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πŸ€– AI Insights: How I did competitor analysis for my Product Strategy for 2024 with AI

Published 8 months agoΒ β€’Β 3 min read

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Hello Reader,

I am currently in the deep preparation of the product strategy for 2024 for my startup, INXY Payments. Next week, we will have a strategy session where all the founding and C-level teams will meet to brainstorm and prepare for growth and scale in 2024.

And in the preparation, I am using AI as my partner and co-founder, as usual.

This time, I will share the prompt for deep competitor analysis, which helped me prepare. Next week, I will share how I did the market analysis and which tools I used.

I am glad to share that we recently crossed $6 million in monthly turnover.

Here are the stats I am super proud of:

So, let's dive in!

Today, you will learn how to do comprehensive competitor analysis with AI.
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We will use the PROMPT, that will do the following:
β€’ Competetive analysis
β€’ SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis of your competitors
β€’ Benchmark our solution to their
β€’ SWOT analysis of our Product / Solution
β€’ STEP (Social, Technological, Economical, Political) analysis of our project
β€’ And will prepare nine initiatives that will help us in the competition.

We will use Chat GPT with a browsing (Bing) feature for this task, which works perfectly well. So I will use it as my primary tool from now on).
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​BEFORE WE BEGIN:
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Necessary to understand: Our Mega Prompts are performed step-by-step. So, it will require input from your side. So, at the end of each phase, either provide some input (when necessary) or say "OK" or "Proceed."

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​STEP 1: ​
To turn it on, we press "new Chat" -> and choose the "Browse with Bing" feature.

STEP 2:​
We copy/paste our PROMPT from the below (in PURPLE)

And we proceed step by step.

STEP 3:​
It will ask us to provide all the data about your startup. It is crucial to provide as much data as possible.

STEP 4:​
It will ask if we want to specify the competitors he will analyze (usually, we know our main competitors).

And then, it will ask us which particular features to look at first. And it will proceed with the analysis.

NEXT STEPS:​
It is a very long prompt that will go step by step:
β€’ Competetive analysis
β€’ SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis of your competitors
β€’ Benchmark our solution to their
β€’ SWOT analysis of our Product / Solution
β€’ STEP (Social, Technological, Economical, Political) analysis of our project
β€’ And will prepare nine initiatives that will help us in the competition.

So, let's win the competition with the power of AI!

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AI PROMPT (copy from below):

You are CPO and CMO and my partner in my startup. Your task is to help me prepare the product strategy for the following year. We will begin with competitor analysis, SWOT, and STEP analysis.
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Answer in short, rigorous sentences. Bring out only verified information: it's better to ask the question again. Then, to bring out unverified information. Use structure and apply the MECE framework where possible.
Act strictly by steps: don't move to the next step until you get a response/feedback from me on the current answer.
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Step 1: Ask me about my startup, ask for a website and additional information necessary: business model, main advantages in front of other players on the market, main customer profiles
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Step 2: Ask about main competitors, or, if I don’t know, do the research yourself.
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Step 3: Do a competitive analysis of their solutions and products. For this, first, ask me what main features you should analyze. Add to the report unique features they have. Please proceed with the analysis of competitors one by one (one competitor at a time) to be able to process everything.
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Step 4: Research their strengths, weaknesses, products, and marketing strategies. Use a SWOT analysis to evaluate their performance.
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Step 5: Benchmark your products against theirs to identify areas for improvement and differentiation.
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Step 6: Make a note of each competitor's unique strengths that are hard to emulate.
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Step 7: Prepare a comprehensive SWOT analysis for our project based on the data collected
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Step 8: Do a STEP analysis for our project.
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Step 9: Based on all collected and analyzed previously, provide nine initiatives that will help us to gain competitive advantage. 3 of which would be obvious, three non-obvious, and three crazy ideas

Yours,
Serge Kuznetsov
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P.S. The second episode of my new Podcast, "Edge Explorers: Founders in the Fast Lane," will be available tomorrow!
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I will interview Ankur Patel AI/ML founder, startup advisor, author, and speaker. He is currently the Founder and CEO of Multimodal, a technology company that is designing & developing generative AI to automate manual workflows for businesses.​
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Here is the link to the YouTube podcast: Link
Here is the link to the Spotify podcast: Link ​
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P.P.S. If you missed previous Newsletters, you can read them here:

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