How to do competitor market research

This can be a deep dive or an overview – it entirely depends on how much depth you want from your research. In this example, we’ll start with a brief overview then dip a bit into particular segments.

A few tips

• To get better results, say who or what your business is and make clear what region you’re operating in.
• If you can provide a link to your website, do so.
• If there are particular segments you want to research, specify that to avoid getting information that isn’t relevant to you at the time of your search.
• See what follow-up questions Toqan suggests that you may not have considered.

Start with a simple request

The prompt: I need to do a competitor benchmark analysis for my business, The Cool Kind Company. We are an ecommerce business operating primarily in the UK and EU. Give me an overview of the largest ecommerce businesses operating in these regions.

This is very basic so you’d want to find out more. This was a suggestion from Toqan. The prompt: Can you provide more details on each competitor?

You can also ask about their general position on certain business elements. The prompt: What are the strengths and weaknesses of all of these businesses?

You can then go into specific detail of the areas you’re interested in. Here we ask about a particular demographic of shoppers. The prompt: Which of these organisations are doing well within the demographic of female shoppers between the ages of 18 and 34?

You can go deeper and request as much detail as you desire. At the end you can also request a summary of all the research you’ve done, as shown below. Or add it to your assets library.