Understanding what matters to others lies at the heart of human relationships. Whether you call it empathy or understanding, our appreciation for people’s interests helps us coexist and thrive.
The Importance of Understanding Customer Needs
Companies need to understand what customers want to succeed in the business world. Marketing departments spend huge amounts to understand who buys their products, and successful brands like Samsung or Apple pride themselves on understanding consumer needs.
The Importance of Understanding Humans
Understanding what drives people, their hopes, fears, dreams, and aspirations is both an art and a science. I manage the Research and Analysis Department at the Future Investment Initiative Institute, and we devote a lot of energy to understanding people.
The Role of the Future Investment Initiative Institute
We are on a mission to tackle some of the largest and most complex global challenges. The Future Investment Initiative Institute was established four years ago with a mandate to use our exceptional social power to bring together thinkers, leaders, innovators, and public policymakers to address issues such as the global economy, wealth distribution, prosperity, and investment in climate and technology.
The Priority Compass Report
This research practice surveys a sample that represents 60 percent of the Earth’s population – that is, 4.5 billion people. We feed our knowledge partners with vast amounts of data and insights for our work, which includes summits in cities around the world and investments in innovative companies that support our mission.
Priorities in the Global South
In last year’s study, we saw how people’s priorities in the Global South differ from the rest of the world. This has profound implications if we are to achieve global consensus on issues such as climate change.
The Sharp Decline in People’s Satisfaction
This year, we saw further results that made us sit up and think because of their profound impact on public policy. There is a sharp decline of about 20 percent in people’s overall satisfaction with their lives, with complaints of dissatisfaction across a range of issues, including the cost of living, loneliness, technology, and anxiety about climate. 65 percent of people in the surveyed countries are concerned about daily living costs.
Loneliness and Health Care Anxiety
Loneliness has jumped to the top of the anxiety list, due to fragmented communities, new technology, and the pandemic. 41 percent of people in Asia say they feel lonely frequently. 55 percent of people worldwide are worried about access to affordable and available healthcare. And of course, climate concerns continue to deepen, with the Global South at the forefront of those concerned about pollution (78 percent).
Data Analysis and Initiative Development
The 50,000 people we spoke to in 23 countries provided us with a unique insight into what matters. Now it’s time to delve into everything we hear. As we shift our focus to the summit of priorities in Miami in February 2024, our data-driven agenda will help shape initiatives and set decisions into action.
With many of the world’s leading investors and innovators participating, we can play our part in shaping the future we all want. If you have ideas, insights, or data that can assist in our mission, please join us on this critical journey.
• Paloma Hashke-Joseph is the Head of THINK, the Research and Analysis Department at the Future Investment Initiative Institute. Note: The views expressed in this section are those of the author and do not necessarily reflect the viewpoint of Arab News.
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