5 Tips For Test Marketing Inventions
There is no reason that test-marketing inventions should cost 1000s of dollars. A little effort and a lot of imagination and boldness and you can find out how valuable the market will see your invention. If the market places no value on your invention, then your invention idea should stay just that – an idea. Make sure that there is a market for your invention before you spend time and money getting a patent. There are 1000s of patents that will expire without generating a dime in revenue for the inventor. 5 tips for test marketing inventions are: 1. Go to stores that you would like to see selling your invention. 2. Ask the stores who controls the most shelf space in this market sector. 3. Ask the stores who the biggest distributors are for these types of products. 4. Call the distributor and set up a meeting. 5. Get students (either HS or college) to do a survey for you to check the market. These tips are simple, but very informative. They will help you with test marketing inventions. The first step seems obvious, but is done far less than it should be. Visit the stores in which you would like to see your inventions displayed and sold to customers. Visit at least 3 and preferably 5. This will give you a good idea of your target customer as well as some hints to why they may buy your product at these stores. When you talk to employees at the store, don’t just talk to the manager. Talk to the person who may have some experience stocking the shelves. Ask them if they restock these types of products often. Also, ask them the types of questions that customers typically ask about this type of product. Also, find out what types of promotions really move these types of products off the shelf. Find out who the largest distributors are for these types of products. Contact the distributors and find out the process to submit new products to them for representation. This can go along way when you talk to manufacturers. Most distributors know the market pretty well and can offer a lot of info, if asked in the right way. Don’t reveal the secret sauce of your invention, but tell them just enough to get them interested in helping you make them money. These distributors can, if handled correctly, be your secret weapons in test marketing inventions. Lastly, get a student to do market research for you. Ask them to approach it as if they were doing a research project. Tell them what you want and ask them to write the questions. You may be surprised with what they come up with. Make sure the wording of all of the survey questions is simple and to the point. People won’t ponder too long. Throw in a question about the most desirable benefits or features that the customers want from these types of products. You may find something that customers are seeking that will give you an even better market niche. These same contacts that you make during your research can be very valuable during your invention-marketing phase. You want to understand how to develop an income stream by marketing inventions. The stores and distributors want to have access to the best solutions and products that their customers seek. It is a win-win. Present it as such and you have gone a long way toward successful invention test marketing.
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