This exercise is designed to equip you with research techniques that uncover the strengths and weaknesses of rival companies, leveraging valuable customer feedback. By harnessing this information, you will gain a deeper understanding of your market landscape and discover strategic opportunities to shape your product offerings.
Leverage ChatGPT alongside manual review reading to extract valuable insights from competitor reviews. By categorising and prioritising the pros and cons identified through ChatGPT's analysis, you will gain a deeper understanding of customer sentiments and competitor offerings, enabling you to make informed business decisions and refine your strategies.
Gather Relevant Competitor Reviews:
- Identify platforms or sources where customers commonly leave reviews for your competitors. Start with G2.com, Capterra.com, and Trustpilot.com.
- Manually read and copy customer reviews that provide valuable insights into competitor offerings.
- Focus on reviews that highlight both positive and negative aspects of the products or services.
Prepare ChatGPT for Analysis:
- Access ChatGPT or any other AI language model you intend to use for analysis.
- Write a prompt to start the analysis or use the below example:
Based on the collected customer reviews, please analyse and categorise the most frequently mentioned pros and cons of our competitor's product/service. Highlight the key advantages and disadvantages that customers have experienced, emphasising those that significantly impact their overall satisfaction. Please provide a comprehensive breakdown to help us better understand the strengths and weaknesses of our competitor's offering.
Engage ChatGPT for Analysis:
- Feed the selected reviews into ChatGPT and use the prepared prompts to extract pros and cons.
- Interact with ChatGPT iteratively, refining the prompts and seeking additional insights as needed.
- Utilise ChatGPT's responses to identify recurring themes, prioritise important aspects, and gain a comprehensive understanding of customer sentiments.
Analyse and Document Findings:
- Analyse the pros and cons identified by ChatGPT, considering their frequency, significance, and potential impact on customers.
- Organise the findings in a structured format, such as a spreadsheet or document, for easy reference and analysis.
- Note any unique or noteworthy insights derived from ChatGPT's categorisation and prioritisation.
After analysing the customer reviews, ChatGPT identified the following key pros and cons of our competitor's product/service:
- Excellent customer support: Many customers praised the prompt and helpful customer support provided by the competitor, highlighting the team's responsiveness and knowledge.
- User-friendly interface: The product/service was frequently commended for its intuitive and easy-to-navigate interface, making it accessible to users with varying levels of technical expertise.
- Robust feature set: Customers appreciated the comprehensive set of features offered by the competitor, noting that it provided them with extensive capabilities to meet their needs.
- Competitive pricing: Several reviews mentioned that the competitor's pricing was competitive, providing good value for the features and benefits offered.
- Limited customisation options: Some customers expressed a desire for more customisation features within the product/service, indicating that they felt constrained by the existing settings.
- Occasional performance issues: A few reviews mentioned occasional performance issues, such as slow response times or system glitches, which impacted the overall user experience.
- Steep learning curve: A handful of users found the learning curve for the product/service to be relatively steep, requiring additional time and effort to fully grasp its functionalities.
- Lack of integration with third-party tools: Certain customers highlighted the absence of seamless integration with popular third-party tools, which limited their ability to streamline their workflow.