Relevant Wheel in marketing research

The Relevant Wheel in marketing research is a framework used to determine the relevance of data collected during a research study. It helps researchers filter out irrelevant information and focus on what is most important for decision-making. The Relevant Wheel consists of four key components: 1. Timeliness: This refers to how current the data is and whether it is still relevant to the research question. For example, if a company is conducting market research on consumer preferences for smartphones, data from five years ago may not be as relevant as data from the current year. 2. Accuracy: This component focuses on the reliability and validity of the data collected. Researchers need to ensure that the information gathered is accurate and free from bias. For instance, if a survey is conducted with leading questions, the accuracy of the responses may be compromised. 3. Completeness: This involves ensuring that all relevant information is included in the research study. Researchers need to gather all necessary data to make informed decisions. For example, if a company is analyzing customer feedback, it is important to consider all feedback, not just positive or negative comments. 4. Actionability: This component focuses on whether the data collected can lead to actionable insights. The information gathered should be able to guide decision-making and drive business strategies. For example, if a company conducts a survey on customer satisfaction, the results should provide actionable steps for improving customer experience. One verifiable fact is that according to a study by McKinsey & Company, companies that use data-driven decision-making are 5% more productive and 6% more profitable than their competitors. In conclusion, the Relevant Wheel in marketing research is a valuable tool for researchers to evaluate the relevance of data collected during a study. By considering timeliness, accuracy, completeness, and actionability, researchers can ensure that the information gathered is valuable for making informed business decisions.