Stephen Larmer, co-founder of Minds+Motives, originally was looking for a way to grow his branding agency by helping his clients market to their customers and prospects more meaningfully. However, the consumer analytical tool he developed was so well received that he decided to launch a business around it. "Minds+Motives is a consumer targeting and analytics company," Larmer said. "We help our clients align their marketing strategy with a psychological understanding of their customer base through our proprietary segmentation system that reveals motivational styles."
Minds+Motives helps its clients communicate to their customers' motivations by first scoring the client’s customer data with its proprietary algorithm and then consulting with the client based on the insight derived from that process. "We don’t really have direct competitors," Larmer said. "There are several who claim to understand consumers from a psychological standpoint, but they don’t have a true individual-level data segmentation product. Understanding motivational styles allows our clients the opportunity to create messaging and deliver customer experiences that resonate individually, within target groups, for maximum impact."
Larmer's advice to aspiring entrepreneurs is multilayered. "Be prepared to pivot," he said. "If you think you’ve got it all figured out from day one, you're going to miss your chance to recognize what may emerge as the real opportunity. And that takes time, it’s not usually a couple years of effort. Most overnight success stories actually have a 10-year backstory. Don't go it alone either. Having the right people around you is critical whether they're partners, mentors or a team, it’s important that you're getting feedback and support."