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April 24, 2009, Newsletter Issue #164: Market Analysis For Developing New Product Ideas
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Tip of the Week
When developing new product ideas, a significant test of whether the idea might lead to financial gain is to think about that product's potential audience. Thomas Edison, one of histories most renowned inventors once wrote, “I never perfected an invention that I did not think about in terms of the service it might give others.”
Here are a few questions to ask:
- Is this product useful?
- To whom is it useful?
- Is this audience large enough to profit from?
- Can it be produced at a reasonable market price?
In industry terms, this process is called a market analysis, and it is the first step in determining if there is a need or audience for your idea. Too often, businesses and people spend thousands of dollars and too much time launching a product that has limited market value.
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Exclusive Sponsor
This weekly Invention Tips newsletter is brought to you by InventHelp, "The Invent Help People," America's leading inventor service firm. InventHelp can assist you in trying to submit your invention or new product idea to companies, as well as help you obtain affordable patent services. To request more information, visit www.inventhelp.com or call toll-free 1-800-INVENTION.
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