Compound Leverage

Imagine having a tool that reduces the time spent on market research, data exploration, trend identification, and strategy development while operating 24/7. That's the power of ChatGPT.

With foundational language models like ChatGPT, you can search the web and do exciting things with ease.

The old way, you would spend time doing internet searches, reading, summarizing, and analyzing data for insights.

In an AI-first world, you do all these steps in ChatGPT to take what took days or longer down to 30 minutes or less.

That's the power of ChatGPT for business leaders today.

I am working with a government contracting client using AI with a strategic goal.

They want to secure three pilots faster while lowering their business development costs.

Their experiment: Run a 25-day unused funds campaign, leading to three potential pilots. This isn't just a new tool; it's a paradigm shift in how we approach market research and strategic planning. As I’ll outline, ChatGPT and soon SearchGPT and tools like Perplexity will redefine how you approach online market research, offering a new path to accelerated growth across industries.

When I speak to people, I see few doing this. By jumping on this early, you can create a first-mover advantage for your company.

The key trend here is democratizing advanced market research. ChatGPT turns complex search, analysis, and strategic planning into a conversation.

This shift is profound:

1. Speed: What once took weeks now takes minutes.

2. Depth: ChatGPT can process and synthesize vast amounts of information.

3. Accessibility: No need for expensive tools or data science degrees.

4. Versatility: It does everything from competitor analysis to trend forecasting.

For doubling strategies, this means:

• Faster market entry

• More agile pivots based on real-time insights

• Ability to test multiple strategies quickly

• Deeper understanding of market dynamics

The trend isn't just about having data; it's about having a competent, tireless partner to help make sense of it. ChatGPT is becoming the Swiss Army knife of market research, capable of tackling diverse tasks with surprising depth and nuance.

This ChatGPT-driven approach to market research is a game-changer for several reasons:

1. Continuous Learning: Unlike static databases, ChatGPT's knowledge is regularly updated, ensuring you're working with current information.

2. Contextual Understanding: It doesn't just regurgitate facts; it understands context and can apply knowledge across domains.

3. Hypothesis Testing: Quickly test different market hypotheses by asking ChatGPT to analyze scenarios.

4. Language Processing: Can analyze text data from various sources, including social media, news, and reports.

5. Cost-Effective: Dramatically reduces the need for expensive market research tools and consultants.

This can work for most industries.

For doubling strategies, this means leaders can:

• Identify growth opportunities faster

• Adapt strategies more quickly

• Make more informed decisions

• Allocate resources with great focus

The key is asking the right questions and evaluating ChatGPT's outputs. It becomes a powerful tool when combined with a framework and your thinking.

Let's apply the THINK methodology to using ChatGPT for market research:

Task: Use ChatGPT to refine your growth targets. Ask it to analyze market sizes, growth rates, and competitor landscapes.

For example: "I have a strategic goal to secure 3 pilots for workforce development through simplified acquisition in 12 months and convert one of the pilots into a sources sought contract worth over $2M or more. What agencies sell grants and contracts for X type of workforce development? What agencies should I target who have funding in the area?"

Pro Tip: Add your business development plans with the request, open questions, share your objectives, and meeting notes around your market research needs and goals.

Hypothesis: Direct ChatGPT to hunt for relevant data. It can summarize key points from industry reports, government databases, and news sources.

Try: "Summarize the latest trends in workforce development programs with the federal government."

Invest: This is where ChatGPT shines. Ask probing questions about the data it's found. For instance: "Based on these trends, what are the top three unmet needs in government workforce development programs?"

Network: Use ChatGPT to help plot your course. Ask it to suggest strategies based on the insights for network effects. Example: "Given these unmet needs and our company's strengths, what would be the most effective entry strategy for network effects in this market?"

Knowledge: Consolidate the insights into actionable knowledge. Have ChatGPT create a summary report: "Create a one-page strategic brief on our market entry plan for government workforce development contracts, including key targets, unique value proposition, and next steps."

By applying THINK with ChatGPT, you can:

1. Rapidly iterate on your market data around a goal

2. Look through vast amounts of data in minutes

3. Go deep into market dynamics from multiple angles

4. Navigate complex market data with AI assistance

5. Quickly identify market opportunities with unprecedented speed

The key is approaching ChatGPT as a collaborative tool, guiding it with your expertise while leveraging its data processing and analytical capabilities.

According to a recent Harvard Business Review article, "AI-powered tools like ChatGPT are reducing the time spent on market research by up to 70%."

The article further notes, "Companies using these tools report making strategic decisions 3x faster than their competitors."

This aligns with my client's goal of building a 25-day unused funds campaign. ChatGPT’s help sprint replaced over a week of traditional research between their team of 3 people.

The speed and depth of insights gained through AI-assisted research are becoming key separators in competitive markets, allowing businesses to identify and act on insights faster than ever.

While we're focusing on ChatGPT, it's worth noting how it can be enhanced with plugins for even more powerful market research. The WebPilot plugin, for instance, allows ChatGPT to access current web data, expanding its research capabilities.

Key benefits for market research:

1. Real-time data access: Get the latest market information

2. Deeper web searches: Go beyond ChatGPT's data

3. Specific source analysis: Direct ChatGPT to analyze particular websites or reports

For doubling strategies, this combination of ChatGPT and Public Data can:

• Provide up-to-the-minute competitor analysis

• Track emerging market trends in real-time

• Analyze recent news for market-moving events

Using ChatGPT with a web search plugin, you can create a powerful, customized market research tool that combines broad knowledge with current, specific data – accessible through natural language conversation.

How might ChatGPT change your approach to market research and taking action on what you learn? Think about a recent decision you made. How might the process have been different if you had used ChatGPT to get answers to make a decision?

Do you have any other insights you might have gained?

Consider the potential pitfalls, too.

How would you verify the accuracy of ChatGPT's insights?

How can you combine ChatGPT’s analytical power with your team’s expertise and intuition?

Have you already used it for market research and analysis insights?

Want to give ChatGPT market research a try?

Spend 30 minutes with ChatGPT to develop a strategy and 30-day action plan.

My government contracting client identified Executive Orders, grant awardees, details about grant requirements, and legislation initiatives for apprenticeship programs. It analyzed OIG Reports and Strategic plans and recommended how that data could support their goals, the key contacts they should speak with, and which departments to focus their efforts on.

Now, they can take that data for their 25-day unused funds campaign.

You can use the THINK method to help answer your market research questions.

Take the most valuable insights to take action to spot hidden growth opportunities.

I am co-hosting a webinar on Creating More Sales Opportunities Using AI on September 23rd. Register here; it’s free.

Marvin