How to Determine the Marketability of an Invention
Every product on the market has one thing in common -- it started out as an idea. People put their ideas into a development plan, make working versions of the concept and put the product on the market. You have the capacity to do this, as well. However, like all other inventors, you have to determine whether there is a market for your invention before you begin to develop it. Otherwise, you will waste time, money and energy into a product you cannot sell.
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Instructions
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1
Look at trade magazines, websites and other publications like newsletters and ads to see what other products on the market are similar to yours. Contact the companies who produce these items and ask them how many units they sell per month or year. Get pricing information, as well.
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2
Conduct blind surveys and demonstrations via mailings, telemarketing or trade shows. Let strangers "test drive" the product and then give you their feedback. You can ask friends and family to give their opinions, too, but as the Free Inventors Help website points out, they may be biased in your favor.
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Estimate how much it would cost you to manufacture the product. Include labor in the costs. Compare this total to the prices of similar products you've gathered in Step 1. Your product may be marketable if the cost does not exceed the average price of similar products.
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Hire a university or independent company to assess your invention. These organizations have criteria they use to determine whether your invention can stand up in the marketplace.
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Talk to merchants. If they tell you they sell similar products or would be interested in your invention, you probably can market your product.
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Contact agencies such as the U.S. Environmental Protection Agency or trade organizations and ask what standards they have for inventions. You will have a difficult time marketing any product that harms the environment, poses a health or safety hazard, verges on legal violations, or does not meet the performance standards of similar products.
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Ask yourself how the invention can be shipped. If you cannot distribute the product easily, it is not very marketable. The product still may be marketable even if you have to make distribution accommodations, but the cost of the accommodations cannot make the cost of production exceed the purchase price.
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References
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