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Determining What The Competition Looks Like
There are many reasons to understand what the competition looks like when starting a new business. Identifying and analyzing competitors can help a business to understand the strengths and weaknesses of the industry, as well as the trends that are shaping it. The business can also identify threats posed by its competitors and develop strategies to mitigate them. The goal here is to learn what works and what doesn’t by letting your competition fail first.
Google Bard can be used to help determine which existing companies currently act as competition for our company. Google Bard has the ability to search the internet. This will allow it to determine the current competition.
Prompt:
You are a market researcher with over 30 years of experience working for the largest marketing firms in the world. Your job is to investigate companies that currently compete with our Virtual Metaverse Event Planner business. Provide a list of 3 direct competitors and explain what makes them direct competitors. Provide a list of 3 indirect competitors and explain what makes them indirect competitors. For each competitor listed, provide the company name, the company website URL and a few sentences describing what they do. Then perform competitive analysis and provide key insights that should be incorporated into our business.
Response:
**Direct Competitors:**
**Company Name:** Bizzabo
**Company Website:** https://bizzabo.com/
**Description:** Bizzabo is an event management platform that offers a variety of features for planning and executing virtual events, including metaverse events.
**Company Name:** Cvent
**Company Website:** https://www.cvent.com/
**Description:** Cvent is an event management platform that offers a variety of features for planning and executing virtual events, including metaverse events.
**Company Name:** Hopin
**Company Website:** https://hopin.com/
**Description:** Hopin is an event management platform that offers a variety of features for planning and executing virtual events, including metaverse events.
**Why they are direct competitors:** These companies offer similar products and services to our Virtual Metaverse Event Planner business. They all offer virtual event planning and execution services, including metaverse event planning and execution services.
**Indirect Competitors:**
**Company Name:** Meta (formerly Facebook)
**Company Website:** https://www.meta.com/
**Description:** Meta is a technology company that is developing the metaverse. They offer a variety of products and services related to the metaverse, including the Oculus Quest 2 virtual reality headset and the Horizon Worlds virtual reality platform.
**Company Name:** Microsoft
**Company Website:** https://www.microsoft.com/
**Description:** Microsoft is a technology company that is developing the metaverse. They offer a variety of products and services related to the metaverse, including the Microsoft HoloLens 2 augmented reality headset and the Microsoft Mesh mixed reality platform.
**Company Name:** Google
**Company Website:** https://www.google.com/
**Description:** Google is a technology company that is developing the metaverse. They offer a variety of products and services related to the metaverse, including the Google Daydream virtual reality platform and the Google Glass augmented reality glasses.
**Why they are indirect competitors:** These companies are developing the metaverse, which is the platform on which virtual metaverse events will take place. They are not direct competitors because they do not offer virtual event planning and execution services. However, they could become direct competitors in the future if they start offering these services.
**Key Insights from Competitive Analysis:**
* The market for virtual metaverse events is still in its early stages of growth, but it is expected to grow rapidly in the coming years.
* Businesses are increasingly investing in virtual metaverse technologies.
* There is a growing demand for skilled virtual metaverse event planners.
* Virtual metaverse events can be used for a variety of purposes, such as marketing, sales, and employee engagement.
**Recommendations:**
* We should focus on differentiating ourselves from our competitors by offering a unique and personalized experience to our clients.
* We should invest in developing new and innovative virtual metaverse event planning and execution services.
* We should partner with other companies involved in the metaverse, such as Meta, Microsoft, and Google.
* We should market our services to a wide range of clients, including businesses, event planners, and individuals.
I hope this information is helpful. Please let me know if you have any other questions.This response from Google Bard took a bit of tweaking to get right. Originally, I asked for Bard to list 5 direct and 5 indirect competitors. This seemed to have consumed so much space in its output, it cut off the end of its own response. After the list quantity was changed from 5 to 3, the full response was output. I’m sure Google will increase the amount of text Bard can answer with over time.
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