How to do Market Research for a Business Plan with AI

Market research is an essential component of a successful business plan. It helps you understand the market, identify opportunities and determine the feasibility of your project. To perform market research using an AI agent, consider these steps:

1. Identify your target market and audience.
2. Perform a SWOT analysis on your product or service.
3. Gather insights on industry trends and growth projections.
4. Collect data on competitors, their strategies, and offerings.

How can the Spell AI agent help with that?

For this task, configure the Spell AI agent with the following plugins and model:

• Plugins: use the Web Search, Website browsing, and Website scraper plugins to gather relevant information.

• Model: choose GPT-4 for its superior reasoning capabilities and ability to handle complex tasks.

Once configured, provide the AI agent with this prompt:

Conduct market research about the latest trends in the VR industry. Create a business plan, focusing on target audience, SWOT analysis, industry trends, growth projections, and competitor analysis.

The AI agent will then conduct market research, analyze findings and provide insights for your business plan, ensuring you have all necessary knowledge to make informed decisions.