Our Process Approach – Effective Wondering
All businesses want two things… to acquire customers and retain customers. This is what Relevant Insights does for a business. Successfully acquiring and retaining customers requires a clear game plan. Most of the business issues that come up when designing this game plan are derived from three key questions about your target customers:
Good market research helps you to find the answers to these questions, enabling a fast and effective decision-making and action-taking process that we call “Effective Wondering,” which consists of three steps. These are: wondering, validation, and action.
With technology today we have vast amounts of information at our fingertips. The underlying issue is what is relevant and what is not. What is true and what is not. The decision-making process starts by wondering and questioning. We need to “wonder” to find answers and identify what is insightful, relevant and true. Relevant Insights becomes your thought partner and designs the research you need with the right questions customized for your business issues.
To discern what is true and relevant requires that we test what we have learned against what is reality. Some companies tend to skip this step, taking a leap of faith and hoping they are making the right decisions despite the lack of supporting evidence. Quite often this approach has a negative outcome. Having the right feedback from current and prospective customers is critical to be able to quickly validate your assumptions.
The key to “effective wondering” is shortening test cycles and making trial forays into your target market quicker with the least amount of economic impact on your company. Relevant Insights implements market research to test your assumptions, and often goes beyond to test new ones if they will give you the answers you need. Our project turnaround is fast and cost-effective.
Taking action with the right knowledge is what a business needs. Insights resulting from testing and measurement enable us to make decisions about:
- how to attract investors
- how to invest our capital and human resources
- what products and services we should develop
- how to price them for profitability
- what target markets we should go after
- how to communicate with them and through which channels
- what competitive strategy we should implement
- how to create customer loyalty and retention
Investing in research to find answers to these questions is the recipe for effective and efficient business decision making. Relevant Insights will provide you with supporting data to make informed and practical decisions.
- Identifies market and investment opportunities with growth potential
- Gives direction on the right pricing strategy for revenue and profit growth
- Saves money by preventing the launch of products or services with little or no profit potential
- Helps design effective marketing, advertising and public relations strategies
- Supports the sales force in its lead generation and nurturing process
- Identifies areas of improvements that impact customer retention
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