As inventors and product developers, we look at “Market Analysis” from two different perspectives. In order to determine whether our product concept is viable or not, we look at demand in the marketplace AND respective market niche demands in available distribution networks.
A simple market survey conducted, for example, at a public event, can very efficiently bring some valuable statistics to the table when looking at demand in the marketplace, if we target our survey takers accurately. Based on the results of that survey, we determine whether or not people would buy the product and how they feel about it in general. We’ll also get a good idea as to what people would pay for it.
If we conclude, based on the results of our survey, that there is a definite demand for the product, we must ask ourselves “Did we achieve the “WOW factor” presenting the product?” If the answer is “Yes”, then we must take a closer look at the available distribution networks and analyze how to get that product there successfully and within budget, whether it through small manufacturing or licensing, or both.
Some things we can help you set up:
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