As a small business owner, you know how important it is to keep an eye on the market and your competitors. You want to stay ahead of the curve, identify opportunities, and avoid pitfalls. But how do you find the time and resources to do that? How do you sift through the vast amount of data and information available online?
That's where Copilot can help. Copilot is a powerful AI assistant that can help you with various tasks, from organizing your inbox to creating presentations. But did you know that Copilot can also help you analyze market trends and competitors? In this blog post, we will share with you two ways to use Copilot to unlock insights and gain a competitive edge.
One of the first steps to analyze your market is to identify who your current competitors are. You may have a general idea, but you may also miss some new entrants or niche players. Copilot can help you discover your competitors by using natural language queries.
In your internet browser, navigate to bing.com and select the Copilot icon. From there, type in a prompt like "Who are my competitors in the area of [your industry or product]?" For example, "Who are my competitors in the area of gourmet ice cream in the Seattle area?" Copilot will then search the web and provide you with a list of relevant competitors, along with their websites and brief descriptions.
You can then use this list to further research your competitors, or ask Copilot more specific questions, such as "What are the strengths and weaknesses of [competitor name]?" or "How does [competitor name] market their products?"
An image of Copilot in the bing.com user interface
Once you have a list of competitors, you may want to compare them based on their strengths and weaknesses. This can help you identify gaps in the market, or areas where you can improve your own products or services. Copilot can help you create a chart that compares your competitors based on various criteria, such as quality, price, customer service, innovation, etc.
Return to your conversation with Copilot. From there, type in a query like "Create a chart with the strengths of [competitor names] in the area of [your industry or product]." For this article, we continued with the yummy example of gourmet ice cream in Seattle. Copilot will then generate a chart in HTML format, with the competitor names as columns and the criteria as rows. You can then copy and paste the chart into a document, open the table in Excel, or ask Copilot to export it as an image or a PDF.
An image of Copilot results for the prompt "Create a chart with the strengths of some key gourmet ice cream competitors in the Seattle area"
You can then use this chart to analyze your competitors and see where you stand in the market. You can also ask Copilot to create similar charts with other criteria, such as weaknesses, opportunities, threats, etc.
We hope you find these tips useful and start using Copilot to analyze market trends and competitors. Stay tuned for more Copilot productivity tips next Monday to learn more ways to unlock insights and grow your business with Copilot!
How are you using Copilot? Let me know in the comments!
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