provides)

Source: Freepik

Before diving into the details of the matter, it would be prudent to establish the reasons behind this endeavor. It is not as if everyone was being nosy for it is not the only reason that people engage in such a practice (though by all means let’s face it, it is rather enjoyable to take a peek behind the curtain of your competitors). Knowing the market allows the assessment of potential prospects and leads to active competition.

Picture it like this: in a game of chess, the move that a business is taking is akin to competitor analysis. And ChatGPT? It’s as if you have a grandmaster whispering the moves to you.

The following are some ChatGPT prompts that will propel you toward reflection on the value of competitor analysis:

• “List and describe the top 5 advantages that a small business will get from carrying out regular competitor analysis.”
• “In what ways can analysis of competitors assist a company in uncovering new market opportunities?”
• “What can happen when proper analysis of competitors is not administered especially in a fast-growing industry?”

Having said that let me now turn to how like compositions can help bargain over the notion of competitor analysis.

ChatGPT prompt: “Provide an example of how the AI technology of ChatGPT can assist in conducting competitor analysis more efficiently than the conventional practice.”

Keeping this context, let us start on the competitor analysis part!

Choosing Your Business and Industry

So. Alright, first things first. Speaking of which, before we even argue about this competitor or that competitor, we have to be certain what exactly the business is. Sounds obvious, right? But unfortunately, it is within that few percentages of people who can adequately be able to state what their business is about that many people fall into.

ChatGPT can be employed as an efficient assistant in addressing these questions.

• “I operate a [very broad characteristic of your business]. How will you view this type of business as well as what industry does this business operate in?”
• “From your observations, what are some of the main attributes that can be associated with businesses in the [put the industry you have chosen] sector.”
• “List and describe 5 businesses similar to [insert your business name] outlining the points they are alike and how they are not.”

These prompts will help you get very clear about who you are in the business. But it isn’t over here. Let’s move one level deeper in their case.

• “What are the several interesting trends regarding the development of the [mean your industry] in 2023? Current trends, attitudes, technologies, etc. about the year 2024.”
• “What are the top 3 most pressing issues from which businesses operating in [your industry] are suffering as of now? Do not include competition.”
• “Who do businesses in [your industry] sell their goods or services to, define their demographics and psychographics? Male or Female? Include Age.”

You probably have already built your understanding of your business and your industry. This is extremely important because it prepares us for all the competitor orientation that we have to do next. Being competitive is one thing but being competitive without knowing your competition is a different matter altogether.

Identifying Top Competitors

And here comes the best part – defining who you are competing with. But don’t worry, we are not going to waste any minutes looking for the information on the web. ChatGPT is with us here! First, let me start with more potent foes.

• “What five (5) companies engage in direct competition for storage units within the vicinity of [your location]?”
• “Why are these firms seen as competing with my business, even though my business is not necessarily in that particular industry?”
• “What if the competing companies do not have a very strong marketing presence, how will I find them and who are they?”

Not so fast, indirect competition, is the standout. These sly folks may not seem like your competitors when you first spot them but they can grab your clients when you are unaware.

• “What are some of the indirect competitors for a [your business type] that may not be so evident at first?”
• “In what ways can a [indirect competitor type] be damaging to my [your business type]?”
• “What are the ways that allow the x company to be able to determine both direct and indirect competitors?”

By this time, you should have compiled an exhaustive list of your competitors. But the battle is not over! This list should be maintained continuously. The businesses change fast and you cannot determine when a new player shows up.

Read Also: Maximize Your Marketing: The Best Chat GPT Prompts For Marketing Strategy

Examining Keywords of Competing Sites

Listen, detective, it’s time to put on the SEO expert’s hat. We are going to find the secret words that your competitors are using to lure clients to their engagement as well. This is where the ChatGPT scores big time!

Let’s start by providing some instructions to unlock those ‘keywords’:

• “Based on the information provided above, what are the probable top 10 keywords that one would consider for a [competitor’s business type] website?”
• “What steps do I need to take to recover my competitors’ keywords and how can I use Google tools including Google Keyword Planner together with ChatGPT?”
• “List a variety of long-tail keywords that are likely to be targeted by my competitors on [specific product/service].”

Now that we have a list of potential keywords, let us proceed even further:

• “How do I figure out which of these keywords is the ones generating the most traffic to my competitors’ sites?”
• “What are the free available tools that can be used to track the keyword performance of my competitors?”
• “How often should I be reviewing and conducting my keyword research about the competition in [your industry]?”

But it’s not so much only about unmooring copies from our competitors. We are seeking to analyze the gaps in their keyword strategy and fill them with our keywords. Let’s invite ChatGPT for the task:

• “List any possible missing keywords in this list of competitor keywords: [list keywords]”
• “What is the best way to find competition high-value keywords in my niche?”
• “How can I use keywords in ways that others might not be too concerned with?”

Remember that keyword research cannot be carried out once and for all. Keep coming back to this activity to adjust for the changes and the latest developments in your field.

Competitor Social Media Analysis

Source: Freepik

In the present times, the use of social media is an effective way to research your competitors. Let’s do that and ask the help from ChatGPT!

Begin with these inquiries to sketch out the broad picture:

• “Among the social media platforms of [competitor] where is he or she more active?”
• “How regularly does [competitor] send an update through any of their social media accounts?”
• “What expression or phrase would you use to summarize the social media strategies used by [competitor] given his or her past activities?”

Let’s look into the matter of engagement:

• “Which posts are more likely to receive more total engagement in terms of likes, comments, and shares on [competitor’s][social media platform] account?”
• “How does [competitor] respond to and make use of the Comments from the followers of the page?”
• “What are the common hashtags that [competitor] utilizes in their posts?”

But don’t think that we only came here to watch. We want tangible recommendations:

• According to [competitor] how [brand] should follow to capture the audience from him/her based on her/his recent social media activities?
• “How do you recommend that we transfer the ‘success’ of [competitor] in using social media marketing techniques to promote [us]?”

What is the unused social media marketing opportunity for [competitor] that we can leverage? Always bear in mind that social media, more than anything else, is a place for people to be real and form relationships. Apply these as deciding factors in your strategy, however, as much as possible, keep by your brand persona and principles.

Competitor Strengths and Weaknesses

It’s time to put on your spying cap again! There is going to be an investigation for what are the factors or forces driving the competitive business and what are the downfalls. Very often this SWOT classifies factors required for the appropriate positioning of the YETI company.

Let’s begin with some customary prompts relating to SWOT analysis:

• “According to their presence online, what do you think are the major strengths of [competitor]?”
• “Which weaknesses, if any, do you think can be associated with [competitor]’s product/service offerings?”
• “What external factors can [competitor] exploit to get the best market share?”
• “What threats do you think [competitor] may encounter that may affect the profitability of their business?”
• “What do you think is the major unique selling proposition (USP) of [competitor]?”
• “Through what marketing tools does [competitor] manage to convey its USP and how well does this work?”
• “In what way is the USP of [competitor] different from that of others in the same industry?”

Given the information as to [competitor]’s strengths and weaknesses, what lessons can be drawn about which areas of our business we need to improve to create that differentiation?

• “How can we make use of [competitor]’s weaknesses for our business?”

Either way, what threats do [competitor] pose on us that we should be on the lookout for, in our own business?

Remember, the aim of this evaluation is not to become fixated on your competitor, but rather assist to appreciate the competitive scene in a bid to better place the current business up.

Market Positioning and Differentiation

I propose to internalize all the research done so far, as well as learn new things, let’s move over and analyze the current market positioning of the business.

• “According to our research, who is the target audience for [competitor 1], [competitor 2], [competitor 3] ?”
• “What gaps do you see in the current market positioning of competitors in our industry?”
• “Does the market positioning of our competitors create differences that are major enough?”

As well as the competitive position we have just stated, there are also internal and operating goals and objectives to bear in mind:

• “Considering this competition, what sub-market opportunities are available to our business?”
• “Which elements are most exposed that we can promote better than the competition?“
• “What elements of the business would make the biggest impact to differentiate us against [main competitor]?”

However, positioning is just the beginning. This second element in the key elements of strategy refers to the tendency to expand sales.

• “Could there be threats that we will encounter in quite a long time possibly retaining this market position?”
• “In which ways will we remain a little ahead of our competitors or how will we cope with competition even if we have gone too far?”
• “What affiliates will be on board who would also “promote” our position in the market?”

In turn, standard positioning means that one must try to please or cater to everyone.

It’s about knowing how to position oneself and claim that territory.

Find Content Gaps

Source: Freepik

We have almost reached the finishing line! We are at the point where we can figure out some great content opportunities that we have not been able to tap into since we have used up all the ideas that we collected.

What is the very first step of conducting content gap analysis?

• ‘From the comparative assessment we made, what topics in our industry do not seem to have been addressed sufficiently?’
• ‘What information are audience members in our industry trying to find, but no content adequately addresses?’
• ‘What content focusing, for example, on blog posts, videos, and infographics seems to be missing in our industry?’

Now, let’s consider some fresh topics:

• ‘What are the work trends in [insert normal industry] these days that we can focus our content on?’
• ‘What ideas are there for spicing up industry-standard content formats?’
• ‘What are some debatable issues in our industry that we could turn the pages and write about differently?’

But we do not create content just because we can. The content we want is tactical and purposeful:

• ‘Given the competitor’s content, which type of content seems more appealing to the potential audience?’
• ‘Considering that there is the level of knowledge we need to transmit, how to incorporate a unique selling point into the content created?’
• ‘Is there any content that can be created which should not only be interesting to our audience but also to other people with influence within the same sector, for instance, the partners or the influencers?’

As you can see the objective is to produce the materials that not only draw in your target market but also provide a competitive advantage to your company. Go ahead so that your creative juices overflow!

Read Also: You Won’t Believe These 10 ‘ChatGPT Prompts to Avoid AI Detection’ Actually Work

Keeping Track of Changes and New Developments of the Competitor

Uh-oh. That was tough. But as we’re all happy to say, competitor analysis is not finished. It is NOT a one-time effort. So let us finish by providing some measures to monitor the competition over time.

Begin with these prompts for monitoring continuously:

• “What are some strategies you have employed to keep track of any new products or new services being offered by [competitor]?”
• “What are the methods to use to set the alerts when an activity concerning [competitor] changes on the web or any marketing activity?”
• “What are the methods that can be used to study the changes in the [competitor] ranking on search engines over some time?”

Now you are in an interesting place, one that you have to challenge to remain relevant, in this case, the challenge is in moving in anticipation of the prevailing industry dynamics and trends:

• “What are the factors of technology advancement or trends that need to be monitored in [your industry]?”
• “What are some of the assumptions we can make about our competitors’ actions that are likely to be made in the shortest possible time?”
• “What trade shows that focus on our industry should we go to to get information on what our competitors are up to and on the trends of the industry?”

Last do we convert this gathered intelligence into action in process and practice?

• “Competitor analysis must be conducted fully at intervals. How often is still acceptable to do this? What is to be included?”
• “How would it be possible to set a procedure that would aim at responding effectively to new intelligence obtained about the competitors at all times?”
• “What are the parameters (KPIs) to be evaluated to track our efficiencies against competition at successive time frames?”

Be aware that there’s nothing permanent in business. That’s why being active and flexible enables you to keep up with changes.

Wrapping It Up

And here you go, ladies and gentlemen! We have gone to the extent of performing a thorough competitor analysis and we brought our ace – ChatGPT prompts. How to find your competitors, what their tactics are, and where you can fit in the jigsaw – all of that we covered.

The main Chip GPT prompts for competitor analysis methods that we have examined today are also not just informational purposes. They are actionable insights that will help you boost your business strategy, assist you in the development of better, persuasive content as well as enable you to surpass your competitors.

And do not forget, competition is healthy, however, you must not make it all your focus. After all is said and done, the bottom line is still about adding value to your customers in the best way you know how.

So go ahead, apply these ChatGPT prompts to conduct a competitor analysis of your rivals, and do not be shy to use their tricks. However, in doing so, do not forget to unleash the potential in your business that you will have learned from your competitors. You can do this!

Most Asked Queries: ChatGPT prompts for competitor analysis

Q: What are the effective ChatGPT prompts for considering the top competitors in this space?

A: Try prompts like “List the top 5 competitors for a business in {your industry} targeting {your niche}” or “List upcoming competitors in {your industry} that are growing in terms of sales”. These will help you get a holistic view of your competitive landscape.

Q: What can I ask ChatGPT regarding competitor keyword analysis?

A: Try prompts like “List the top 10 likely keywords for the website of competitor x” or “Produce a list of long tail keywords which you [competitor] may be targeting for their [Particular Product/Service]”. Always cross-check ChatGPT’s suggestions with actual keyword research tools.

Q: What ChatGPT prompts related to content strategy and compiling competitor content can you suggest?

A: Some examples of good prompts are “Investigate content types and formats used commonly by competitor_name on their website and social media” and for more social media oriented “Which topics are more dominant in the blog post structure of the competitor”. These will help you explore the content strategies of your competitors.

Q: What methods does ChatGPT employ in content opportunity generation based on the content analysis of competitors?

A: To be creative enough to address the target audience, one prompt could be “What content subjects do you feel are lacking within [competitor’s website] that should be relevant to their audience?” or “Give creative content ideas that may set [your company] apart from [competitor’] in tackling [particular issue].” These can help you spot the void in the industry.

Q: Is it possible to obtain ChatGPT prompts that are useful for assessing competition in the Social Media Space?

A: Yes, for example for prompts like these “Evaluate the recent posts of [competitor] on social media and provide the various engagement levels across the different platforms” or “What social media posts attract many audiences for [competitor’s name] at any event.” These will provide access to some of their insights on your competitors.