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How to choose the right consulting firm

It is time to launch a new venture, and you are set to choose a consulting firm to help you along. Working with a consulting firm is a no brainer for you as it keeps you from spending massively on new technology, new staff and the learning curve they will need. This way you get experienced hands from the get go, who will keep you from being on the list of failed ventures.


So, to choose the right consulting firm, you make a beeline for Google, and there are literally hundreds of options. This is getting exasperating, a classic case of being spoilt for choice, and now you are no better than when you first started. How are you meant to pick the right consulting firm for you??

What is a Consulting Firm?

Let us backtrack a bit. Consulting firms are firms that provide professional advisory services for a fee. Consulting firms are made up of experts in various fields of business, who offer their expert advice to organizations for a fee. The experience they bring to the table can save organizations loads of resources, help them avoid business or project failures as well as help them actualize their goals and business objectives.

With management consultants in charge of the strategic aspect of your business, you can focus more on other areas of need of the business and simply deploy solutions created by the management consultants. You cannot miss it as they help you take the best business decisions which are often times bespoke to your organization’s needs and indeed, this is how they grow as well.

Steps in selecting the right consultants

Now, selecting the right consultants for your venture can be a tedious task, especially if you have not worked with one before. Here are a few suggestions to help make the process easier:

  1. Set your goals
    This is integral to everything. Unfortunately, this is a mistake that happens often where businesses just expect the consultants to figure out what needs to be done. To get the most out of your consulting firm, you need to be crystal clear on your expectations, so you can measure the results objectively.
    Having clear goals will also help you decide the type of consulting firm you will need. For example, if you are having issues with management, you should be looking for a consulting firm with expertise in management consulting, not financial consulting.
    Still, not having clear cut goals should not be deal breaker. Some top consulting firms like Euniola consulting have experts that can guide you in clarifying your organizations goals, and providing the best results.
  2. Look at experience
    Once you have set your goals and narrowed down the list of consulting firms, you want to examine the experience each firm will bring to the table. It should be noted that the deciding factor here should not be just the total years of experience, but the quality of the projects handled.
    To put this in perspective, Cambridge Analytica was a British political consulting firm that is widely regarded as the major force in putting President Donald Trump in the White House. Similarly, Red Media helped to put President Muhammadu Buhari in Aso Rock. Both firms were less than 5 years old at the time, but those projects are beyond what most firms will undertake in their lifetimes.
  3. Understand their approach to work
    Some consulting firms have rigid methodologies in their approach to work. This is usually more common in really large firms, or those that are franchises. There are long chains of command, and sometimes bureacratic bottlenecks. As such, they are not very flexible. However, they generally have a large pool of experienced consultants in various fields.
    Whereas, smaller firms generally have less of these bottlenecks, and are more flexible. This makes them easier to adapt to the working conditions of their client organizations, and provide more personalized services.
  4. Get references
    Good consulting firms and happy past clients generally go hand in hand. You should feel free to ask for a few references where applicable. Other times, a portfolio of previous projects might suffice. What is important is that you have some proof of their expertise beyond online reviews.
  5. Analyze the costs
    One of the reasons of engaging a consulting firms is usually to save on cost, such as the cost of setting up new infrastructure, staffing, trainings, etcetera. It will be counter productive if the services of the consulting firm you decide to engage now costs more than your budget allows.
    The aim should not be to choose the cheapest firm though, but the most cost-efficient firm for your project. A firm that costs less and gets the job done is three years, is a worse deal than one that costs double, but gets the job done in a year. The second firm is more cost-efficient and a better option.
  6. Ensure you connect
    A lot of times, the partnership with the consulting firms can span months, or even years. If you are going to work for a long period of time with another organization that closely, it is very important that the teams on both sides get along very well.
    More than helping you with just a specific venture, a good culture fit between your organization and the consulting firm can lead to long term collaborations.
  7. Read the fine print
    Scrutinize the contracts, thoroughly. This can not be overemphasized. It has to be done to avoid any unpleasantness down the line. Some things that you should look out for include the turnaround time, communication channels, hidden costs, and the terms of payment.

How Eunoia Consulting can help

Much more than simply helping your project succeed, a good consulting firm should be your partner for your long term business growth Eunoia consulting has helped numerous organizations get off to a running start, while helping them grow strategically into the future.

That is why we are regularly ranked as one of the top consulting firms in Nigeria. Some of our strongest suits lies in our flexibility in working with both large scale organizations and small family sized businesses, and the way we handle each project like it is personal, with a view on the long term.

At Euniola, we only win when you win. That is precisely why we can guarantee that with our team of experts handling your project, your new venture will exceed your wildest expectations.
Get in touch with us today, and let us set your next venture off to a flying start.

Culled from Eunoia Consulting Limited (Top consulting firm in Nigeria)
https://eunoiaconsulting.org/choosing-the-right-consulting-firm-in-nigeria/

2

Getting great market research in Nigeria

Market research is one of those terms usually thrown around, without a proper understanding of. As such, there is very little of it going on, even though it is vital to the survival and growth of an organization.

 
We all know someone who believes in taking life as it comes. Someone who for some weird reason, is averse to planning, and prefers to just move with the flow. Are they taking a trip, they refuse to plan ahead. Wait till the last minute to pack their bags, rush to the airport and hope to get a ticket. Going shopping? No need for lists. Often times, they return to discover that they forgot to get a couple of other things.

Interestingly, there are loads of people who prefer to live their lives this way, living off the cuff. Then they bring the same attitudes to their businesses, and wonder why the business is struggling. Someone please call the shrink ;).
While there might be no grave counsequences living ones life off the cuff, in business it usually does not end well. Most times, the business folds up either due to burnout, or just its inability to sustain itself. This is why a proper market research is essential to business survival.

Defining Market Research

If you have ever asked yourself questions like why are your products or services not selling as you expected, if a new product line will be viable, what do consumers really want, then you need some market research.

Market research can be described as the process of analyzing the viability of a new product or service, through an in-depth research conducted directly with the potential consumers. Conducting a proper market research will help organizations discover their ideal target market, their pain points, solutions to these market pain points, and best of all, your entry and execution strategies.

A lot of organizations that engage in some level of market research usually use an in-house team made up of staff members handpicked for the research. Not surprisingly, the research is not properly done as they rarely have the technical know how. Hence, it is advisable to engage the services of a market research firm or top consulting firm like Eunoia Consulting.

Establishing objectives for the market research

Once you have secured the service of a respectable market research firm, it is paramount to set clear objectives to be achieved. The great boxer Mohammed Ali is quoted as saying “you can not hit what you don’t see”. Likewise, without clear cut goals to be achieved, conducting a market research could be a fruitless effort.

The goals should be set using the SMART philosophy:

S- Smart
M- Measurable
A- Achievable
R- Realistic
T- Time Bound

Types of market research in Nigeria

While there are a host of strategies for conducting market research, most will fall under these categories:

1. Primary Market Research Techniques
This involves all strategies that provide original sources of data. The researches usually get in touch with the end users directly to gather information. These methods include:
– The use of one-on-one interviews
– The use of focus groups
– Surveys/ Questionnaires

2. Secondary Market Research Techniques
This involves conducting research based off already existing sources of data. These type of data can be gleaned from:
– Public sources such as the internet and libraries
– Commercial sources such as newspapers, media outlets, and more. They generally tend to be a more expensive source of information.
– Educational institutions such as universities

It is important to bear in mind that gathering the information is only a part of the puzzle. You will still need to painstakingly collate the data, analyze it, and use it to proffer the appropriate solutions in line with the laid out objectives.

How Eunoia Consulting can help

At this point, it is a no brainer that few things are as vital to the survival and growth of an organization like proper market research. This is what will ensure a steady stream of customers. And, because of the complexities of the Nigerian market, most organizations stumble with their market research if they even bother with it at all. 

However, this is where we shine. Our in house team of researchers have helped numerous organizations get off to a running start. That is why we are regularly ranked as one of the top consulting firms in Nigeria. Hence, we can guarantee that with our team of experts handling your “market research and feasibility studies”, your new venture will exceed your wildest expectations.

What will we do for your business

– We help you identify and understand the best location your products and or services are in demand.
– We help you identify specific customer needs to assist in your expected product offerings.
– We help you understand consumer buying behaviors which will guide in your products or service offerings.

Get in touch with us today, and let us set your next venture off to a flying start.

 
Culled from Euniola Consulting
4

The Use of A.I and Data Analytics in Business in 2021

Have you ever looked up a product online, only to suddenly start getting advert
recommendations relating to that product appearing in various places online? Or maybe it was
even an advert of something that interested you that you clicked on, and afterwards, you see a
similar advert cropping up in every corner? This are just a few examples of how artificial
intelligence and data analytics often help businesses like yours.
To get a better understanding of how this works, and how it can be suited to grow your business
especially in a covid or post covid season, let us have a quick run through of what these terms
mean.
What is Data Analytics?
According to Investopedia, “Data analytics is the science of analyzing raw data in order to make
conclusions about that information”. It can be described as a process of examining,
transforming, repackaging and modeling data with the goal of getting useful information and
conclusions that support decision making. Simply put, it is using technology to study data in
order to find patterns that will help make purposeful predictions.
What is Artificial Intelligence (A.I)?
A.I is the ability of a computer or a robot controlled by a computer to do tasks that are usually
done by humans because they require human intelligence and discernment. Artificial
intelligence is intelligence demonstrated by machines, unlike the natural intelligence displayed
by humans and animals, which involves consciousness and emotionality. In its simplest form,it
is using technology to teach machines to think like humans.
The Convergence between Data Analytics and A.I
The growth in the field of A.I has resulted in machines or computer programs taking over
various tasks that would have consumed lots of man-power in the past. These tasks vary from
the mundane to highly complex calculations.
With improvements in A.I, big data analytics programs are also able to function more effectively,
combing through large amounts of data and providing solutions within a relatively short time.
Using A.I, data analytic programs often deliver deeper and better insights beyond the
capabilities of most human analysts.
Examples of how Data Analytics & A.I work in business
An example of how these concepts work in tandem is the way social platforms such as google
collect data about its users. The data collected ranges from simple biodata, location, hobbies,
websites you visit, etc. The collected data is used to create a user profile in their database. The
data is then analyzed, with the Google A.I learning about your preferences, such that the next
time you are on any of their platforms, they can make suggestions to you based on your likes,
for a smoother experience.

To bring this closer, imagine a hypothetical retail store called Right Shops. They offer a loyalty
card program that allows customers to accumulate points when they use the loyalty card. The
points can be spent on a day at the gym (It is a new gym is also owned by Right Shops).
Data analytics reveals that, out of 10,000 shoppers, only 1,500 cashed in their points for a day
at the gym and all of them were middle-aged men. Further analytics reveals that with a 10%
increase in advertising directed to middle-aged men, Right Shops will see an increase of 13% in
the number of shoppers, and a 20% increase in the number of middle-aged men cashing in on
their reward points.
This then helps Right Co determine if it would be willing to make the additional investment in
advertising expense or even to what extent it will be willing to make this investment depending
on the level of growth anticipated in the number of customers cashing in on their reward points.
A different example is in the way PepsiCo uses data to improve their supply chain efficiency.
PepsiCo is a consumer-packaged goods company that relies on huge volumes of data for an
efficient supply chain management. The company is committed to ensuring they replenish the
retailers’ shelves with appropriate volumes and types of products. The company’s clients
provide reports that include their warehouse inventory and the POS inventory to the company,
and this data is used to reconcile and forecast the production and shipment needs. This way,
the company ensures retailers have the right products, in the right volumes and at the right time.
Listen to this webinar where the company’s Customer Supply Chain Analyst talks about the
importance of big data analytics in PepsiCo Supply chain.
Your Key Takeaways
Since the onset of the Covid-19 pandemic early in 2020, most businesses have been forced to
adapt to the new world we have found ourselves in. Some resorted to remote working, others to
limiting the number of walk-in customers in line with social distancing rules, while some even
had to shut down altogether. These changes on the part of businesses, also imparted the way
customers would normally make their purchase decisions, resulting in a boom in online
activities.
At a time like this, the use of A.I and big data analytics is a great investment for all businesses,
regardless of the size. As a fact, it is arguable that small or medium businesses need it just as
much as the big established businesses. Applying them to your business will undoubtedly lead
to improved customer retention and business growth as you are better positioned to take good
business decisions that satisfy the exact needs of your customers.
Interestingly, most organizations already posses some data. However, it is in properly analyzing
and using the data to forecast for business growth that poses a challenge. This is where we
come in.
As one of the top business consultants in Nigeria, Eunoia Consulting is properly positioned to
apply A.I and Data Analytics to help you analyze your data to proactively anticipate your
customer’s needs, personalize their customer experience, streamline your operations, mitigate
risks, and accelerate your business growth.
We also offer trainings to top executives of businesses on how to rightly deploy data analytics
and A.I in their businesses leading to an exponential increase in their organization’s growth.

Send us a message today, and let our team of professionals help you structure for growth in this
covid season.

References:
https://www.mentionlytics.com/blog/5-real-world-examples-of-how-brands-are-using-big-data-
analytics/
https://www.tableau.com/learn/webinars/how-pepsicos-big-data-strategy-disrupting-cpg-retail-
analytics

Article culled from:

Eunoia Consulting Limited (Top consulting firm in Nigeria)
The use of Data Analytics & A.I in Business in 2021 – Eunoia Consulting

Want Better Videos?

 

It’s no secret that videos now play a very important role in social media marketing. They are a wonderful relief to the handwork of reading 🤪.

While I trust you are employing the use of videos, how effective have they been? If it’s not increasing engagement or conversions, then you’re likely doing something wrong.

A common culprit for this is having long videos. There’s a reason IG limits videos on their feeds to 59s. Facebook has been trying to push for 15s videos. The truth is unless what you’re saying is extremely interesting, most people get bored and tune out quickly.

Even if you’ve got a long message, best to break it down into easy to digest mini videos each under a minute. This way, you don’t bore your customers, and you have more content for other days 😉.

One last bit- if you are camera shy, and need something unique that will help you stand out from the rest, you need one of our Animated Videos. They hit all the right spots; catchy, fun, shareable, and deliver your messages. Simply put, they are 🔥🔥🔥.