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Now that you’ve thought about the ‘why’, established marketability, and learned how to avoid patent infringement, let’s talk about performing market validation.
So, what is market validation?
Let’s put it this way, any product idea you have will make no sense going to the market unless it resonates with your target audience. This is why you want to perform market validation. Performing a market validation will allow you, through a series of interviews with your target audience, to test a product concept against a potential target market. This fundamental step justifies the financial investment tiers, and must tie into each stage of product development and ultimately, woven into production refinement further down the road.
Performing Market Validation
1. Validate and verify your potential buyers
You have to ask the question, will your potential buyers be willing to part with their “hard-earned” money in an effort to enhance their life experience with your new product offering?
o Gather a small focus group or online questionnaires once you have acquired patent protection. Conducting some online research as noted above, and getting some feedback through some trusted family, and friends, who may or may not like you very much, is a bold move. Listening to people that won’t be afraid to hurt your feelings is best. They know how to be the best judge of your products’ viability, and it is important to not take negative feedback personally. This approach will help you to gather the information you need and have the ability to use it effectively, for the best outcome.
o As a plus, this 1st round of “market validation” is, in a way, a great opportunity to listen to product enhancing ideas that others will freely and abundantly offer when asked to offer their feedback and suggestions.
2. Target your buyers and fine-tune your product offering
o Now that you’ve defined your buyers, and listened to their feedback, take some time to descriptively write down your products spec’s. This should include features and benefits. Once you finish doing this, try your best to visually sketch/illustrate, and if possible, build a “proof of concept” , that is, a physically functional prototype.
o The written description is important because it will assist in further development, patent research and acquisition, and your marketing pitch.
o Features and benefits are a key element to patentability and a marketing starting point. This copy will also lay the foundation of key selling points that will drive your marketing plan.
o The physical prototype will serve as a testament that your idea can work and can be physically built.
Our team at Envision is ready to help you!
Remember what we said, it will make no sense getting a product to market unless it resonates with your target audience. This can only be done through performing market validation. And if you need support in doing this, we are here to help you. At Envision, we are a passionate and talented group of innovators, committed to creating and introducing great products into the world. From individual inventors to Fortune 500 companies, we work with everyone. Let us help you take things step by step and pave a path to market for your idea, for you. Visit our website at https://envisionproducts.com/ and find out how we can help you and stay tuned for the 5th of 8 step product to market guide.