How to Make a Competitor Analysis Simply with Chat GPT?

As marketers, a big part of our job is to be curious and continuously try new things. By experimenting and finding mechanisms that work, we can increase the profitability of our business. To do this, it is important to try new tools and technologies.

Whether we like it or not, and even if we think it will make us unemployed, not using ChatGPT has become almost impossible for every job field. Especially with the new features added with Chat GPT 4, we now have a much more sophisticated algorithm. Chat GPT is constantly learning and improving, which is changing our marketing activities.

The important thing is to know how to use Chat GPT to save us time and come up with ideas that we might not have thought of before. In this regard, I am sharing below how we can benefit from Chat GPT for competitive analysis, which is an important stage of marketing.

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Before starting, make sure to clearly explain your business

Assuming that you work in Duolingo’s marketing team and want to learn your competitors’ positions within minutes, here’s your starting point: Explain your product.

Product: Duolingo is a popular language learning platform that offers courses in +40 languages. The platform is available on the web and as a mobile app, and it is designed to be engaging and fun, with interactive lessons, gamification features, and a reward system that encourages learners to practice regularly. Duolingo’s courses are free to use, but users can also opt for a paid subscription called Duolingo Plus, which offers additional features such as offline access and an ad-free experience.

Prompt 1: Competitors List

[Product info] + Can you make a list of competitors [your product]?

List the name of the company, the location, size of company, target audience, direct or indirect competitors and estimated monthly paid search ad spend. Please compile results in a table format.

Screenshot from ChatGPT about Duolingo’s competitor analysis.

Prompt 2: Pricing Strategies

[Product info] + How do our product prices compare to our competitors?

Screenshot from ChatGPT about pricing strategies

Prompt 3: Google Ads Strategies

[Product info] + generate a list of short and long tail target keyword with search volume, average CPC ( Cost per Click), whether or not competitors target them,(if yes which one?) and estimated clicks for Google Search Ads.

Prompt 4: Google Ads Campaign Structure

[Product info] + Generate a list of competitor’s Google Ads headlines, Google Ads descriptions, Google Search Campaign Type( Brand- Generic or Competitor), Target Keywords, Country and CTA.

You can also use Chat GPT to write your ad texts such as Google Ads, Facebook & Instagram ads. Learn how to do.

Prompt 5: Differentiators

[Product info] + What are the some differentiators of our product from our competitors?

Prompt 6: Customer Experience

[Product info] + What are the common customer complaints about our competitors?

With this prompts, you can learn a lot about your competitors within minutes. You can make inferences about their Google ad text, targeted keywords, monthly advertising budgets or even customer opinions to improve your marketing strategy.

Try these prompts with Chat GPT and share with us whether they provide accurate information about your competitors!

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