Speaker 1: AI and market research. Does it work? Well, of course it does, but only when done right. Market research is a step-by-step process, and AI does not change that. Now, what are the market research steps, you may ask? We start by clearly defining the problem, defining who's facing the problem, and then defining the pain points. Then we move to presenting your research findings in a clear and actionable report. And then, of course, we end by working on solving the pain points. Now, you might think market research would need months of surveying to cover those steps. Well, actually, there are billions of data on the internet that can help you do your market research. The problem is finding the right data. Well, that was before AI, at least. Ever since OpenAI's ChatGPT was introduced in late November 2022, the issue of browsing all that data and finding the right pieces was kinda solved. Well, the reason I said kinda is because ChatGPT is an LLM, or Large Language Model, that uses recycled information and can't be targeted towards specific personas and problems. This is exactly where IdeaApe comes in handy. Solving the issue with a machine learning algorithm specifically developed for market research purposes, IdeaApe makes defining pain points and opportunities too easy, allowing for a much deeper understanding of the market. Now, let's dive deeper into the 5 market research steps we mentioned earlier and help you find the problem that people would pay to solve.

Speaker 2: So let's take a quick example of a company that was successful with market research. The example I'll be taking is the Missin Dutch Oven. It's a Kickstarter project that raised around 4 million dollars based on their great market research and how they implemented the findings of their market research into their campaign. So as you can see here, they immediately mention their value proposition, which is the 3 main points of incredibly versatile, built to last forever, and a fraction of the price. So they focus a lot on versatility, durability, and price. And what they do is they go one by one. So they start with versatility, and they start by showing you how it has a 2-in-1 grilled pan lid. It has a silicon covering as well, or a Dutch oven. Next is why remake a classic, and they go over how versatile it is again. And they say the Dutch oven is a workhorse. It can saute, sear, boil, fry, bake, and braise from the stove to the oven to the table. So it shows you how versatile it is in cooking styles. Also how you can use it both on the stove, in the oven, on the table. And they also have videos showing how they're frying, how they're baking, and doing all sorts of things with the same product. Next is they go over the durability, which is the second point. And they show you the product being tossed around and thrown around, how durable it is. They also do a great job in comparing between cheap Dutch ovens, expensive ones, and Misen. And they show you how Misen is barely scratched while the others are in a bad condition. Next, of course, they will start mentioning the price. Now they go over how there is a bonus silicon lid inside, which increases the value per price. And they go over how, for example, buying an expensive grill pan would cost you around $100, while buying the whole Misen set would cost you around $125. So this is great value. You're getting lots more for around the same price. And then they go over, for example, how easy to clean it is, how easy to cook it is in the Misen Dutch oven, and how easy to use overall. So it says it's nearly nonstick, zero maintenance needed, dishwasher safe. So there is no reason not to use it. So they keep going over those things. They go over, at the end, the key features, again, durable materials, ergonomic handles, larger cooking surface, high visibility interior, and the two-in-one pan as well. And they go quickly over the design process. So overall, they did a great job in showing their value proposition and covering all the different points. Now let's see where they got the points from. Going back to Idea Ape, I'm going to search for Dutch ovens, and let's see what comes up. So over here, we'll be writing Dutch, add, and, oven, add, or, ovens. Now the reason we wrote this is because some people would write Dutch ovens, some people would write Dutch ovens. And we want to include as much of the Reddit posts as possible. Now one more very important thing we need to do is we need to change from Phrase to Entitle. And the reason behind that is because we have basically three main options, Entitle, Phrase, and Exact. Phrase is very, very general, Exact is more specific, and Entitle is the most specific and the most targeted. And we want to be as targeted as possible to capture the most relevant Reddit posts. Now I will press Enter, and what it's doing right now, it's scraping Reddit for millions and millions of different posts that are relevant to Dutch ovens to get us the most relevant results. Okay, so as you can see right now, the reloading has finished and we have all the different results. Now what it does is it categorizes them based on personas. So we have budget-conscious shoppers, bread bakers, novice Dutch oven users, quality-focused shoppers, versatile cookers, and so on and so forth. And under each persona, it gives us the pain points and some pointers over here. So this is very important because it basically highlights in a very beautiful way all the pain points and the different things that we need to focus on. So for example, as you can see here for budget-conscious shoppers, it says their problem is the high price, which is, for example, one of the three value propositions for Mason. Another thing is bread bakers. So they want a Dutch oven that they can bake with, which is versatility. Same thing for novice Dutch ovens. Same thing. They want something that is cheap and is versatile. So as you can see here, versatility again. And so on and so forth. Now to confirm how effective Idea Ape is, what I went and done is I copied all the different responses over here and went to ChatGPT and pasted them all. With the prompt, the following are the market research results I got for my Dutch oven brand. And I pasted all, as you can see, and wrote, please summarize the following and come up with my value proposition. Now at first it gave me persona-wise, and then I was like, please don't answer me based on the different personas and give me the general three main points to focus on. So I want the main value proposition basically. And what ChatGPT gave me is exactly what Mason has. So it gave me affordability and value, and under that it has durability as well, and then versatility and performance. So as you can see, Idea Ape was very, very effective in capturing the main value proposition. Now the exact keywords are actually mentioned in ChatGPT's answer, which shows us how scary this is actually. Idea Ape was very, very accurate in predicting the main value propositions or basically telling us what the main value propositions are. And this is how Mason, for example, was successful in raising $4 million because they implemented the right way of market research and they used the right tool.

Speaker 1: So as you can see, AI and market research definitely works. You just need to do it the right way with the right tool. Now the right way is through the five steps we mentioned earlier. Defining a problem, defining who's facing a problem, collecting pain points, preparing a report, and trying to solve the pain points. And then you'll need the right product, which of course is Idea Ape. So sign up today, get your account, and use the market research tool that actually works.