Retrieval Augmented Generation For Competitor Analysis
Competitor analysis is a crucial aspect of any business or organization. It involves researching and analyzing the strengths and weaknesses of your competitors to gain a better understanding of the market and industry trends. This information is then used to make informed business decisions, improve marketing strategies, and stay ahead of the competition.
In the digital age, where data is abundant and information overload is a common problem, traditional methods of competitor analysis can be time-consuming and overwhelming. This is where retrieval augmented generation (RAG) comes in, offering a more efficient and effective way to conduct competitor analysis.
So, what exactly is retrieval augmented generation? In simple terms, it is a combination of natural language processing (NLP) and generative AI that allows users to retrieve relevant information from large datasets and generate meaningful insights. In other words, it is a powerful tool that can help businesses and organizations streamline their competitor analysis process.
The Benefits of Competitor Analysis
As a researcher, marketer, or organization, conducting competitor analysis can bring numerous benefits. Let’s explore some of them in detail:
1. Understanding Your Market and Industry
Competitor analysis allows you to gain valuable insights into your market and industry. By analyzing your competitors’ strategies, products, and services, you can identify industry trends, customer preferences, and potential gaps in the market. This information can help you make informed decisions and stay ahead of the competition.
2. Identifying Strengths and Weaknesses
By studying your competitors, you can identify their strengths and weaknesses. This knowledge can be used to improve your own products and services, as well as your marketing strategies. For example, if your competitor is excelling in customer service, you can learn from their approach and implement it in your own business.
3. Improving Marketing Strategies
Competitor analysis can provide valuable insights into your competitors’ marketing strategies. By analyzing their tactics, messaging, and target audience, you can identify areas for improvement in your own marketing efforts. This can help you stay relevant and competitive in the market.
4. Forecasting Industry Trends
Another benefit of competitor analysis is the ability to forecast industry trends. By studying your competitors’ strategies and market position, you can gain a better understanding of where the industry is heading. This can help you stay ahead of the curve and prepare for any potential changes in the market.
The Power of Retrieval Augmented Generation
With the rise of big data and the increasing competition in the market, traditional methods of competitor analysis are no longer sufficient. This is where retrieval augmented generation comes in, offering a more efficient and powerful approach to competitor analysis.
1. Retrieval of Relevant Information
One of the key benefits of RAG is its ability to retrieve relevant information from large datasets. This means that you don’t have to spend hours sifting through data to find what you’re looking for. RAG uses NLP techniques to understand and interpret human language, allowing it to retrieve the most relevant and accurate information for your analysis.
2. Generation of Meaningful Insights
RAG goes beyond just retrieving information; it also generates meaningful insights from the data. By combining NLP with generative AI, RAG can analyze and interpret the retrieved data to provide valuable insights and recommendations. This can save you time and effort while also providing more accurate and comprehensive results.
3. Customizable and Scalable
Another advantage of RAG is its customizable and scalable nature. Depending on your specific needs, you can customize the tool to retrieve and analyze data in a way that is most beneficial for your business. Additionally, RAG can handle large datasets, making it a scalable solution for businesses of all sizes.
Final Thoughts
In today’s competitive market, staying ahead of the game is crucial for any business or organization. Competitor analysis can provide valuable insights that can help you make informed decisions and improve your strategies. And with the power of retrieval augmented generation, conducting competitor analysis has never been more efficient and effective. So why not take advantage of this advanced technology and give your business the competitive edge it needs?
How To Use Speak’s Retrieval Augmented Generation For Competitor Analysis
Step 1: Create Your Speak Account
To start your transcription and analysis, you first need to create a Speak account. No worries, this is super easy to do!
Get a 7-day trial with 30 minutes of free audio and video transcription and analysis included when you sign up for Speak.
To sign up for Speak and start using Speak Magic Prompts with retrieval augmented generation, just visit the Speak app register page here.
Step 2: Upload Your Competitor Analysis
We typically recommend MP4s for video or MP3s for audio.
However, we accept a range of audio, video and text file types.
You can upload your file for transcription in several ways using Speak:
Accepted Audio File Types
- MP3
- M4A
- WAV
- OGG
- WEBM
- M4P
Accepted Video File Types
- MP4
- M4V
- WMV
- AVI
- MOV
- FLV
Accepted Text File Types
- TXT
- Word Doc
CSV Imports
You can also upload CSVs of text files or audio and video files. You can learn more about CSV uploads and download Speak-compatible CSVs here.
With the CSVs, you can upload anything from dozens of YouTube videos to thousands of Competitor Analysis files.
Publicly Available URLs
You can also upload media to Speak through a publicly available URL.
As long as the file type extension is available at the end of the URL you will have no problem importing your recording for automatic transcription and analysis.
YouTube URLs
Speak is compatible with YouTube videos. All you have to do is copy the URL of the YouTube video (for example, https://www.youtube.com/watch?v=qKfcLcHeivc).
Speak will automatically find the file, calculate the length, and import the video.
If using YouTube videos, please make sure you use the full link and not the shortened YouTube snippet. Additionally, make sure you remove the channel name from the URL.
Speak Integrations
As mentioned, Speak also contains a range of integrations for Zoom, Zapier, Vimeo and more that will help you automatically transcribe your media.
This library of integrations continues to grow! Have a request? Feel encouraged to send us a message.
Step 3: Calculate and Pay the Total Automatically
Once you have your file(s) ready and load it into Speak, it will automatically calculate the total cost (you get 30 minutes of audio and video free in the 7-day trial – take advantage of it!).
If you are uploading text data into Speak, you do not currently have to pay any cost. Only the Speak Magic Prompts analysis would create a fee which will be detailed below.
Once you go over your 30 minutes or need to use Speak Magic Prompts, you can pay by subscribing to a personalized plan using our real-time calculator.
You can also add a balance or pay for uploads and analysis without a plan using your credit card.
Step 4: Wait for Speak to Analyze Your Competitor Analysis
If you are uploading audio and video, our automated transcription software will prepare your transcript quickly. Once completed, you will get an email notification that your transcript is complete.
That email will contain a link back to the file so you can access the interactive media player with the transcript, analysis, and export formats ready for you.
If you are importing CSVs or uploading text files Speak will generally analyze the information much more quickly.
Speak will automatically embed your data in a well-architected vector database which allows you to use retrieval augmented generation for Competitor Analysis.
Step 5: Visit Your File Or Folder
Speak is capable of analyzing both individual files and entire folders of data.
When you are viewing any individual file in Speak, all you have to do is click on the “Prompts” button.
If you want to analyze many files, all you have to do is add the files you want to analyze into a folder within Speak.
You can do that by adding new files into Speak or you can organize your current files into your desired folder with the software’s easy editing functionality.
Step 6: Select Speak Magic Prompts To Analyze Your Competitor Analysis
What Are Magic Prompts?
Speak Magic Prompts leverage innovation in artificial intelligence models often referred to as “generative AI”.
These models have analyzed huge amounts of data from across the internet to gain an understanding of language.
With that understanding, these “large language models” are capable of performing mind-bending tasks!
With Speak Magic Prompts, you can now perform those tasks on the audio, video and text data in your Speak account.
Retrieval augmented generation is what makes these Magic Prompts work so well.
Step 7: Select or Create Your Assistant Type
To help you get better results from Speak Magic Prompts, Speak has introduced “Assistant Type”.
These assistant types pre-set and provide context to the prompt engine for more concise, meaningful outputs based on your needs.
To begin, we have included:
- General
- Researcher
- Marketer
- Sales
- Recruiter
Choose the most relevant assistant type from the dropdown.
You can also create your own custom Assistant Template Type.
If you visit the new page Account Preferences, you can see there is now an area where you can create your own custom Assistant.
This allows you to set the context of the engine for higher quality and more consistent outputs.
For example, you could say:
“We are [COMPANY NAME]. We are analyzing [DATA] to understand how to improve [GOAL]. We want all responses to be concise and in table format.”.
This becomes a reusable template in any of your manual or automated Magic Prompts.
You can create multiple templates for different use cases.
As an example, the analysis you run on a focus group may be different than a one-on-one interview.
Step 8: Create Or Select Your Desired Prompt
Here are some examples prompts that you can apply to any file right now:
- Create a SWOT Analysis
- Give me the top action items
- Create a bullet point list summary
- Tell me the key issues that were left unresolved
- Tell me what questions were asked
A modal will pop up so you can use the suggested prompts we shared above to instantly and magically get your answers.
If you have your own prompts you want to create, select “Custom Prompt” from the dropdown and another text box will open where you can ask anything you want of your data!
Step 9: Review & Share Responses
Speak will generate a concise response for you in a text box below the prompt selection dropdown. With Chat enabled, you can also continue to query that data to reveal more insights and reformat the information to your needs.
In this example, we ask to analyze all the Competitor Analysis in the folder at once for the top product dissatisfiers.
You can easily copy that response for your presentations, content, emails, team members and more!
Speak Magic Prompts Pricing
Our team at Speak Ai continues to optimize the pricing for Magic Prompts and Speak as a whole.
Right now, anyone in the 7-day trial of Speak gets 100,000 characters included in their account.
If you need more characters, you can easily include Speak Magic Prompts in your plan when you create a subscription.
You can also upgrade the number of characters in your account if you already have a subscription.
Both options are available on the subscription page.
Alternatively, you can use Speak Magic Prompts by adding a balance to your account. The balance will be used as you analyze characters.
Completely Personalize Your Plan 📝
Here at Speak, we’ve made it incredibly easy to personalize your subscription.
Once you sign up, just visit our custom plan builder and select the media volume, team size, and features you want to get a plan that fits your needs.
No more rigid plans. Upgrade, downgrade or cancel at any time.
Claim Your Special Offer 🎁
When you subscribe, you will also get a free premium add-on for three months!
That means you save up to $50 USD per month and $150 USD in total.
Once you subscribe to a plan, all you have to do is send us a live chat with your selected premium add-on from the list below:
- Premium Export Options (Word, CSV & More)
- Custom Categories & Insights
- Recorder Customization (Branding, Input & More)
- Media Player Customization
- Shareable Media Libraries
We will put the add-on live in your account free of charge!
What are you waiting for?
Refer Others & Earn Real Money 💸
If you have friends, peers and followers interested in using our platform, you can earn real monthly money.
You will get paid a percentage of all sales whether the customers you refer to pay for a plan, automatically transcribe media or leverage professional transcription services.
Use this link to become an official Speak affiliate.
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Just use our Calendly link to find a time that works well for you. We look forward to meeting you!
