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Speed Up Your Market Research with Google Bard 💡

Using Bard's access to Google's live search data

Hey there hackers! Today, I am going to demonstrate how you can use Google Bard for market research.

Over the past couple of weeks, I’ve been experimenting with using Bard more than ChatGPT both via the Bard Website directly and via the new Google Generative Search Experience (SGE) which I was lucky enough to get very early access to.

If you haven’t given Bard a try yet, it’s definitely worth giving it a go! For now, back to our topic of the day, let me show you how to do market research using Bard.

✨ What is Google Bard?

Many of you might know this already but just in case for the 345 new subscribers that joined since the last article. A quick explanation: Bard is Google’s response to ChatGPT.

The main differentiator for Bard over ChatGPT is that Bard has access to Google’s live search results and data. Meanwhile, ChatGPT’s knowledge is cut off as of September 2021 (yes ChatGPT does have a Bing Search plugin you can use but it’s still in very early Beta, Bard is much stronger in this category).

See my article on the comparison of ChatGPT vs. Google Bard for more details on Bard.

  Pro Tip: Remember that Bard does not maintain history across chats. When doing a multi-prompt session with Bard, just remember that you will have to do it all in the same session. Otherwise, you will have to start over.

🧭 Guide to Market Research with Bard

Let’s assume you wanted to build software for Yoga studios to manage their class schedules and members. Using Google Bard you can get a very good understanding of the Yoga Studio software landscape and the market demand and size for such software very fast. Here are the prompts to use with example answers:

Note: some of the answers can be fairly long. To keep this article readable I’m going to summarize the results.

Prompt:

How many Yoga studios are there in the US?

Bard’s Response:

According to IBISWorld, there are 48,547 Pilates & Yoga Studios businesses in the US as of 2023 from 22,340 in 2021, with an average annual growth rate of 4.6%.

The state with the most yoga studios per capita is Alaska, followed by Hawaii, Oregon, and Colorado. The city with the most yoga studios is Los Angeles, followed by New York City, San Francisco, and Chicago.

The average yoga studio produces $13,495/month in revenue. The profitability of owning a yoga studio varies depending on a number of factors, including location, size, and type of studio. However, the overall industry is very profitable, and there is a high demand for yoga studios in the US.

Great start! Bard also included Pilates studios in the response which is great. They are usually very related to Yoga studios so I’m going to keep them in. Let’s see where the revenue comes from.

Prompt:

What is the revenue distribution of Yoga and Pilates studios in the US?

Bard’s Response:

The revenue distribution of yoga studios in the US is as follows:

  • 25% of studios generate less than $10,000 in monthly revenue.

  • 50% of studios generate between $10,000 and $30,000 in monthly revenue.

  • 25% of studios generate more than $30,000 in monthly revenue.

The average yoga studio produces $13,495/month in revenue.

Here are some of the factors that can affect the revenue of a yoga studio:

  • Location: Studios located in high-traffic areas or near popular yoga destinations tend to generate more revenue.

  • Size: Larger studios can offer more classes and attract more students, leading to higher revenue.

  • Type of studio: Studios that offer specialized classes, such as hot yoga or prenatal yoga, tend to generate more revenue.

  • Marketing: Studios that effectively market their services can attract more students and generate more revenue.

Before moving on, let’s check these numbers real quick to make sure we are not dealing with “hallucinations”:

48,547 × 25% = 12,136 x $120,000 = ~$1.4B
48,547 × 50% = 24,274 x $120,000 - $360,000 = ~$2.9B - $8.7B
48,547 × 25% = 12,136 x +$360,000 = +$4.4B
The total comes up to $8.7B - $14.5B

A quick Google search (or you can ask Bard again), shows that the industry size in 2022 is estimated at $12B. Our numbers check out!

Prompt:

What are yoga and pilates studios’ pain points that can be solved with software?

Bard’s Response:

  • Scheduling: Manually scheduling classes and appointments can be time-consuming and error-prone. Software can automate this process, making it easier to keep track of bookings and ensure that classes are not overbooked.

  • Payments: Accepting payments can be a hassle, especially if you have to deal with cash, checks, and credit cards. Software can make it easier to accept payments online or through a mobile app, which can save you time and money.

  • Client management: Keeping track of clients' information can be difficult, especially if you have a large number of clients. Software can help you to store and organize client information, track their progress, and send them reminders about upcoming classes.

  • Marketing: Promoting your studio can be expensive and time-consuming. Software can help you to create and manage marketing campaigns, track your results, and measure the ROI of your marketing efforts.

  • Inventory management: Keeping track of your inventory can be a challenge, especially if you have a lot of equipment. Software can help you to track your inventory levels, order new equipment, and prevent stockouts.

Great! It’s a money-making industry, there are lots of potential clients and they have pain points we can solve with software. Let’s see if there are companies working on these problems already.

Prompt:

Are there B2B SAAS companies working on Scheduling, Payments, Client management, Marketing or Inventory management software for the Yoga & Pilates industry in the US?

Bard’s Response:

  • Mindbody: Mindbody is a leading provider of software for the fitness industry. Their software includes scheduling, payments, client management, marketing, and inventory management features.

  • YogaWorks: YogaWorks is a software company that specializes in yoga studio management. Their software includes scheduling, payments, client management, and marketing features.

  • Glofox: Glofox is a software company that provides scheduling, payments, client management, and marketing features for yoga and Pilates studios.

  • MemberTree: MemberTree is a software company that provides client management, marketing, and payments features for yoga and Pilates studios.

  • HubSpot: HubSpot is a marketing software company that provides a variety of marketing features for yoga and Pilates studios, including email marketing, social media marketing, and website analytics.

  • Mailchimp: Mailchimp is an email marketing software company that provides email marketing features for yoga and Pilates studios.

  • Constant Contact: Constant Contact is an email marketing software company that provides email marketing features for yoga and Pilates studios.

Some of these I’ve heard of like Mindbody and YogaWorks. They are the incumbents in the industry and are well known but have also gotten really bug and bulky which usually means there is space for a nimble startup to come in.

On the marketing size the examples provided are general email marketing software, not ones designed specifically for the industry. Could be room there! Knowing that there are behemoths in the space is a good sign, there is money to be made here but let’s see how you can differentiate.

Prompt:

What features and services can my startup offer that the existing companies are not providing?

Bard’s Response:

  • A focus on local marketing. Many yoga and Pilates studios are still relying on traditional marketing methods, such as print advertising and direct mail. You could differentiate your startup by focusing on local marketing, such as search engine optimization (SEO) and social media marketing. This would allow you to reach potential customers who are interested in yoga and Pilates studios in their area.

  • A focus on social media marketing. Social media is a powerful tool for marketing yoga and Pilates studios. You could differentiate your startup by offering social media marketing services that are tailored to the specific needs of each studio. This could include things like creating custom social media posts, developing social media campaigns, or managing social media accounts.

  • A focus on data-driven marketing. Data is king when it comes to marketing. You could differentiate your startup by offering data-driven marketing services that help yoga and Pilates studios track the performance of their marketing campaigns and identify what's working and what's not. This information can then be used to optimize their campaigns and get better results.

  • A focus on creativity and innovation. The yoga and Pilates industry is constantly evolving. You could differentiate your startup by being creative and innovative with your marketing. This could involve things like using new marketing channels, developing creative content, or experimenting with different marketing strategies.

These are a good starting point but obviously doing a bit more research, talking to a few studio owners, etc. can help you refine this list further and see what pain points are truly worth solving and then figuring out how to solve them.

From various conversations I’ve had over the years with studio owners, I can tell you that many are unhappy with current solutions. Let’s do one more prompt before wrapping up today’s article.

Prompt:

How much can a SAAS company selling marketing software to Yoga and Pilates studios in the US charge?

Bard’s Response:

The amount that a Pilates or yoga studio in the US can spend on a new marketing software subscription can vary depending on the features and services that the studio is looking for. However, in general, studios can expect to pay anywhere from $20 to $200 per month for a subscription.

Here is a breakdown of the different price points for marketing software for Pilates and yoga studios:

  • Basic: $20 to $50 per month. This tier typically includes features such as email marketing, social media marketing, and website analytics.

  • Standard: $50 to $100 per month. This tier typically includes all of the features in the basic tier, plus additional features such as lead generation, customer relationship management (CRM), and marketing automation.

  • Premium: $100 to $200 per month. This tier typically includes all of the features in the standard tier, plus additional features such as content marketing, search engine optimization (SEO), and pay-per-click (PPC) advertising.

Of course, these are just general price ranges. The actual cost of a marketing software subscription will vary depending on the specific features and services that the studio is looking for. It is important to compare different plans and features before making a decision.

Here are some factors to consider when choosing a marketing software subscription for a Pilates or yoga studio:

  1. The size of the studio: Larger studios will typically need a more robust marketing software solution than smaller studios.

  2. The studio's budget: The studio's budget will obviously play a role in the decision-making process.

  3. The studio's needs: The studio's specific needs will also need to be considered. For example, a studio that is just starting out may not need all of the features that a more established studio would need.

These are very rough estimates and the monthly prices are usually estimated as per-user costs. Larger studios with more employees could have 10-15 users (or even way more), while smaller ones could have a single user.

Back of the envelope math suggest that with roughly 50,000 studios in the country with let’s say an average of 3 employees in the standard plan of $75/mo, you got yourself a TAM of $11B!

Not bad! I’ll leave it up to you from here, you can follow-up with many more prompts and questions to keep digging. What’s so powerful here is that this sort of research could have taken multiple days in the past, now you can do it all in 30 minutes.

⚠️ Considerations of using Bard for Market Research

Bard will sometimes make mistakes. As you go through your market research, remember to use these numbers as back-of-the-envelope estimates and not as hard facts.

🚀 Tips to improve your Market Research with Bard

Here are tips to improve your success:

  1. Do more due diligence outside of Bard to confirm the numbers you get.

  2. Ask Bard for sources. It will let you know if the numbers are estimates or if there is a source of the numbers.

  3. Ask Bard the same questions in different ways to make sure the answer is consistent.

Hope you give this a shot when kickstarting your next business, startup or product. It saves a ton of time!

🛠️ AI tools to crush your goals

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📣 For more AI tools and plugins, take a look at the GPT Hacks AI Tools Directory (with 400+ tools) and ChatGPT Plugins Directory (with 120+ AI plugins).

🌐 Tweet of the day

Want to see Bard inside of the Google Search Generative Experience in action? Take a look at this recent tweet with a summary and videos.

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