You are thinking about creating a product or have created an invention that you hope will take the world by storm and make you lots of money. That may happen, but you need to make sure you consider various aspects of your invention to get a realistic idea of its potential success. Your intellectual property attorney can help you with this analysis. Here are some of the factors to consider.
You need to consider how your product will compete with the alternatives that are already on the market. Here are some considerations:
- Is your invention cheaper than the current alternatives? Inventions are attractive if they are less expensive than current counterparts.
- Is your invention user-friendly? A more user-friendly product is more competitive than a less user-friendly one. Hard-to-use products are often unsuccessful in the marketplace.
- Is your invention practical and workable from the beginning? Inventions that have immediate value are ore likely to succeed
Ultimately, you need to assess all the ways that your invention will compete with what is already on the market.
Is your invention safe? You need to know how safe your product or service is to consumers and even the environment. Everyone is concerned about environmentally safe products and their impact on the environment and ecosystem. Green products are very welcoming to consumers and businesses. Will your new product be safer to use than other similar products? Your goal is to be the safe option. Keep safety in mind when you are developing your new product or invention.
A very durable product is often a very marketable product. Its durability or sturdiness will be a major asset and feature. Can your product be repaired easily if or when it is broken? You want your product to be a higher quality than other similar products in the market.
Can your product do the job faster and more efficient than other products on the market? In a society that wants instant gratification, a faster service will be a valuable feature to your new product.
If your invention improves a previously accepted product or device, it may be easier to penetrate the already existing market than trying to introduce a brand new product. If your product satisfies an existing need, the product is more likely to be successful, especially if it can perform the job better than other existing products.
Is your product or invention easy to distribute? If it is too large or fragile, it might be more difficult to distribute. Plus, it may be more expensive to distribute it. Products designed for marketing and distribution may be more attractive and profitable.
Is your packaging or covering attractive and appealing to potential buyers? Packaging and outer appearances can have a direct impact on your product’s success. Often, consumers are drawn to attractive and bright packaging. It is important to make your product pleasing to the eye.
Is your invention a part of a growing trend that is considered to be in demand? It is good to be a part of a trend. However, make sure your product does not fall into the fad category when the fad is over. You want your product to be in constant demand.
Long Life Cycle
You should create your product for longevity. If your product can be made and sold for many years without becoming useless, it will be a great advantage.
There are many important things to consider when creating, marketing and manufacturing a new invention, product or service. You need to completely know your product, its competitors and how the product can successfully fit into the market. Your intellectual property attorney can help you create a business strategy that can enhance your invention’s strengths and minimize its weaknesses.