The method
Use this to research profitable niche markets. Input your product interests, desired profit margin, and target audience. The prompt identifies potential niches, evaluates competition, and recommends products. Refine inputs based on initial results. Target: Entrepreneurs. Location: ChatGPT/Gemini
The prompts
Prompt 1
I want to start a dropshipping business but am unsure what to sell. My interests are in [Your Interests, e.g., sustainable living, pet products, home decor]. I am aiming for a profit margin of [Desired Profit Margin, e.g., 30-40%] and my target audience is [Target Audience, e.g., young adults, eco-conscious consumers, pet owners]. Please identify 3-5 potential niche markets within these parameters, evaluate the level of competition in each market (low, medium, high), and recommend specific products that are trending or have high potential for growth. Include sources to back up your findings about the trending products and niche profitability.
Prompt 2
Analyze the following product idea for dropshipping potential: [Product Idea, e.g., Bamboo Toothbrushes, Smart Dog Collars, Minimalist Wall Art]. My target market is [Target Market, e.g., environmentally conscious millennials, tech-savvy pet owners, interior design enthusiasts]. Assess the market size, identify key competitors, analyze the current trends, and suggest potential marketing strategies to reach my target audience. What are the potential challenges and opportunities for this product in the current market? Please provide realistic sales forecasts for the first 6 months and suggest ways to differentiate my product from existing competitors. Also, recommend ideal dropshipping suppliers for the mentioned product.