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"Enjoying success requires the ability to adapt. You shouldn't
outline a program and etch it in stone. We all have different
physical limitations and skills that make us unique individuals.
Try to make modifications in your program to enhance it...
Only by being open to changes will you have a true opportunity
to get the most from your talent."
Nolan Ryan
Your Invention and Proof of Marketability
Introduction
Every inventor participating in the manufacturing of his product should invest
some time in generating records that prove the marketability of the invention
or idea. Information collected during this stage of product development will
be invaluable to the inventor once he is ready to license his product or begin
manufacturing it himself.
Questionnaire Form Idea
Information in this article is especially valuable if it costs very little to
manufacture a product. The strategy here is to give some of your product
inventory for free. Let people use your product free of any charge; in return,
ask your customers to fill out a questionnaire form. People will be happy to
receive something for free and in return will provide you will responses that
will help you in evaluating marketability of your invention / idea.
The questionnaire form will consists of questions like these:
Did you like the product?
What exactly you liked about the product?
What exactly you didn't like about the product?
How would you improve the product?
What do you consider a fair price for this product?
Would you choose this product among others?
If this product didn't exist, what other brand and product would you purchase?
Focus Group Study
By giving away a free product, you gain valuable opportunity to create a Focus
Group Study. The same idea is used by most manufactures before they introduce
a new product on the market. By obtaining answers to the above mention questioned,
an inventor will have an idea on where he stands in terms of his current
marketing position. An inventor should carefully examine people's responses
and shouldn't hesitate making changes to original design. After all, if the
smaller audience found your invention too confusing or expensive, then
in all likelihood the larger audience will reach the same conclusion. By
making changes to your product design or re-examining your manufacturing
costs (changing to low cost suppliers or making a switch to another material)
you are giving yourself a chance to succeed later on and avoid mistakes
made my numerous inventors before you. If people responded positively to
your invention right away, then you are in a good shape. Carefully compile
and store completed questionnaires in a safe place - they will become handy
once you are ready to talk to investors and manufactures!
Summary
In summary, Focus Group Study responses are a great marketing tool.
The responses that people submit to the inventor will serve as a compass,
pointing in the proper direction. If the initial responses are positive,
then the inventor is in excellent shape. However, if the responses are
negative or lukewarm, then it's time to pause and re-think the initial
design.
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