How to do niche market research with ChatGPT (PROMPTS INCLUDED)

by Peter BUILDFAST

Finding market size:
Why this is important: Need to know if the market is scale to your desired revenue targets.
Prompt 1: You are an AI assistant tasked with estimating the market size for a given painpoint or potential product. Your goal is to provide a comprehensive analysis of the market size, including the Total Addressable Market (TAM), Serviceable Available Market (SAM), and Serviceable Obtainable Market (SOM).
Here is the painpoint or potential product you will be analyzing: {{PAINPOINT_OR_PRODUCT}}
Follow these steps to analyze the market size:
  1. Define the target market:
  • Identify the specific group of consumers or businesses that would benefit from the solution to the painpoint or use the potential product.
  • Consider factors such as demographics, psychographics, and behavioral characteristics.
  1. Estimate the Total Addressable Market (TAM):
  • Determine the total market demand for the product or solution.
  • Use available market research, industry reports, or government data to support your estimation.
  • If exact figures are not available, provide a reasonable range based on logical assumptions.
  1. Calculate the Serviceable Available Market (SAM):
  • Narrow down the TAM to the portion of the market that can realistically be served by the product or solution.
  • Consider factors such as geographic limitations, technological constraints, or regulatory restrictions.
  1. Determine the Serviceable Obtainable Market (SOM):
  • Estimate the portion of the SAM that can realistically be captured by the product or solution.
  • Consider factors such as competition, market share, and the company's capabilities.
When presenting your findings:
  • Provide clear explanations for your assumptions and calculations.
  • Use credible sources and data points to support your estimates.
  • If exact figures are not available, provide reasonable ranges and explain your rationale.
  • Consider both optimistic and conservative scenarios when appropriate.
Present your analysis in the following format: [Describe the target market here] [Provide the Total Addressable Market estimate and explanation] [Provide the Serviceable Available Market estimate and explanation] [Provide the Serviceable Obtainable Market estimate and explanation] [Summarize the market size analysis and provide any additional insights or recommendations]
Remember to be thorough in your analysis, provide clear justifications for your estimates, and use logical reasoning throughout your response.
Prompt 2: What are the top brands/companies in [Target Niche]. (This will show you competitors or brand lists)
Find pain, fear, desires
Why this is important: Need to know the specific language to use the marketing copy/ads/videos/emails
Prompt 1:
You are tasked with analyzing customer feedback to identify pain points, fears, and desires related to a specific product. This analysis will help improve the product and address customer needs more effectively.
First, review the product description: {{PRODUCT_DETAILS}}
Analyze the customer feedback to identify:
  1. Pain points: Issues or problems customers are experiencing with the product or similar products in the market.
  1. Fears: Concerns or worries customers have about using the product or potential negative outcomes.
  1. Desires: Features, improvements, or outcomes customers wish to see or experience with the product.
As you analyze the feedback, consider both explicit statements and implicit meanings. Look for patterns and recurring themes across multiple customers' comments.
Summarize your findings in the following format:
  • [List identified pain points, with brief explanations] - [List identified fears, with brief explanations] - [List identified desires, with brief explanations] [Provide 2-3 key insights drawn from the analysis, highlighting the most significant findings that could inform product improvements or marketing strategies]
Remember to:
  • Be objective in your analysis, focusing on the customers' perspectives rather than defending or criticizing the product.
  • Provide specific examples from the customer feedback to support your findings when possible.
  • Consider the context of the product description when interpreting customer feedback.
  • If there is insufficient information to identify certain aspects (pain points, fears, or desires), note this in your analysis.
Your goal is to provide a comprehensive and insightful analysis that can guide product development and marketing strategies to better meet customer needs and expectations.
Prompt 2: Write 10 objections a customer might have before buying the service and a rebuttal for each objection. (Can be used on marketing, sales letter, etc.)

Product description: {{PRODUCT_DETAILS}}
Tell me 5 believable challenges and 5 deepest fears
And what will happen if he/she/they doesn't address the problem?
I don't want boring surface-level answers. Give me the deepest fears the customer likely wouldn't admit out loud unless nobody else was listening.
What is he/she/they afraid of the most? What causes him/her.them discomfort?
What causes him/her/them pain and anxiety? What does he/she/they worry about? What keeps him/her/them up at night?
Customer Avatar
Why this is important: Need to know if the market is scale to your desired revenue targets.
Prompt 1: You are tasked with creating a comprehensive customer avatar based on the provided information. This avatar will help in understanding the customer's personality, preferences, and lifestyle, which is crucial for tailoring products, services, and marketing strategies.
Here are the details provided about the customer: {{PRODUCT_DETAILS}}
Your task is to create a detailed customer avatar based on this information. The avatar should include the following sections:
  1. Personal Information
  1. Role Models
  1. Hobbies and Interests
  1. Lifestyle
  1. Values and Beliefs
  1. Goals and Aspirations
  1. Challenges and Pain Points
Guidelines for each section:
  1. Personal Information: Summarize key demographic details such as age, occupation, family status, and location.
  1. Role Models: List and briefly describe the customer's role models, explaining why they might be influential to the customer.
  1. Hobbies and Interests: Detail the activities the customer enjoys in their free time, including sports, arts, entertainment, etc.
  1. Lifestyle: Describe the customer's daily routines, social life, and general approach to work-life balance.
  1. Values and Beliefs: Infer the customer's core values and beliefs based on their role models and lifestyle choices.
  1. Goals and Aspirations: Speculate on what the customer might be striving for in their personal and professional life.
  1. Challenges and Pain Points: Identify potential difficulties or frustrations the customer might face based on their lifestyle and interests.
For each section, use the provided information to make informed inferences. Where direct information is not available, make reasonable assumptions based on the overall profile, but clearly indicate when you are making an assumption.
Present your customer avatar in a clear, organized manner. Begin each section with a heading in bold, followed by a detailed paragraph or bullet points as appropriate. Use a friendly, engaging tone throughout the avatar description.
Write your complete customer avatar inside tags.
Prompt 2: Customer's Feeling (People buy emotionally and justify logically)
Tell me 5 believable challenges and 5 deepest fears [Customer Name] has around finding the perfect [Product/Service].
And what will happen if he/she/they doesn't address the problem?
I don't want boring surface-level answers. Give me the deepest fears the [Customer Name] likely wouldn't admit out loud unless nobody else was listening.
What is he/she/they afraid of the most? What causes him/her.them discomfort?
What causes him/her/them pain and anxiety? What does he/she/they worry about? What keeps him/her/them up at night?
Prompt 3: How Customer's Speak and Think
Keeping all of these challenges and fears in mind, write a 700-word journal entry from the perspective of [Customer Name]
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