by Michaela Mora

Posted on March 10, 2010

I often meet entrepreneurs who have started, or are starting, a new business and who ask me what type of market research they should conduct. Some are inventors who have come up with a gadget they love, but don’t know if there is market for it. Others have launched products and services and soon realize they need to re-think product features, benefits, advertising and the customer experience.

Regardless of whether your customers are consumers or business decision makers, at Relevant Insights we always recommend assuming a customer-centric market research approach in alignment with our clients’ business objectives. This is based on two basic principles:

• Learn how to connect with your target customer by getting a 360 degree view of his behaviors, experiences, knowledge and emotions.




• Have a clear idea of what you want the customer to think and do regarding the company’s brand and products having in mind the ultimate business goals: acquire and retain customers.

A market research plan based on these two principles would include four key areas of research, which become relevant depending on the internal knowledge available inside the company in connection with the lifecycle of the product. These four areas are:

• Awareness: As a Cuban saying goes “the baby who doesn’t cry, doesn’t eat,” we have to let the market know about our products and services if we want buyers.




• Targeting: Businesses usually are more successful if they are able to define early on who their target customers are, and which customer segments have the highest profit potential. 




• Acquisition: Without customers any business is bound to fail, so we need to know how we can attract new customers through appealing product benefits, the right pricing model, and effective marketing programs.




• Retention: Generating repeat purchases from current customers is the most cost-efficient path to business growth, so a retention strategy is a must for any business that wants to thrive.

There are many research questions that can be asked within each of these area depending on the stage a product, brand or company is at. Below are some of the questions that should be in the short list of any business that wants to succeed.  

Find the answers to these questions and you will learn how to connect with your target customers and be light years ahead of your competition.

To learn more about our consumer data service visit Consumer Shopping Behavior Insights. To request consumer shopping behavior data and insights don’t hesitate to contact us.

by Michaela Mora

Posted on February 9, 2010

I recently came across the new ad from Domino’s Pizza where they show a clip of focus groups they conducted with consumers about their products. I love it! The message was clear: they listened to their customers. Their management and product teams were brave enough to really pay attention to what customers think. I’ll be eternally grateful to Domino’s pizza for the message sent about the value of market research.

This may not sound as a novel idea, but many, many companies go about their business thinking they don’t need to conduct market research in order to improve their products and grow. They believe they know enough about their industry and product category that there is nothing new to learn. Then there are companies that are barely aware of the importance of research, but see it as an expense and not an investment. They prefer to throw spaghetti at the walls and see what sticks.

I don’t know how many focus groups Domino’s did or if they also used other research methods to test their improved pizzas, but the important thing here is that they were willing to listen to their customers.

Now regarding methodology for new product development, I always advise clients to combine qualitative (e.g. focus groups) and quantitative research (e.g. surveys) methods.

Qualitative research is by definition exploratory, and it is used when we don’t know what to expect, to define the problem or develop an approach to the problem. It’s also used to go deeper into issues of interest and explore nuances related to the problem at hand.

Quantitative research is conclusive in its purpose as it tries to quantify the problem and understand how prevalent it is by looking for projectable results to a larger population.

Here are some guidelines to use both types of research in new product development:

Combining both approaches when developing new products will give you a solid foundation to make the right decisions for your business grounded in consumer insights.

To learn more about our consumer data service visit Consumer Shopping Behavior Insights. To request consumer shopping behavior data and insights don’t hesitate to contact us.

by Michaela Mora

as published on January 8, 2010  by the Dallas Business Journal

Every business that wants to acquire and retain customers needs to conduct market research, particularly in these current economic times. Here are three fundamental questions about target customers that businesses should ask:

1. Will they use the product or service? Product usage is conditioned by many factors, but the most important one is whether there is a need for it. Other factors include socio-cultural trends, competing alternatives, situational factors, perceptions, attitudes and habits.

2. Will they buy it? Even if there is a need, this does not necessarily mean you can sell it at any price. There are numerous instances in which a product has great appeal, but customers are not willing to pay the price the company wants to charge. Pricing is also influenced by a number of factors beyond a company’s financial situation, including competitors’ pricing, alternatives, brand perceptions and more.

3. How will they have access to the product or service? Product awareness, positioning and distribution are keys to the success of a business. Low awareness, poorly executed marketing and brand strategies, inadequate operational systems and an inefficient supply chain will often lead to wasted resources, higher customer acquisition and retention costs and revenue loss, despite all indications that a need for the product exists and that customers are willing to pay for it.

When thinking about customers, think of perceptions, customer experience and behavior in the context of their core values, lifestyle, family situation, culture, the competitive landscape, their particular socioeconomic situation and the economic and political state of affairs that surround them.

Companies come in contact with target customers through public relations activities, advertising and promotional programs; product or service usage; and interaction with sales representatives, employees, technical support and customer service.

These customer touch points often overlap, meaning a company would benefit from a customer-centric market research plan that permits a 360-degree‐view of its target market. This will ultimately deliver insights to guide business decisions that lead to sustainability and growth.

To learn more about our consumer data service visit Consumer Shopping Behavior Insights. To request consumer shopping behavior data and insights don’t hesitate to contact us.