The TLDR

Highlight: We’re revisiting one of the essential components of good business decision-making: knowing your market. In this issue, we’re demonstrating how to use ChatGPT to build a smart, resilient market overview that will offer a foundation for business strategy.

Musing of the Week: The tech companies behind the biggest LLMs all have American HQs (read: English-speaking HQs). How will this impact the way English is used and understood across the globe in the next decade?

🔓️ Unlocking Market Insights with AI

Back in June, we dove into customer insights, leveraging ChatGPT to unearth valuable data and patterns from user reviews. Today, we’re broadening the toolbox further by using it to construct a holistic market overview. If you're launching a company or spearheading anything Product-related, understanding your market and effectively communicating their needs is a crucial step towards success.

In steps 1-3, you’ll do the strategic work of pulling the best updated whitepapers and reports, and uploading them to ChatGPT with specific directions. In step 4, you’ll pull all of the insights together and ask ChatGPT to generate a cohesive document.

1. Industry Context Insights:

   • Pull info: Start your analysis with a comprehensive view of your industry and sector, focusing on the prevailing global and local trends. Try IBISWorld and Statista for more quantitatively-informed reports, and/or your favorite industry publication for qualitative insights.

   • Analyze with ChatGPT: Quickly extract the most important insights from documents. Just copy the text from articles into the chat box or upload a .txt to an Advanced Data Analytics instance in GPT4. Converse with ChatGPT to answer all of your industry-related questions, and copy-paste the output to a separate workspace for later.

2. Target Audience Insights:

   • Pull info: Next, concentrate on understanding the specific market your business caters to. Identify your target demographic and unravel what makes your proposition unique. Leverage existing demographic data to form nuanced consumer segments, highlighting the dominant attitudes and preferences within your market. Use Google Analytics, Consumer Behavior Reports, Social Media Monitoring Tools, or Statista to find existing demographic data.

   • Analyze with ChatGPT: Work with ChatGPT to analyze nuanced consumer segments, highlighting the dominant attitudes, behaviors, and preferences within your market. Copy-paste the output to a separate workspace for later.

3. Market Dynamics and Growth Opportunities:

   • Pull info: It's time to analyze the potential growth avenues and dynamics of your market. This involves scrutinizing the current market size and projected growth, and identifying key players and competitors in your sector. Look to market research reports, government-provided statistics, and industry journals for this information.

   • Analyze with ChatGPT: ChatGPT can provide a comprehensive analysis that highlights potential growth areas and market dynamics in a simplified manner. Ask it to provide possible reasons behind growth and how you can take advantage of certain macroeconomic conditions. and Copy-paste the output to a separate workspace for later.

4. Crafting Your Market Overview Document: Now we’re putting it all together into a cohesive market overview document. This document should clearly articulate the current market landscape, potential growth opportunities, and the specific niche your business occupies. (Copy our prompt below)

Hi Chat, you're going to be acting as an expert on businesses in [Your Industry]. I am looking to create a comprehensive market overview document that can serve as a guiding tool for my business strategy.

Please help me craft a well-structured document based on the information I've gathered that includes the following sections:

Industry Overview: [Step 1 Insights]
Target Audience and Unique Selling Proposition: [Step 2 Insights]
Market Dynamics and Growth Opportunities: [Step 3 Insights]

Feel free to ask for any additional data that is necessary to build a robust document. Ask me any further questions that I need to answer. We will work together to create a document that can be a cornerstone for my business strategy.

🧠 Musing of the Week

Four tech giants based on the West Coast—OpenAI, Google, Facebook, and Microsoft—dominate the market with their widely used Large Language Models (LLMs).

Our personal favorite, ChatGPT by Open AI, was trained primarily on data written in the English language and was designed to perform in English. In fact, over 58% of all websites are written in English, making it by far the largest portion of online content. While ChatGPT (and similar models) have undoubtedly already made positive impacts on information access and personalized learning, its rapid proliferation makes us wonder: will AI push the rapid homogenization of language toward simple AI-friendly English?

There are an array of potential consequences here, ranging from bearable (e.g., bland content) to critical (e.g., loss of cultural identity and diversity, and reduced language resilience). This plays into a larger concern about AI’s potential to create convenience at the cost of conformity, removing the things that a make our personalities, communities, and cultures remarkable.

🙌 If you’re hyped about the generative AI industry specifically, here are some of the coolest roles we’ve seen this week:

• Product Manager @ Doc.AI

• AI Digital Marketing Manager @ Intel

• Marketing Coordinator @ Cognitiv Corp

• Account Executive @ Augury

• Strategic Account Director, AI @ Movable Ink

🔨 Check out these other AI tools we’ve been looking at this week:

• Summate: Delivers a summary digest of your newsletter subscriptions for those busy days

• Podwise: Extracts highlights and mindmaps from your favorite pods for more curated listening

• Coda: AI-powered collaborative docs and project management, meant to compete with Notion and Airtable

That’s all for this week. See you next Tuesday!

Lorel & Reily