Is my Invention a Good Idea? Understanding Your Product’s Market
A common question we get from our inventors at Mako is whether or not their idea will be successful or good enough. It’s always hard to say if an idea or invention will take off and reach major success, but an important aspect to observe when trying to measure the possible success of your idea is to focus on the market to which your product will enter. Are you creating a home product? Travel product? Understanding the market of where your product will appeal to will be key to measuring how your product will last once it is fully developed and ready to be shared with the world. Below are some tips to understanding how knowing your market can help your invention.
All markets cater to different and specific audiences. If you have an idea in mind and think you understand which market it’ll fit into, remember it must meet your target audiences’ needs that are within that market. This means that there must be a demand, or interest in what your product has to offer to the audience within that market. Without a demand, your product is less likely to spark interest within the market your aiming for, therefore the best way to bring interest to your audience is to create a product that you know your audience, what they need and don’t already have access to, or else your product wont stick out against competition.
As previously mentioned, when entering a new idea or innovation into a market, it’s extremely important to do your research into what already available and highly saturated. Releasing a product where there are major competitors who already have similar functions, designs, and a solid brand behind what they produce in products will be difficult to compete against…unless you know your product can do more than what your competition has to offer. For example, if a product under a successful brand already exists, but you know there is a an area amongst their consumers who wish their existing product had something not available, this is where there is an opportunity to market and brand your invention as a solution solver. On the other hand, researching your competition can also serve as inspiration to what business models work well or don’t in the market you’re thinking of entering in.
Invention or Innovation
Another important aspect when looking at markets is deciding whether or not you want to invent a completely new product to introduce into the market, or create an innovation based of a traditional product. In this case, you would need to properly examine what the market you’re interested in entering in already has, what is popular and works well, and then thinking about how that product could be improved, redesigned, or innovated to be made even more better. This is usually done through examining consumer response, reviews, ways that current successful products could be improved, and redesigning traditional products to fit into more modern and trendy models, appealing to current trends and needs (a good example would be take a traditionally popular product and integrating technology or Bluetooth, making the product more convenient and handy to use)
If you have a great new invention and you’d like to learn more about this process, get in touch with MAKO here and visit our website to find out more. Feel free to give us a call at 1-888-MAKO and we can set you up on a call with our product analyst!
Article Author: MAKO Design + Invent
MAKO Design + Invent is a full-service consumer product development firm servicing both high-growth corporate manufacturers and invention startups. With a 25-person team across 3 offices (Austin, England, Toronto), MAKO has complete in-house industrial design, mechanical engineering, and electrical engineering design and prototyping services. To assist our start-up inventor clients, we also have a subsidiary branch called Mako Invent that, in addition to above, helps start-ups with patenting, strategy, marketing, and sales/distribution for all consumer product categories. For our corporate clients, MAKO Design develops world-class consumer electronics designs through our industrial, mechanical, and electrical design teams.
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