Entrepreneur team says, “The first step in launching any successful business should be conducting research into prospective markets. Capturing and sifting through such data is Dionna McPhatter’s specialty. Before co-founding New York-based marketing firm The Strategy Collective, which builds custom analytics platforms to better understand customers and influence business decisions, McPhatter was responsible for unearthing data insights for British consumer-goods company RB (formerly Reckitt Benckiser) and its suite of global health and home brands, such as Airwick and Lysol.

Here, McPhatter shares how a bit of market research can benefit startups. 

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“.

Why Market Research Matters

‘Entrepreneur’ Blog

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