How to Condense Hours of Market Research Into 21 Minutes Using ChatGPT

Imagine that you have a potential business idea and want to determine how viable it is, identify primary competitors in your market, and develop an ideal customer persona.

- Ben Sherry

Instead of spending hours poring over reams of data, says University of Maryland marketing professor Dan McCarthy, you can use Deep Research—a ChatGPT feature that directs an AI agent to develop a comprehensive, well-cited report on any topic. To test out how effectively this feature could help with market research, I pretended that I wanted to start a digital transformation firm based in Denver with a focus on upgrading bars with mobile, bar-to-table ordering capabilities.

START DRAFTING A REALLY LONG PROMPT

All I needed to do to get started was click the plus button next to the text box, select “More,” then select “Deep Research,” and enter a prompt. This prompt determines the information that ChatGPT prioritizes in its search, so it helps to be verbose. If you need help, try using ChatGPT. McCarthy, who uses AI tools extensively, suggests activating the chatbot’s voice mode so you can simply have a conversation with the tool.

ASK IT TO HIGHLIGHT YOUR BLIND SPOTS