Market research is one of the most overlooked components to new ventures. Similar to how winning athletes will watch archives of their competitors, and how coaches evaluate different training regimens, the first step of any market research effort is to conduct an environmental scan of what is currently in the applicable total addressable market today.

Our approach is to start every new venture with understanding the psychology data behind purchasing behavior.

Whether it is B2B, B2C, or conducting business with the public sector, people are the ones that ultimately are making decisions to buy based on perception, value proposition, sense of urgency, external forces, or a variety of other confounding factors.

From there, a deep dive of questions stemming from behavioral economics, social cognition, social psychology, and five-factor personality psychology toward validating consumer personas is a prerequisite for understanding who will be driving any new business model forward with discretionary income.

The tactics and methodologies we use vary on a client by client basis using the appropriate demographic, psychographic, cultural, economic, and other forecasting projections when creating statistically significant customer or client persona templates.

These insights are then compiled and help us create a design packet for those brought in for Step 2. Collaborative prototyping can only unleash good design if an understanding of the target market is both understood and validated.