Know about Wonder, Wander and Market Research

The terms ‘wonder’ and ‘wander’ are not usually associated with efficiency, and even less so with market research. When most people hear these terms, they might think of children daydreaming, or someone lost with no sense of direction. However, it is worth discussing why these terms are relevant to market research.

Marketing research thrives on wonder and wander, as these two are the essence of creativity. To come up with innovative ideas, it is essential to let your imagination wander while researching the market to reinforce your thoughts. In these uncertain times, it is crucial to take the time to wonder and wander, as it can open new doors for any business. Consumers are facing unprecedented challenges and are looking for new ways to overcome them. Therefore, it is vital to use market research to gain insights into their needs and preferences, which can help businesses meet their demands.

Six years ago, an at-home virtual assistant was not considered necessary, but now 35% of US consumers own a smart speaker. This shift is possible due to the process of wondering and wandering, which are closely related. Wondering leads to wandering, which promotes creativity and innovation. According to a research journal in Psychological Science, “when we allow our minds to wander freely, they get engaged in creative incubation.” This often leads to new and exciting ideas and solutions.

Wonder

Wondering is all about curiosity. Innovation arises from an individual’s capacity to wonder. It cannot be coerced and often occurs at unexpected moments. It involves entertaining and exploring the possibilities and expanding on those ideas. In uncertain times, taking the time to wonder allows ideas to thrive and grow. But wondering is just one aspect of the wandering process.

Wander

Wandering often leads to discoveries. Products and services that have the greatest impact on business are the ones that customers didn’t even know they needed. These are the ones that are developed through wandering. Ideas that arise from moments of wondering have subsequently been developed thanks to wandering. As Jeff Bezos once said, “the outsized discoveries – the ‘non-linear’ ones – are highly likely to require wandering.” Wandering is a journey guided by curiosity and intuition, and businesses, both small and large, should take time to allow for it.

Promoting wondering and wandering in business is essential. However, generating fresh ideas requires some form of validation. This is where market research becomes important, as it helps to ensure the validity of new ideas. Striking the right balance between exploration and validation presents an opportunity to create innovative products and services that consumers may not have even realized they needed.

In times of uncertainty, it’s crucial to pause and innovate, as it can make all the difference between success and failure. Balancing productivity and creativity can be challenging but can also lead to positive outcomes. Market research can play a vital role in illuminating the path forward during these challenging times.