The first step in launching any successful business should be conducting research into prospective markets.
What are some misconceptions about consumer research?
One of the biggest misconceptions is that it’s unnecessary. Often, new entrepreneurs adopt the “if you build it they will come” mentality, assuming innovation alone is enough to grow a business. I encourage entrepreneurs to see data as a GPS. A GPS helps only when you’re navigating streets you haven’t been on. In the same way, research should actually uncover things you don’t know to help you get where you’re going, faster.
What kind of data should a business look for?
If you have an inspiring product and know your audience, start with a pain-point study. Traditionally, it’s called the “path to purchase,” but that’s an outdated term because the path to commitment is no longer linear. It’s filled with voluntary distractions. Your goal should be to be a relevant distraction that can alleviate some tension.
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