Digital transformation has spawned many new companies and remade others. Figuring out and monitoring rivals has by no means been extra crucial.
ChatGPT might help establish and analyze direct and oblique rivals, together with these you’ve not heard of. Listed below are some important prompts.
ChatGPT’s evaluation of rivals is helpful for understanding a model’s positioning within the instrument’s data base. New firms might want to present ChatGPT with background information on their business and merchandise. For testing, nonetheless, I pretended to be the founding father of Substack. Right here’s my immediate:
I’m the founding father of Substack. Who’re my rivals?
ChatGPT’s response was spot on:
1. Publication Platforms:
- Revue: Acquired by Twitter, Revue provides comparable companies permitting writers to publish and monetize newsletters.
- Ghost: An open-source platform that focuses on skilled publishing. It’s recognized for its simplicity and suppleness.
- Mailchimp: Whereas primarily an electronic mail advertising service, Mailchimp additionally provides options that may very well be used for publication monetization.
- TinyLetter: Owned by Mailchimp, it’s a less complicated platform primarily used for private newsletters.
- ConvertKit: A platform that gives electronic mail advertising companies for creators, together with paid newsletters.
2. Broader Content material Monetization Platforms:
- Patreon: Recognized for permitting creators to receives a commission straight by their followers via subscriptions, memberships, and per-piece funds.
- Medium: Gives a accomplice program the place writers can earn cash primarily based on reader engagement with their articles.
- Ko-fi: A platform the place creators can obtain donations and promote subscriptions or merchandise.
What are my rivals’ distinctive options? This immediate might help founders with product improvement and positioning:
Create a desk itemizing the distinctive options of every competitor and pricing.
Right here’s ChatGPT’s response. I’ve repurposed the desk for this text. All the time ask ChatGPT for the date of its information if it doesn’t present it. In my take a look at, the response was primarily based on the April 2023 replace.
|Integration with Twitter, permitting for simpler sharing and viewers constructing on the social platform
|Free; Twitter takes a 5% reduce of subscription income
|Open-source with superior customization choices; website positioning and membership options built-in
|Begins at $9/month for the hosted model; free if self-hosted however requires server prices
|Intensive electronic mail advertising instruments; detailed analytics and A/B testing capabilities
|Free tier out there; paid plans begin at $9.99/month
|Simplistic design and performance centered on private newsletters
|Free; restricted to five,000 subscribers
|Excessive deliverability charges; sturdy automation and tagging system for
|Free tier as much as 1,000 subscribers; paid plans begin at $29/month
|Membership tiers for various ranges of content material entry; sturdy community-building instruments
|5% to 12% of month-to-month revenue plus fee processing charges
|Giant built-in viewers; earnings primarily based on reader engagement slightly than subscriptions
|Free to publish; readers pay $5/month or $50/12 months for limitless entry
|Recognized for grownup content material but additionally used for different sorts; direct messaging with subscribers
|Free to create an account; OnlyFans takes a 20% fee
|One-time help choices (‘purchase me a espresso’), no platform payment for donations
|Free; Ko-fi Gold membership at $6/month for further options
What are my rivals’ goal audiences? ChatGPT may be very useful for that sort of study, in my expertise. My immediate:
Go to every competitor’s web site and analyze its main viewers. Create a desk exhibiting the competitor, the first viewers, and the positioning parts and pages that point out the target market.
Right here’s the end result, which, once more, I’ve repurposed.
|Web site Parts Indicating Goal Viewers
|Freelancers, Twitter customers
|Integration with Twitter, simplicity in publication creation, memberships and paid subscriptions.
|Impartial journalists, skilled publishers
|Open-source know-how, concentrate on skilled publishing, superior creator instruments, viewers progress capabilities, and integration choices
|People preferring simplicity
|Primary design instruments like a typical electronic mail consumer, choice for HTML customization, simplicity and ease of use for private or small-scale use
|Wide selection of creators (coaches, authors, podcasters, musicians,
|Instruments for viewers progress, electronic mail automation, monetization, testimonials from varied creators, broad attraction throughout completely different artistic fields
|Numerous content material creators (video makers, podcasters, writers, musicians, educators)
|System for creators to supply unique content material/advantages for monetary help, concentrate on various content material sorts, and sustainable revenue stream for creators
Responding to Rivals
Ought to I reposition my web site primarily based on aggressive analysis? Right here’s my immediate:
What ought to I do on my web site to draw rivals’ audiences? Analyze rivals’ websites for the simplest ways.
ChatGPT recognized highly effective ways for Substack:
- Content material selection: Showcase a various vary of content material that appeals to creators throughout completely different fields like teaching, writing, podcasting, music, and YouTube creation.
- Creator instruments: Provide sturdy advertising and automation instruments tailor-made for creators. These may embody customizable touchdown pages, electronic mail advertising instruments, and viewers segmentation options.
- Monetization options: Spotlight choices for monetizing content material, corresponding to via digital product gross sales, paid newsletters, and memberships.
- Neighborhood constructing: Concentrate on options that assist creators construct and interact with their viewers, like superior electronic mail advertising and automation capabilities.
- Creator success tales: Share success tales or testimonials from varied creators to exhibit the potential of your platform for his or her artistic and monetary progress.
What are my rivals’ weaknesses? I selected a kind of firms, which I’ll name “Instance” for this publish, as a take a look at. Right here’s that immediate:
Analysis Instance’s evaluations and establish gaps Substack may handle. What are the frequent complaints of Instance’s clients?
ChatGPT searched Bing for a number of minutes earlier than responding:
- Pricing Construction: Some customers discover Instance’s subscription plans to be costly, particularly as their subscriber rely grows. A cheaper pricing construction or clearer worth for the price may very well be a lovely different for customers.
- Complexity for Inexperienced persons: Whereas Instance has developed to supply a variety of options, this has led to elevated complexity. Customers who most popular the platform’s unique simplicity is likely to be in search of a extra simple, user-friendly choice.
- Deliverability Points: There are mentions of challenges with electronic mail deliverability. Guaranteeing excessive deliverability charges and offering clear metrics may very well be a key promoting level.
- Restricted Free Plan Options: The current discount in options out there within the free plan has been a degree of competition. Providing a extra beneficiant free plan may appeal to customers who really feel constrained by these limitations.
- All-in-One Advertising and marketing Options: Some customers really feel that whereas Instance provides an all-in-one advertising platform, the options usually are not as sturdy as they want. Enhancing particular functionalities or providing extra built-in options may attraction to those customers.
- Buyer Assist: Bettering buyer help and offering extra customized help may handle issues from customers who’ve had lower than passable experiences with Instance’s help.