On this episode of the Hardtech Podcast, hosts DeAndre Harakas and Grant Chapman are joined by Katie Ittenbach and Mike York from SMARI, a premier market research firm. Together, they explore how the landscape of market research has shifted from traditional methods to modern, data-driven strategies that prevent companies from building products nobody wants.
The conversation centers on the danger of relying on assumptions rather than data. Katie and Mike break down the critical balance between qualitative and quantitative research, explaining how to properly time your studies and identify a true Ideal Customer Profile (ICP). To bring these concepts to life, the group dives into a collaborative case study with HOOPTEQ, analyzing how research shaped the strategy for their portable basketball shooting machine.
Market research has evolved significantly since 1983; modern tools offer deeper insights than ever before.
Assumptions are dangerous: Guessing what customers want often leads to misaligned business strategies.
Qualitative research provides the necessary depth and context to truly understand consumer behavior.
Pain points drive development: Understanding consumer struggles is crucial for successful product engineering.
Timing is everything: Knowing when to engage in market research is just as important as how you do it.
Defining the ICP: Identifying an ideal customer profile is often more about personality and behavior than just company size or demographics.
Uncovering gaps: Proper research reveals hidden market opportunities that competitors might miss.
Data over gut feeling: Data-driven decisions are essential for staying competitive in the hardware space.
The value of collaboration: Partnerships between firms can significantly enhance research outcomes.
Start somewhere: Some research is always better than no research, regardless of your budget.
Special Guests: Katie Ittenbach and Mike York.