At Globally Cool, we’re always looking for ways to improve our market research services by integrating the latest technology. One such tool, ChatGPT, has become a valuable resource in helping our team streamline complex tasks and generate actionable insights for our clients. In this blog, we’ll share a specific use case where ChatGPT played a key role in assisting with market trend analysis in the German olive oil market. This example highlights how we use ChatGPT to train market researchers in creating effective reports, which ultimately benefit Jordanian exporters. We’ll also briefly touch on other ways ChatGPT can enhance consultancy work.

A fool with a tool is still a fool

While ChatGPT is a powerful tool, it’s important to remember the saying, “A fool with a tool is still a fool.” If you don’t know how to use it effectively, the results you get may not be useful or accurate. This is why crafting the right prompt and providing the right context is crucial for getting the best results. Without a clear and structured approach, even the most advanced tool can lead to poor outcomes.

The framework: crafting effective prompts

To ensure ChatGPT provides relevant and actionable insights, we use a structured framework when creating the prompt. This framework can be broken down into six essential elements:

• Task: Define the specific task ChatGPT is expected to complete.
• Context: Give ChatGPT the background information it needs to clarify the task.
• Example: Provide a guideline or example to help ChatGPT generate the desired output.
• Persona: Assign ChatGPT a role or persona to improve the quality of the response.
• Format: Specify the desired structure or format of the output.
• Tone/Style: Indicate the tone or style you want ChatGPT to adopt in its response.

Here’s a snapshot of the prompt we used to generate the market analysis 👉

This framework allowed us to tailor ChatGPT’s response specifically to the needs of our client. As a result, the insights were clear, actionable, and aligned with the professional tone required for the market report.

ChatGPT in action: training for market trend analysis

One of our recent applications of ChatGPT was designed to help an organisation responsible for creating market research reports for Jordanian exporters. The goal wasn’t to directly analyse market trends, but instead, to train market researchers to create more effective and reliable reports for their clients. By using it to identify trends in the German olive oil market, the researchers were able to gain valuable insights. These insights could then serve as a roadmap for their reports.

Moreover, the prompt we crafted guided the AI to not only identify relevant market trends but also suggest implications for Jordanian exporters. This streamlined the process, allowing researchers to quickly use these insights when creating reports that would be highly relevant to their clients. Because ChatGPT was instructed to reference reputable sources, the results were accurate and saved researchers considerable time during the report creation process—though the results do, of course, have to be checked by the researchers to ensure full reliability.

And more importantly, the information must also be supplemented by primary research. A few good interviews with importers and consultants, along with attending the right trade fair, provide the quality information that an exporter needs.

Beyond trend analysis: other uses of ChatGPT in consultancy

While market trend analysis is one powerful application, ChatGPT offers a wide range of other uses that can significantly enhance consultancy work. For instance, ChatGPT can assist with:

• Interview Preparation: Helping consultants formulate questions and analyse responses for more effective interviews.
• Creating Manuals: Developing easy-to-follow guides or operational manuals for businesses.
• Report Writing: Streamlining the process of drafting reports, ensuring consistency and clarity.

These are just a few examples of how ChatGPT can improve efficiency, helping businesses focus on strategic decision-making.

Ready to innovate with ChatGPT?

At Globally Cool, we specialise in applying tools like ChatGPT to solve real business challenges across multiple areas of consultancy. If you’re interested in learning more about how ChatGPT can support your needs – from trend analysis to report writing – contact us today to explore the possibilities. Let’s work together to unlock new insights and improve your processes.