Read the summary and watch or listen to the interview here: https://www.crowleylawllc.com/podcasts/from-great-idea-to-market-success-with-patricia-w-peiffer/
Voiceover: Welcome to the From Lab to Patient, Garage to Market podcast with your host, Phil Crowley. In each episode, we discuss professionals serving the tech startup market and issues important to emerging companies. Find this show on all major platforms and at crowleylawllc.com. Now here’s Phil Crowley.
Phil Crowley: Hi, and thanks for tuning in. We bring you experts in life sciences and technology who share perspectives to help you drive your business forward—highlighting mistakes to avoid, issues to focus on, and demystifying the process of bringing ideas from the lab to the patient and from the garage to the marketplace.
Today, I’m delighted to have as my guest Patricia Peiffer, principal research analyst for Quesited, a consulting firm focused on market research. Many startups overlook market research, but it’s essential—especially when raising funds. Investors want to know you’ve done your homework. Stay tuned to the end, when Patricia will offer tips to avoid mistakes and increase your chances of success.
Patricia, welcome.
Patricia Peiffer: Thank you, Phil. It’s a pleasure to be here and talk about one of my favorite topics.
Patricia’s Journey Into Market Research
Phil: Tell us about your background and how you came to focus on market research.
Patricia: I started with a degree in retail and worked for a global consumer packaged-goods firm focused on consumer behavior and experience. I enjoyed the work, but one major marketing campaign really stood out—it went against what customers expected, and sales dropped. The company reverted back to the original approach. That sparked my interest in understanding why consumers behave the way they do.
I returned to school for a marketing degree, worked in financial services, then earned a master’s in marketing at Rensselaer Polytechnic Institute. A professor there continually encouraged me to “keep digging” for insights. That shaped my passion for deep research and understanding customer attitudes, emotions, behaviors, and competitive dynamics. My work now brings that curiosity to organizations looking to succeed in the marketplace.
Why Market Research Matters
Phil: So your work helps companies understand customer motivations and develop strategic direction?
Patricia: Exactly. We bring the voice of the market—consumers, competitors, substitutes—so companies build on a solid foundation. Without understanding the landscape and the people in it, you’re building on sand. Market data becomes the bricks and mortar that support strategy, communications, messaging, partnerships, pricing, and competitive positioning.
Phil: I’ve seen companies with great ideas and heavy investor interest fail at launch because assumptions weren’t tested. Market analysis could have saved them.
Patricia: Absolutely. People make decisions emotionally and then rationalize them. Research helps companies avoid costly blind spots.
Case Studies
Phil: Can you give us examples of research helping companies grow?
Patricia: Sure.
Manufacturing Company — New Markets Identified
A manufacturer was approached by a scientist with a component believed to be ideal for solar technology. We researched the market and discovered two new applications: preventing electric-shock drowning and use in military marine environments. That insight led to their tagline: “From solar to submarine” and opened new revenue pathways.
Healthcare Company — New Segment Discovered
A global healthcare company launching a new product wanted comparison testing against the market leader. We sent blinded samples nationwide and had users keep diaries and evaluations. We discovered an emerging, much younger segment driven by new diets, medications, and lifestyle changes. Their marketing now reflects that new demographic, expanding their reach.
Sponsor Note
Phil: Before continuing, a quick word about Crowley Law. We are a boutique firm passionate about helping life sciences and technology entrepreneurs protect their innovations and avoid costly mistakes when bringing products to market. Visit crowleylawllc.com for free resources, and contact us at info@crowleylawllc.com with questions. We’re here to help.
Segmentation in Market Research
Phil: How do you use segmentation to create value?
Patricia: We look at demographics, psychographics, and geography. We cross-tab by age, region, interests, and economic factors to find where adoption is most likely and how best to communicate value. This is especially important for investors—they expect founders to understand their market size and buyer profiles.
AI in Market Research
Phil: Will AI replace us? And what about hallucinations?
Patricia: AI is valuable for generating hypotheses and speeding data review. It helps identify language trends and potential blind spots. But it doesn’t replace real human insight. Decisions are still made by people. Until AI becomes the buyer, we need to talk to and observe people. AI can hallucinate and mislead without human grounding. Understanding real behavior prevents that.
What Drives Patricia’s Work
Phil: What do you enjoy most about what you do?
Patricia: Engaging with people, designing surveys that gather actionable data, and seeing insights form the foundation of smart strategies. I love turning raw feedback into meaningful direction and helping clients bring products people genuinely need and value to the market.
Final Tips for Founders
Phil: One or two tips for founders?
Patricia:
- Don’t assume you have no competitors. Even if your solution is unique, people always have alternatives—including doing nothing.
- Don’t rely solely on your gut. Deep research uncovers golden insights and prevents costly assumptions. Walk in your customers’ shoes and bring their voice into your decision-making.
Connect With Patricia
Phil: How can people reach you?
Patricia: Visit Quesited.com or find me on LinkedIn at Patricia W. Peiffer.
Phil: Patricia, thanks for joining us, and thanks to our listeners. Please subscribe if you found this valuable. We’re here to help.
Voiceover: You’ve been listening to the From Lab to Patient, Garage to Market podcast with Phil Crowley. Subscribe on all major platforms and visit crowleylawllc.com.