Using AI for Market Research

This week we're talking about the power of market research in creating your offers and attracting your dream clients. But we're putting a spin on it! Market research can be a very time consuming and costly endeavor especially for solopreneurs. I'm sharing how you can use AI to help analyze and access research into you target audience. Making it easier for small business owners to get the data they need to create magnetic marketing. Prefer visuals? Find this episode over on youtube. https://youtu.be/1OMuBSd8GgI?si=i0CXqpqZTDCFsDdt

00:00 Introduction to a Unique Podcast Episode

00:20 The Power of Market Research and AI

01:03 Understanding Your Ideal Client Avatar

01:50 Gathering Market Research Data

02:29 Leveraging AI for Market Research

04:25 Crafting Effective AI Prompts

08:07 AI-Assisted Competitor and Testimonial Research

10:19 Innovative Market Research: Interviewing AI

12:09 Conclusion and Invitation to Engage

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Transcript

ATR2100x-USB Microphone: 0:14

Welcome back to how you pictured it this week, we're doing something a little bit different. I'm pulling the audio from a YouTube video that I created. And sharing it here on the podcast. If you do better with visuals, or if you want to see some of these prompts that I'm talking about live, you can go over to YouTube at dear Kate brand strategy and find the video version of this episode. Let's go ahead and jump into it.

ATR2100x-USB Microphone & Kate’s iPhone Camera-1: 0:34

Market research is one of the best ways that you can figure out how to connect with people and get those just right clients in your door. but did you know that you can use AI to help you with it? when we're just starting out our business, even in those first few years, it can be hard to afford hiring someone to help you with market research. and it can also be difficult to find access to those right people. today I'm going to share why market research is important and a few ways that we use it and then how we can use AI to help us through that process. So, why does market research even matter? well, when we know more about the people we want to work with and how we can help them, how to talk to them and reach them, it's a lot easier to bring our offer to the right person. When it comes to looking at our ideal clients and our ideal client avatar, that's probably a term you've heard a lot. we want to look at an actual person and see how they're interacting with things. There are four areas of client avatars that we're going to look at. First is the demographics. that's where they live, how much money they make, how old they are, those just basic data points about a person or demographics. Then we're going to look at the psychological factors, which are like their values, their fears, their goals, what are they wanting, what are they struggling with? We're going to look at their behavior. What are they buying? What are their buying habits? How are they interacting with brands? And then we're going to look at their preferences. So what products and service preferences do they have? What communication channels do they use? How are they interacting? and what actions are they taking? Finding your client avatar is far beyond creating a fake person to sell to. It's figuring out the motivations of our buyers, what they think they need, and how we can help them. Where do we usually get this info? Well, there are two places typically. First hand, by interviewing your audience. Again, as I mentioned, when you're newer into business, you don't always have access to those right people, to the right clients to interview. So that can be really tricky. The other place that we get that information is from social listening. Looking at Google reviews, what's being said publicly, what people are saying on Instagram or on social media, other platforms, about products similar to what you want to offer. the problems that you're solving. We're listening to what people are saying, their language, how they're talking about it, what they're saying their problems are, and then trying to figure out like how we can help them and how we can talk to them and reach them. This is where AI comes in. we can use AI both for our social listening and for our first hand interviews. With first hand interviews, what you'll do is use your AI to analyze the data. So if you do have access to the right people, you're going to interview them. You're going to ask them questions about who they are, what they do, those demographic questions. Then you're going to get into more of those, psychological, questions. So, what, what are you struggling with? What have you tried in the past to solve your problem? What concerns you about your problem? What would it look like if your problem was solved? Questions like that. you can ask them those behavioral questions like, when was the last time you bought something? Um, how did you choose that? Those kinds of questions. and then those preference questions like, where do you hang out? Are you on social media? Where do you consume things? So that you get an idea of how a real person is interacting and experiencing the problems that you solve and interacting with other brands. With that, I highly recommend doing those calls over video so you have a recording. You can also invite an AI bot to your call like Otter AI or Fireflies. These are tools that come in and transcribe your call for you, so you have a script of exactly what was said. They also offer summaries, which can be helpful and help you find, like, the different little pieces of information throughout the call. With that, you can also pull your transcript into a program like ChatGPT or Gemini, Claude, there are lots of different AI tools out there now. And you can ask, AI to help you kind of analyze that data. Help it find common threads between different interviews, find words that the people are using that you're interviewing. How are people describing this? What are they saying their problems are? Asking questions and compiling them into data that you can then use to turn around and do your marketing, figure out your brand strategy, and so forth. We can also use AI for our social listening. Here we're using AI to compile our data. Pulling from different sources and then asking AI to analyze it for us. let's get into how all of this actually looks inside those programs and the questions and prompts that you can write for AI. When you're crafting a prompt for AI, there are a few big steps that you want to take. First, you're going to give your bot a job. Start with, you're an expert in behavioral economics, in buying psychology, whatever role it might be that you want to give the bot. by giving it a job like that, you're giving it a place to start looking for knowledge base, and that helps tailor your answer. Next, we're going to define our objective. What do you want to achieve in this response? So, telling it, you know, I need you to do X, Y, Z. Three, we're going to be very specific. We're going to provide detailed information and context to guide AI's output with prompts. The better the input, the better the output. Number four is to use clear language and keywords. Spelling and grammar do matter. I've seen problems with our AI tools where we didn't capitalize or we didn't use AI got confused and didn't give us a very good response. And then fifth, we're going to set expectations. We're going to provide a format or structure that we'd like the response in. Sometimes I want to see it in a table format so I can see, you know, common problems that somebody has. sometimes they want it in bulleted format. Sometimes I just want like words and I don't want definitions or explanations. I just want like base, like data. So we're going to make sure that in our prompt we include what we want that final result to be. A bonus suggestion here is to ask AI what other information it needs. You can say at the end of your prompt, please let me know if you need any additional information to improve this response, and AI will give you a list of questions. It's awesome. It tells you exactly what information it needs to give you the very best response possible. And sometimes those questions help me think through things that I hadn't thought through before. Here are a few prompts that you can use for social listening. The first one is for figuring out fears and frustrations. you're an expert in consumer buying psychology. Examine forums in the blank industry, and provide common fears and frustrations of your ideal client in regards to whatever your offer is. So fill in those blanks there. You're going to tell them what your industry is, who your ideal client is, and give them a little bit of information about what your offer is or what the problem is that your offer solves. that's going to help the bot give you some information on how people are experiencing that problem. the second prompt I'm sharing helps with pain points. This one says, examine social media conversations of blank target market and find common struggles with, problem that your offer solves. Give me eight struggles in the client's language without using any jargon. When we're doing this, we're getting some more information about like the actual words people are using so we can regurgitate those to them and use them back with our audience so that our audience sees that we understand their problem. That also helps with search engine optimization because people are typing their problems into Google with their own language. They're not using those jargony words that we're using as business owners and as experts. So using their language helps drive them to our site as well. Next is motivations. So you're an expert in behavioral economics. Identify common motivations blank people have to blank, solve whatever their problem is. Use their language. And then the last one I want to share is lead magnet ideas. Pretend you're my ideal client avatar. What hurdles do you need to overcome before you're ready to blank, reach the ultimate goal, um, invest in my product or solve the problem that my product solves. This is a great one for figuring out what that bridge is between where people are right now and where they need to be to be ready to invest in your offer. We can also use AI to help us with competitor research. This is great. I use this within Website Writer AI, my custom copy bot that writes your website for you, and it helps to, again, pull that natural language that people are using, and also helps to see how people are talking about their experience with another business and how we can that and how also we can mirror that. Here are a few prompts you can look at. You're an expert market researcher. I'm a blank in blank. Please find the top competitors in this market. So that's one where we're trying to figure out who else is doing the same thing that we're doing in our area. Next is act as a brand strategist. Search for blank service. What gaps exist in this market? This helps you see where you can maybe like fill those gaps, what you can do to be different than other people in the market and how you can help yourself stand out. Another one is you're a market researcher. Analyze the market. company website, any competitor website. What is their brand strategy? What are their core messaging pillars? This is another way that you can help differentiate yourself. When you can see what other people are doing, you can find ways that you differ, ways that you're the same, and figure out how to tweak your messaging to make sure that you stand out and that you have a competitive advantage. finally I have two that are testimonial related. The first is you're an expert in consumer buying psychology. Research blank website. Find five to 10 testimonials from this site. Provide them verbatim. What are common themes and words found in these testimonials? By using that, we get exact testimonials and we can see how our ideal clients are talking about other businesses, what they're enjoying about them. How they're feeling served by them and what the transformation is in the client's eyes. That helps us to, again, talk to them in a way that shows them we understand them and that we can solve their problem. The last one is perform a search for testimonials written by blank target audience about blank your offer. Provide me with 10 that show what pain points the writer experienced before using the offer and how the offer transformed them, solved their problem, or changed whatever. Again, this is another one to just help you get really clear on how people are experiencing their problems and how you can solve them. The last market research idea I want to share with you using AI is to interview AI. I've used this pretty successfully and been really happy with the results. I find that Google's Gemini version of AI is more natural language. and does a better job at this versus ChatGPT, but I do use both and kind of go back and forth. And you can absolutely do that. You can take a response from Gemini and pop it into ChatGPT and vice versa and play them off of each other to find what works for you. So with interviewing AI, what I'm suggesting is giving the bot the role of your ideal client. you're going to give AI that demographic information. Age, location, occupation, those basic things. And then you're going to ask AI to use the language and words of that person. and then tell them who you are, what your offer is, and ask questions about what motivates them, what they're struggling with. Use this just like you would an interview with a client. So the questions that I kind of mentioned previously about interviewing a client, you're going to use those same things with this chatbot. As you train that thread and get more information in that thread, you can use that thread for other things. I popped in an email draft and asked my fake avatar, um, AI bot, what would be more persuasive in that email for them. how I could change it to make it a more convincing argument for them. and the bot gave me language that ideal client would use and helped improve that email. you can also give it screenshots of a sales page or share your lead magnet and ask how you can make those things more compelling for that avatar. Using AI in this way can be super valuable, especially when you don't have access to those right people yet, or you don't have the budget to hire somebody to help you with this step. All of this information is so valuable in getting you to the right people, getting you the information that you need to speak to them in the right way and know how to help them. Give these prompts a try. Let me know how it works for you. You can find me over on Instagram at Dear Kate Brand Strategy. I'd love to chat with you.

ATR2100x-USB Microphone-1: 12:30

Thanks so much for listening to this episode, I'd love for you to leave a rating or review on whatever podcast player you're listening in for the, how you pictured it podcast. It helps grow the podcast and lets me know what you want to hear more of. If you have a friend that you think would enjoy this episode, I'd love for you to share it with them as well. Talk to you soon.