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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.