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Grow your business with consumer-driven insights

Unlock the full potential of your business with data-driven consultancy. Employ a powerful combination of data interpretation and strategic expertise to make informed decisions. Optimise pricing, brand equity, product development and customer targeting while driving sustainable growth in today's competitive market.

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Explore our
case studies

Discover stories of businesses that overcame challenges and achieved remarkable results thanks to our tailored and collaborative approach.

price

Renewed insights on how to best measure price elasticity and pricing power

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customer

How Telenet took actionable segmentation to the next level

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product
customer

How Center Parcs offers the right accommodation to its guests, thanks to data-powered insights

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brand

How an automotive company optimised their advertising messaging: The importance of brand alignment when launching a new product

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price

How Center Parcs Europe optimised revenue management and increased profits

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customer

Revolutionizing business intelligence in FMCG: A journey from spreadsheets to a streamlined online portal

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customer

Optimising loyalty card programme for a global retailer (award-winning study)

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customer

Connecting the data through multiple information sources

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customer

How Pernod Ricard decoded the travellers' buying behaviour: Segmentation beyond nationalities

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brand

How a global pharma company successfully communicated the launch of a new medicine through strategic salesforce allocation

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price

Mastering Path to Purchase: How Pernod Ricard UK unlocked invaluable shopper insights

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brand

Discovering the new generation of players

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price
product

Behind the success of Ballantine’s Light

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customer
brand

Supporting Pernod Ricard's commitment to sustainability

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product

How Niko reshaped its business model while expanding consumer reach

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brand
price

How to strategically balance brand equity and profitability: Pernod Ricard's pricing and portfolio optimisation

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price

Revitalizing cinema advertising: How Brightfish transformed pricing strategy for optimal value and increased revenue

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Commonly solved business questions

What product features drive the value of our products?

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Boobook conducts in-depth market research to identify what drives customer choice. We use a variety of methodologies, such as conjoint, MaxDiff or key driver analysis. Furthermore, we use available data, e.g., through web scraping, to understand how other companies set their prices.

Are our prices aligned to the customer value?

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By measuring brand equity, evaluating price perception, and using sell-out prices, boobook identifies how well current pricing is aligned with the perceived brand value. Following this, we also measure price elasticity to advise the right price strategy.

How resistant are our brands to price increases?

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Willingness to pay, or price elasticity, is valuable information every brand should know and understand. We support companies in measuring price elasticity by analysing existing transactional or market research data. The analysis results in a demand curve used as input to any ‘what-if’ scenario, such as future price increases.

Who are our biggest competitors in terms of brand power?

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Any company/brand operates in a competitive environment. Through consumer listening and analytics, we provide insights into how a brand compares to its key competitors regarding brand performance, image, and price elasticity.

Who are the different types of customers, and how can we best serve them?

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The “average” customer or consumer doesn’t exist. Through detailed customer listening and advanced analytics, we divide customer audiences into clear segments, referred to as personas. Apart from building a clear view of these personas, i.e., how they behave, what they purchase, and what drives them, we create a clear target/action plan for each target group. On top of this, we link our insights with the CRM database so that individual targeting can be done.

The boobook principles

At the heart of boobook, there is a passionate and dedicated team aligned on values and work ethic. These are fundamental guides that shape our culture and help us tackle challenges together.

Collaborative spirit

Whether it's within our team or with our clients, partners or suppliers, we foster an environment of co-creation, knowledge sharing, and open dialogue. We thrive on asking questions and challenging one another because we know that together, we achieve smarter and more effective solutions.

Deep expertise

With over 20 years of industry experience, our talented professionals bring a wealth of knowledge and expertise to every project. We stay at the forefront of the latest data analysis techniques, AI tools, and industry trends to deliver exceptional results.

Personalised approach

While some business questions may be similar, each business is unique. We are dedicated to comprehending your specific business requirements and developing customised solutions that will fuel growth and success.

“Boobook team makes data talk and answers business needs in a way that is really relevant. They are always very clear on the business and the business constraints, and how the business can use the data.”
Emma Donnellan
Head of Centre of Excellence, Shopper, E-Shopper and Traveler at Pernod Ricard

Insights and 
inspiration

Your source of valuable knowledge and inspiration on how to optimise your business with the right pricing, product, brand and customer strategies.

Category
min. read

Pricing 360°: The influence of product features on pricing decisions

How can businesses achieve unparalleled growth and maximise profitability in today's competitive landscape? At boobook, we believe the answer lies in our data-powered strategic consulting, anchored firmly on four interconnected pillars: brand, product, pricing, and customer. We guide businesses toward excellence and sustainable growth by understanding and leveraging these fundamental elements.  

Determining the right price for a product can be daunting for many businesses. Often, pricing decisions are based solely on cost or intuition. However, at boobook, we know how important an informed, customer-first pricing strategy is to achieving business success. That's why we created the "Pricing 360°" series to guide you through the complexity of pricing strategy, one aspect at a time.

In our previous article, we discussed the connection between brand and pricing. Today, we'll continue the "Pricing 360°" series with a second business pillar: the Product.  


In this article, we will explore the relationship between pricing strategy and product features. We'll delve into the importance of understanding which product features are most valued by customers when setting your price. Adopting a data-driven approach allows you to develop optimal product configurations and corresponding pricing strategies that resonate with your target audience.

The influence of product features on pricing decisions

Setting the right price involves considering various factors, including external influences like macroeconomics, market demand, brand perception, competition, etc., as well as internal pressures such as production costs, company strategy, or corporate finances. While we will cover some of these factors in upcoming articles, for now it's absolutely crucial to acknowledge the pivotal role played by the range and the level of the offered product features in pricing decisions.  

Product characteristics such as design, durability, specific functionalities, product bundling possibility or other technical specs are vital elements to have evaluated by your prospects when determining the value customers assign to a specific product and what they are willing to pay for it, based on its specific product features combination.

It’s essential to avoid letting internal pressures dictate the product features or the price at which they are to be sold and instead focus on understanding and meeting your customers' real preferences, expectations, and willingness to pay. After all, what makes a product excellent is defined by the customer, not the product manager. This is the essence of a Value Based Pricing strategy, in which we strongly believe.

Get your pricing basics right first

Successfully defining an acceptable broad price range for your product(s) involves multiple factors, categorised as internal and external:  

Internal factors:  

  1. Production costs: Understanding the costs involved in producing the product is essential for defining an appropriate price range that ensures profitability.  
  1. Financial resources: A company's financial capabilities indirectly determine its pricing strategy. E.g. the level of promotional efforts at launch, the level of investments in product development that come with an impact on its final price, etc.
  1. Positioning strategy: How the product is currently positioned in the market and its perceived value influence pricing decisions. A premium positioning strategy may warrant higher prices, while a value-for-money oriented positioning may require more competitive pricing.  
  1. Pricing strategy: The chosen pricing strategy directly affects the product's final price.  
    Different methods, such as cost-based or value-based pricing, have distinct implications for profitability and market positioning.  

External factors affecting pricing decisions include e.g. the state of the (national) economy, market demand, level of competition or even seasonal influences.  

How to measure product needs  

Even though it’s important to have these internal and external aspects in mind, the key question you have to ask is what product or service features contribute the most to its value, and therefore, drive willingness to pay?  
Is it its design? Or maybe the width of the colour range you can choose from? Or could it be one of the more technical (and often underestimated) specs that really drives interest and willingness to pay? It is essential to be open to learning and understanding. These important nuances of what the customer thinks are crucial to a product and bring value and what are superfluous extras that they aren’t willing to pay more for.  
To further enhance your understanding of product-related customer insights, at boobook we use advanced methodologies such as conjoint analysis, Max Diff, or key driver analysis.  

Conjoint analysis is particularly useful for understanding the value of each individual product feature.  
In conjoint analysis, customers are shown all possible variations of product features/specs (levels) and are asked to choose which variation of features and specs-level they would be most likely to purchase, given a specific competitive and pricing situation.  
The different product variations, including competition (!), are presented on a simulated shelf to create a realistic shopping experience and the exercise must be done several times to ensure all possible competitive and pricing situations are tested. This is the only way to make robust, statistically significant, data-based insights afterwards.

Let’s take a look at the example with smartphone comparison. A product is characterised by its attributes and levels, which depend on the variations to be tested. A minimum of two attributes are required (for instance, price and brand) to create a design grid.

At boobook, we employ a scenario simulator for conducting key conjoint analysis. The simulator allows us to analyse the following:

  • Price sensitivity of different product variations in a competitive market
  • Estimates of volume, revenue and profit
  • Evaluation of the value of various product features
  • Potential cannibalisation effects
  • Identification of the ideal product range

By analysing the data obtained, we can accurately measure the value of each product characteristic and identify which product variations customers are willing to pay more for. Combining these data-driven insights with our industry expertise, we enable businesses to make informed, strategic decisions that drive growth and profitability.

In conclusion

Conjoint method is a powerful tool that can address various business enquiries beyond pricing alone. Additionally, it can offer multiple simulation options.

However, it requires substantial set-up time, larger samples and is generally more costly compared to simpler methods. Conjoint analysis is best suited for examining the price sensitivity of multiple products, analysing the combined impact of price and product composition, and optimising price and promotional strategies.  

Curious to learn more? Check out our case study with Center Parcs to discover how we helped them identify which product features customers are willing to pay more for.  

Feel free to contact our team if you have any questions or want to learn more about data-driven strategic pricing. Stay tuned for our next article in the series: "Pricing 360°: Customer understanding as key ingredient of meaningful commercial strategies".

Category
min. read

Pricing 360°: How understanding consumers’ perception of your brand is key to making better pricing decisions

How can businesses achieve unparalleled growth and maximize profitability in today's competitive landscape? At boobook, we believe the answer lies in our data-powered strategic consulting, anchored firmly on four interconnected pillars: brand, product, pricing, and customer/consumer. By understanding and leveraging these fundamental elements, we guide businesses toward excellence and sustainable growth.

In the coming weeks, we're excited to share a series of articles focusing on these pivotal pillars, more specifically on how strategic price setting is driven by the other 3 pillars. This insight is crucial in an era where gaining a competitive edge is not just beneficial but necessary for survival and success. Understanding the intricate relationship between these pillars enables businesses to boost growth and ensure maximum profitability effectively.

Kicking off our "Pricing 360" series, we begin with a topic at the heart of product success or failure in the market: Brand perception. The way consumers perceive your brand has a profound impact on their purchasing decisions, a fact no business can afford to overlook. We will demonstrate how a deep, nuanced understanding of your brand, seen through the eyes of your consumers, can empower you to make pricing decisions that not only resonate with your target audience but also drive growth and success.

Why having a clear view of your brand perception matters

The equilibrium between brand perception and pricing decisions is crucial for businesses striving for strategic growth and a stable market position. It involves a complex analysis of supply and demand economics combined with brand psychology. Contrary to common belief, a high price doesn't always signify premium value, and a lower price doesn't necessarily mean affordability. To truly enhance pricing strategies, understanding the signals your brand sends out in the market is essential.

Pricing strategy involves setting the optimal price for your products or services to maximise revenue or profitability and achieve business objectives - without pricing your brand/products out of the market or course. Pricing decisions will significantly impact sales volume, but also market positioning, and, indirectly, brand perception. The right pricing strategy can also help you attract (new) customers or maintain competitiveness.

So, what is the connection between these two essential components of your overall marketing strategy, and why should you align them? Brand understanding and aligning your pricing strategy with your desired brand positioning is essential because it helps you to create a consistent and coherent brand experience for your customers. When you achieve an accurate and positive customer brand perception, this, in turn, enhances their trust and loyalty, which is translated into increased sales and profitability.

When companies benefit from brand understanding

Here’s an overview of when and why companies will benefit from understanding how the market perceives their brand.    

  • Linking pricing to brand positioning: Understanding how customers/consumers perceive your brand helps you identify and define your brand's unique position in the market. It allows you to understand how customers perceive your brand, and it enables you to identify the key differentiators that set your brand apart so you can create a compelling value proposition. This, in turn, influences pricing decisions. If your brand is perceived as offering unique benefits or solving specific customer problems, customers may be willing to pay a premium price. For example, if your brand is associated with high-quality and premium features, you can set a higher price point to reflect that perception. On the other hand, if your brand is positioned as affordable and value-driven, a lower price point may be more suitable.
  • Launching a new product or service: Brand perception analysis is extremely valuable when developing or launching new products, product features, services or even (sub)-brands.
    It helps companies understand customers’ expectations, motivations, or feelings towards your brand. By mapping the target market's perception of your brand as well as your competitive landscape, companies can make strategic decisions to extend their offer purposefully and successfully.
  • Rebranding/repositioning: When a company undergoes rebranding or decides to reposition its brand in the market, brand perception analysis becomes essential. It allows companies to assess their current brand identity and their brand DNA and identify gaps or opportunities for improvement. Companies can strategically plan and execute their rebranding efforts by understanding how the brand is currently perceived vs. how it should be perceived.
  • Competitive analysis: Brand understanding is an excellent approach to conducting competitive analysis. By mapping competitors' perceptions and positioning, companies can identify opportunities for “the blind spots in the market” and build further on their strengths and weaknesses. This analysis provides the foundations for developing effective strategies to gain a competitive advantage and stand out in the market.
  • Marketing and communication: Developing effective marketing and communication strategies isn’t the easiest task. However, with brand perception analysis, companies can better understand how their brand characteristics align with customer needs and expectations. By leveraging these insights, companies can create targeted marketing that resonates with their key audience, increasing brand awareness and customer engagement.

How to measure and understand brand perception

There are different ways to capture the market's view of your brand and your competitors. Note that the view of competitor brands is critical in this exercise, as a brand is always perceived in comparison to other brands.  

One view might be to look at sales. Who sells most and least, especially how the volume changes when a brand is on promotion, as promos tend to be less necessary for more premium / high-quality brands. However, we know that sales (even promo sales) will only give a limited view of how brands are perceived.  

Another possibility is to collect brand perception views from the sales team, as they are often the closest to the market. However, these views might be biased towards specific customers or retailers.  

The best option is to talk directly to the consumers to get their view on how they perceive different brands—brands they either bought or are aware of. I.e. Which brands do they associate with high quality, reliability, trendy, premium, fun, innovative, mainstream, etc.? Alternatively, some of these perceptions can also be captured through social media analysis.  

Typically, the outcome of such an exercise is presented in a two-dimensional map called a "brand image map". It visually shows which characteristics brands are associated with and in which competitive space they sit, i.e., who the main competitors are from a brand image perspective.  

A close-up of a diagramDescription automatically generated

Ideally, a brand sits in white space, meaning competitors do not closely surround it and are away from the middle. The more a brand sits in the middle, the more its image is less distinct.  

Depending on the brand's goals, its desired brand image will differ. Value-driven brands strive to be considered premium and exclusive, while volume-driven brands will be closer to the mainstream.


In conclusion

Brand perception analysis is a vital tool for your branding and pricing strategy. When used effectively and complemented with other types of insights it can support businesses in strategic decision-making and help build strong brands.

Brand image analysis and pricing strategy are clearly intertwined in building a successful brand. By understanding the perception of your brand and its unique value proposition, i.e. your brand identity, you can effectively align your pricing strategy to maximise profitability and achieve your business objectives.  

Combining the insights gained from a brand image map with a landscaping exercise on current competitive pricing will further help you establish the optimal price (as in a price in line with the market) for your products or services, ensuring that you attract the right customers and drive long-term success.  

If you need to optimise your brand positioning and pricing strategy, get in touch! Our team is here to assist you in developing your ideal pricing strategy.

Category
min. read

Demystifying AI: How to use (and not use) artificial intelligence for insights creation and strategic consultancy

Artificial intelligence has pervaded every aspect of our lives, driven in large part by the remarkable popularity of generative AI applications. Among these, ChatGPT stands out as the app that boasts the most rapidly expanding user base in history, sparking extensive discussions around the boundless possibilities and future potential of this cutting-edge technology. Naturally, with such fervour comes a fair share of misconceptions and misinformation circulating.  

In his influential 2004 paper, John McCarthy defines artificial intelligence (AI) as “the science and engineering of making intelligent machines, especially intelligent computer programs. It is related to the similar task of using computers to understand human intelligence, but AI does not have to confine itself to methods that are biologically observable." The goal of AI is to develop a machine that can think like humans and mimic human behaviours. But let's debunk the myth right here - AI isn't a looming menace ready to overthrow the industry (or take over our jobs) - no matter what the media is trying to tell you. Instead, it's a game-changer, a potent tool reshaping our sector in ways we could barely have imagined a few years ago. ChatGPT, or more broadly, Large Language AI Models (LLMs), have become ubiquitous in our lives. LLM (Large Language Modelling) is an AI technology that efficiently processes and condenses vast amounts of information. LLM excels in tasks such as summarising and creating analytical models, but it does not possess the ability to think or discern between good and bad, it doesn't make any judgment, nor can it validate what it creates. Hence, human supervision is necessary to evaluate the accuracy and significance of the AI-generated output.

Imagine AI as an e-bike for your brain. It equips you to go further, quicker, and with less effort. However, just as the cyclist needs to pedal to propel the bike forward, human intervention is indispensable for AI to perform at its best.  

However, AI does come with its share of shortcomings. While AI has groundbreaking potential to overhaul the way we work, it is not designed to replace human intellect but to augment it and help us be better at what we do. While it's great at crunching colossal volumes of data, businesses need clear and actionable strategic advice, not basic data digests. Moreover, AI falls short when grasping sarcasm, irony, and other nuanced linguistic expressions. In such instances, humans still need to peruse the text to decipher the intricate layers of communication. Emotional interpretation, negotiations, imagination, and vision of the future are still strong qualities of humans, underlining the irreplaceable role of human understanding and contextual interpretation in harnessing the full power of AI.

Impact of AI on insights and analytics

Here at boobook, exploring new methodologies and learning about innovative technologies has always been in our DNA. Over the last year, we’ve been exploring working with AI, and we believe it offers great assistance in the process of gathering, creating, and presenting insights.  

One of the biggest advantages of AI is that it revolutionises the data analysis process by eliminating the risk of human error and bias. Additionally, AI automates the time-consuming tasks of data cleaning and preprocessing, freeing up valuable resources.

AI can greatly assist the industry in multiple ways:

1. Efficiency Increase

By harnessing the power of AI-powered algorithms, organisations can analyse vast amounts of data faster and more accurately than ever before. This capability reveals hidden patterns, trends, and correlations, providing invaluable insights and expanding organisations’ research capabilities in several groundbreaking ways. Let’s take a look at its various applications:  

  • Predictive analytics leverages AI algorithms to forecast market trends, consumer behaviour, and product demand.  
  • Natural language processing (NLP) algorithms can quickly analyse qualitative information from sources such as focus group transcripts, survey responses, social media posts, reviews, etc.  
  • Sentiment analysis enables a nuanced understanding of public sentiment toward products or brands by analysing online content, social media, and customer feedback.  
  • Price optimisation, on the other hand, uses AI algorithms to analyse pricing dynamics, competitor strategies, and market conditions.  
  • Another critical application of AI in data analysis is demand forecasting. By analysing historical data and external factors, AI models facilitate accurate predictions of future demand patterns for products or services.  
  • Additionally, AI aids in fraud detection by identifying anomalous patterns in transactions and user behaviour, enhancing risk management, and ensuring the integrity of research-related financial processes.  
  • AI also enables 24/7 focus groups and interactive questionnaires, allowing businesses to gather real-time insights and feedback from their target audience.
  • Furthermore, chatbots powered by AI technology provide instant and personalised support to customers, enhancing their experience and streamlining communication.
  • The capabilities of AI extend beyond text-based data analysis. Image and video analytics have become increasingly sophisticated, enabling businesses to extract insights from visual content such as images and videos.  

2. Inspiration

AI has the potential to inspire innovation and creativity within the industry. It can generate fresh ideas, identify emerging trends, and offer novel perspectives that fuel growth and progress. For example, you can use AI tool to add value for more profound segmentation. By asking questions such as “Who is your ideal customer?” and “How is your ideal customer feeling?” you can get interesting output when consulting on how to connect with that segment.  

3. Summarization

AI-powered systems excel at generating accurate and concise summaries of large volumes of information. This capability saves time and effort by distilling complex content into easily digestible formats. Numerous tools are available to help you efficiently grasp the core message of any text, but it’s crucial to prioritize the use of closed-loop mode apps to guarantee data confidentiality.

The future-proof MI professionals: Embracing opportunities & acquiring relevant skills

​​The adoption of AI is bound to open up new opportunities for professionals in all industries, and experts in the insights industry also have to rethink how they allocate their time and the skills needed for success. With AI taking care of routine and repetitive tasks, professionals can dedicate their time to interpreting data and extracting meaningful insights with confidence.  

Additionally, AI can also be a valuable tool that allows more coaching and enablement. By automating specific processes, professionals can devote more time to mentoring junior team members and nurturing their growth. This shift allows for a more strategic approach, where professionals can focus on driving innovation and strategic initiatives instead of being weighed down by mundane tasks.

Furthermore, the integration of AI reduces the technical benchmark required for entry-level professionals. With AI handling tasks that traditionally demanded hard technical expertise, junior profiles can contribute more effectively to data analysis and insights creation.  

Even though the benefits of AI are straightforward, professionals are concerned that their jobs are at risk of being replaced. However, it's not actually AI itself that poses a threat, but rather those who are adept at utilising it. Let's discuss new strategies and essential skills that will help future-proof MI (Market Intelligence) professionals to ensure their continued relevance and success:

  1. Embrace and engage: Rather than fearing the rise of AI, MI professionals should embrace it as a valuable tool in their arsenal. Learning about AI algorithms, machine learning, and data analytics will broaden your skill set and enhance your ability to work effectively with AI tools.
  1. Prompt engineering: One of the critical skills for a future-proof insights professional is the ability to ask the right questions to an AI-using machine. AI can provide vast amounts of data, but it's up to humans to determine which questions to ask to extract meaningful and actionable insights.
  1. Insights / Consultancy / Storytelling: At Boobook, we understand the power of storytelling, as we know this is an essential tool to bridge the gap between raw data and strategic, meaningful decision-making. By conveying information concisely and engagingly, insights professionals can demonstrate their value and assist organisations in making effective choices.
  1. Advising on AI adoption: By understanding the capabilities and limitations of AI, MI professionals can guide, inform and give the needed nuance to decision-makers on how to use AI tools effectively. This includes identifying the right AI solutions, evaluating their potential impact, knowing their strengths and weaknesses, and meeting ethical considerations.
  1. Be extra critical of information sources & validation: AI is only as good as the data it is fed, so ensuring accurate and trustworthy information is mandatory. MI professionals should meticulously cross-reference multiple sources, verify the credentials of their data providers, and analyse the validation methods used.
  1. Prioritise and validate: Typically, AI splits out way too much information without stressing and prioritising insights. Not all data is equally valuable, and not all insights are similarly relevant. By identifying and prioritising the most critical data points and insights, you can save time and resources while maximising the impact of your analysis.
  1. Make insights actionable: MI professionals should be experts in data analysis and possess a strong sense of business acumen. By interpreting data in the context of the organisation's goals and challenges, you can effectively communicate the implications and recommendations to decision-makers.  
  1. Specialise: By deepening your knowledge and understanding in a particular niche, you can position yourself as a valuable and sought-after expert, with AI assisting you in that particular niche.

Unlocking the potential of AI in the insights industry

This year, generative AI has quickly gained momentum, leaving many people feeling challenged to keep pace. Ever since ChatGPT burst onto the scene in November 2022, it has been the talk of the town, attracting businesses eager to seize its immense value. The innovation adoption curve of AI may have had a slow start, it’s growing rapidly, and we are seeing new and exciting applications of it every day. This fast change is not easy to grasp, and for some, it might be just a bit overwhelming. However, it’s important we don’t see AI as a threat but as a liberating force for the industry. It's high time we realise that AI is not designed to replace human intellect but to augment it and help us be better at what we do. By dispelling fears, embracing opportunities, and leveraging AI for insights creation, professionals can unlock the full potential of AI and drive innovation in their fields.  

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