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Prompt

I want to build a business that [“enter your idea”] for [“enter a potential target market”]. My goal is to minimize the time and effort to [“enter your core value proposition”] Here is some prior research I have already done. Use this to influence your analysis at the end but DO NOT SKIP out on performing your own research. ["insert earlier research from grok3 / x"] Make sure to analyze content across many articles, podcast transcripts, reddit, App Store reviews, review websites and other sources on the internet where users may commonly discuss similar products/services/features. Your goal with this research/analysis is to thoroughly understand the following: - Total Addressable Market - Leverage ALL THREE of the following methods to measure market size. After obtaining data FOR EACH OF THESE THREE METHODS, follow through with the processes for each individual method to calculate the TAM of each method. After calculate all three potential TAMs, combine them into one TAM calculation. - Three Methodologies: - **Top-Down Approach:** Use industry reports, market research, and macroeconomic data to estimate the overall market size. Start with the broad market and then narrow it down to your target segments based on factors like geography, demographics, or industry-specific filters. **Example:** If research indicates that the global market for smart home devices is $50 billion, and your product is relevant to 40% of that market, your TAM might be estimated at $20 billion. - **Bottom-Up Approach:** Build your TAM calculation from the ground up using actual data points. - Estimate the number of potential customers, determine the average revenue per customer (or transaction), and multiply these figures together. **Example:** If there are 1 million potential customers and each is expected to spend $200 annually on your product, your TAM would be $200 million. - **Value Theory Method:** Estimate how much value your product creates for customers and what they might be willing to pay for that value. This can involve understanding the cost savings or additional revenue your product delivers, then assessing the price sensitivity of your customers. **Example:** If your software helps companies save $10,000 per year and you can capture 10% of that value in pricing, you could model your TAM based on these savings across the potential customer base. - Segmented Addressable Market - define at least 5-7 potential market segments based on our TAM research and who you think would benefit the most from our product/service. Follow this process to define each SAM: - Segmentation Process - Instead of segmenting the market by who the customers are (age, income, etc.), start by identifying the specific job/task or set of jobs/tasks that customers are trying to accomplish. This means understanding the context, the desired outcomes, and the challenges customers face when "hiring" a product or service. - Cluster customers not by who they are, but by the circumstances in which they use the product and the outcomes they desire. For instance, one segment might prioritize speed and convenience (a functional need), while another might value status and quality (social and emotional needs). Even if both segments purchase the same type of product, their needs are distinct. - For each segment deeply reflect upon and understand them by : - The specific progress the customer is trying to make. This is the “job” they’re hiring a product or service to do, not just the product’s features. **Example:** A commuter doesn’t just need a mode of transportation—they need a reliable way to arrive at work on time without stress. - The nuances of why these customers make certain choices - Their underlying motivations and contexts of use - Identify the situations, triggers, and circumstances that prompt customers to seek a solution. - For each market segment, deeply reflect upon and meticulously analyze them through ALL of these THREE DIMENSIONS: - Functional Value (What practical problem is being solved; how to minimize time and effort required to perform a range of tasks that we are automating/augmenting; what is the core utility or function that your product or service is providing) - Emotional Value (How does using the product affect a customer's social standing or how they are perceived by others; how the customer feels before, during, and after using the product; what are the emotional benefits—like feeling secure, excited, or empowered—that come with solving the underlying problem) - Social Value (What feelings or emotional states does the customer seek before, during, or after using the product; relates to how using the product or service affects a person’s social interactions and status; It’s about the external perception or the role the solution plays in a customer’s social context) - Motivations: Capture the nuances of why customers make certain choices. This helps reveal different segments based on the underlying motivations and contexts of use—even if the customers might appear similar demographically. - Competitive Analysis - The top 10 competitors in my total addressable market including their: - Top 3 core value propositions - Primary / unique selling proposition - Common customer complaints - Common feature requests - Market Opportunities - Once the segments and competitors are clearly defined based on the jobs and each of the above dimensions - deeply reflect upon how we can tailor our product/service to better meet the specific needs of each segment. For each market segment, think about how we could adjust features, marketing messages, or even the overall user experience to resonate more deeply with the targeted job. After performing EXTENSIVE research into these areas, aggregate and analyze all of your findings. Create a comprehensive competitive analysis and market research report with the following sections and sub-sections: - A. High-Level Overview - summary of key findings, opportunities, top market segments and top competitors - B. Market Analysis - 1. Total Addressable Market - high-level overview of the entire market we could serve and an estimate of how large the TAM could be - 2. Segmented Addressable Markets - multi-dimensional analysis of each potential market segment based on our findings and deep reflections of our findings - 3. Jobs Map - for each market segment, outline all the steps a customer takes when trying to get the job done. - This map usually includes: - Defining the Job: Recognizing the need or problem. - Identifying Alternatives: Considering various solutions. - Selecting a Solution: Making the hiring decision. - Executing the Job: Using the solution. - Assessing Outcomes: Evaluating success and areas for improvement. - Break Down the Dimensions: For each step, identify: - **Functional Needs:** The practical, task-specific requirements. - **Social Needs:** How the solution impacts the customer’s social identity or status. - **Emotional Needs:** How the solution makes the customer feel before, during, and after use. - 4. Key Desired Outcomes & Pain Points - Determine Customer Priorities: Deeply reflect upon what “successful progress” looks like. For each step in your job map, identify key outcomes customers desire. Example: In a job map for “commuting,” outcomes might include speed, cost-effectiveness, comfort, and reliability - Quantify Importance & Satisfaction: Assess how important each outcome is and how satisfied customers are with current solutions. - Pain Point Identification: Look for areas where the importance is high but satisfaction is low—these represent opportunities for innovation. - 5. Market Opportunities - Deeply reflect upon how we can tailor our product/service to better meet the specific needs of each segment. For each market segment, think about how we could adjust features, marketing messages, or even the overall user experience to resonate more deeply with the targeted job. - Ideate various directions for our products/services/features that address the pain points and satisfy the functional, social, and emotional dimensions. - Ensure that each idea fits within the overall process that customers follow to complete the job. - C. Competitive Analysis - Based on the market analysis and jobs map, deeply reflect upon how our competitors are positioned in the market relative to all jobs-to-be-done - Identify 5-7 ways in which we could frame or build our products/features/services such as to: - Capture additional market share - Serve an underserved market - Maintain a competitive edge over competitors - D. Conclusion - Analyze all of the market segments, jobs to be done and competitive analysis to product THREE of the BEST POSSIBLE directions we could take our product/service into in order to increase our probability of success Additional Guidelines - Do not skips any sections of the report or area of analysis/research - Spend a full 30 minutes if possible to capture hundreds of source to support all areas of research - Spend AS MUCH TIME AS PERMITTED to perform extensive, rigorous and incredibly comprehensive research - Before starting your research, ask clarifying questions to better understand who I want to build this business for, the idea for the product/feature/service itself and how I'm aiming to minimize time/effort to complete a particular range of tasks / jobs to be done

Best Practices

  • Focus on data-driven insights and always validate with multiple sources.
  • Consider both quantitative and qualitative factors in your analysis.
  • Keep track of emerging trends and potential market disruptors.
  • Use competitor analysis frameworks to structure your research.
  • Present findings with clear, actionable recommendations.

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