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Importance of Market Analysis

Importance of Market Analysis

Let me start out by saying this is ultimately the most important aspect of a new product. I categorize a product idea into one of three categories noted below:

1. Fundamental step change product or industry disrupter
2. Mechanical improvement on an existing product or solution
3. Aesthetic improvement

This list is arranged in an order of significance to the user. The first point represents a product that will change the way people go about their lives and should have a enormous impact on the industry which it serves (think Amazon.com). The second is a different approach the problem that currently being solved by a product or service (think Electric Cars). The last is where the Inventor simply says that the current product isnt appealing or fails to attract the user by way of its outdated design or physical appearance (think smartphone cases).

Understanding where your product idea falls is incredible important in knowing the size of market, price sensitivity and market dynamics. All too often a thorough market study is avoided because the Inventor “feels” that their product idea is so important. This induces bias into decision making and can result in the costly development of the wrong solution.

We always recommend doing a patent search as well as a detailed market study to help identify these things ahead of time.

We urge you to give us a call and we can walk you through the process to ensure you are as successful as possible.

Sean

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