In this post you'll learn how easy it is to get insights from customers about your products or your competitors products. Use ChatGPT to find gaps in the market, find what improvements your products need, identify objections, and more.
Keep in mind your competitors will be doing this against you too. Finding your gaps so they can be exploited. As these techniques improve and are integrated with tools it will become table stakes.
It works better if you take action and follow along. Don't just read - try this process out for yourself, and let me know how it goes.
Getting your product as perfect as possible is a never ending goalpost, but one that is worth striving for.
In a competitive market the VAST amount of sales go to the top 2-3 brands. So if you're able to balance brand, quality, and price in a way that the consumer finds competitive you'll be rewarded with a disproportionate amount of sales.
In a product business you've got some questions that AI can help with given these scenarios:
What new products does the market want?
What improvements will make the biggest impact for my existing products?
In both of these cases, you start by collecting reviews. Here’s a chrome extension that can help with collecting Amazon.com reviews:
https://chromewebstore.google.com/detail/amazon-reviews-exporter-c/njlppnciolcibljfdobcefcngiampidm - This extension can download several hundred reviews which should be a good enough sample to get some insights with. If you have another way to get review data that’s fine too.
To get ideas for new products, consider pulling the reviews from competitors to look for defiencies. They’ll be analyzing your products too.
Hopfully at this point have a csv file with several hundred reviews in it. Enough reviews to have a representative sample, but not so much data that it overwhelms the chat history.
Lets use ChatGPT for this task. There are two ways to pass the data to ChatGPT that will result in different styles of analysis.
First approach: Copy paste the text of the reviews directly into the chat like so:
I have many product reviews here, what are some of the suggestions for improvements or ideas for new products:
<< PASTE THE REVIEWS TEXT HERE >>.. you can ask for more directed answers as well:
How do customers feel about the price?
in what ways does the product break most often?
what aspects do customers like the most?The second approach is to upload the entire csv file. This will prompt ChatGPT to use python to do some more analytical data analysis.
What percentage of negative reviews mention price?This approach is more often going to encounter errors with the generated code having errors. Just keep persistent, it often will find a solution that works.
Take this to the next level by running this kind of analysis on a recurring basis. As part of that analysis, develop and improve the questions you ask of your review data. Here’s a few ideas:
summarize reviews for the month
Are there any product quality concerns that are worth addressing?
Are there any successes that should be celebrated such as great customer service or problems our product has solved for customers?This new era of data analysis enabled with LLMs is approachable for anyone. Take action today, and play with it. Find out what your customers are saying.
Keep Innovating, and May AI Be With You! 👩💻🤖
—Matt
