Every business, if it is to thrive and succeed in today’s world, must gather relevant data and, then, use this data to obtain market insights and make effective decisions.
The last two tasks can be quite challenging. But, fortunately, ChatGPT can, and will, help you obtain valuable market insights and make effective decisions with significantly greater ease.
What Is ChatGPT And How Can It Improve Your Business Processes?
In its simplest form, ChatGPT is an AI chatbot. Just as you would expect from a chatbot, you can use ChatGPT to conduct conversations and to draft human-like text, such as emails and customer service responses.
Outside of its standard chatbot functions, ChatGPT also offers several functions that transform one’s ability to obtain market insights and make decisions regarding these insights.
Some of the key functions that allow ChatGPT to accomplish those tasks are as follows:
- Sorting through vast quantities of unstructured data; social media comments, for example.
- Going through vast quantities of structured data; market research reports, for example.
- Searching online for public information that pertains to a particular market.
- Generating simple, concise descriptions of the insights obtained from the above.
- Developing actionable conclusions based on those insights.
- Coming up with effective business decisions that can be made, regarding those insights.
Every single one of these functions serves as its own, unique business process.
Sometimes, though, effectively conducting these processes just just isn’t feasible.
Rather, these processes may be too cumbersome or time-consuming for a business to effectively engage in at the time, making it difficult for market insights to be obtained and effective decisions to be made.
Just as you may have guessed, that’s where ChatGPT comes in.
Rather than combing through vast quantities of data piece-by-piece, a business can use ChatGPT to sort through this data and convert it into simple, actionable insights and decisions.
The end result of using ChatGPT in this manner is business processes that are faster, easier, and less expensive.
Obtaining Market Insights With ChatGPT
To obtain market insights with ChatGPT, a business can do one of the following:
- Develop a prompt that allows ChatGPT to sort through, and summarize, public market data.
- Organize the market data that they’ve obtained and input it into ChatGPT.
For example, if a business wants to summarize public market data, they can open ChatGPT and input a prompt such as “I would like to start a coffee shop in Portland, Oregon. Act as a market researcher and clarify key information regarding the demographics of people who most frequently visit coffee shops in Portland, Oregon – include gender, age groups, race, income, religion, and specific neighborhoods.”
The end result of ChatGPT receiving, and then acting upon, this prompt, is a set of concise summaries of key market insights that have been obtained from public market data.
To obtain market insights from market data they’ve obtained from private market research reports and surveys that they’ve conducted, a business can input this data into ChatGPT.
Right after this data has been input into ChatGPT, a prompt such as “What are the key consumer insights we can obtain from this data?” or “What are the most common complaints people have with products in this market?”
Every single one of the insights this prompt reveals can be used to foster new ideas and decisions, all of which will be rooted in valuable market data.
Making Effective Decisions With ChatGPT
A business can gather the key market insights they have received and, in doing so, they can develop prompts that enable ChatGPT to turn these insights into new ideas and decisions that relate to these insights.
One way of accomplishing the above is to input the most common complaints of the businesses that exist within a particular market and, then, to use a prompt such as “What features can we introduce to remedy these complaints?”
A variety of new features will be listed. Some of these features may not be feasible, but other features will be.
A business can also use ChatGPT to go through unstructured data related to their business and to come up with effective business decisions regarding that data.
Just as an example, a business can input customer reviews into ChatGPT. Right after doing so, they can use a prompt, such as “What are the three most common complaints regarding our business?”
To develop effective decisions, regarding these complaints, a business can then use a prompt such as “What can we do to solve these complaints?”
Conclusion
But, fortunately, there is a solution: ChatGPT.
Obtaining market insights, and using those insights to make effective decisions, isn’t always easy.
A business can use ChatGPT to analyze the data available to them. By doing so, they can obtain useful market insights that allow them to make effective business decisions with speed and ease.
Max Akin Writing 