One of the first thoughts inventors have is “how do I know if there is a market for my idea?”. If this is a question you are asking yourself, you are asking the right questions. In this article we will show a quick two-step way, to identify if there is a market for your idea.
Ok so first you want to start by searching on all the major retailer’s ex. Amazon, Alibaba, Walmart, Target, Best Buy, etc. for a product similar to yours. If don’t find any products that can do what yours can, you can move on to the next step. If you found a product exactly like your invention idea, you can keep going but just know it will make introducing your idea to market more difficult.
Now secondly, you want to write down your idea and divide it into 3 categories (it’s ok if you can only think of one). Once you have those 3 categories, hop on the good ole google and search the top companies in those categories. Those will be your competitors, no need to worry about them right now. What we want to pay attention to is the type of customers those companies have.
Now ask yourself, (Be honest and realistic while answering these questions)
- Would my competitor’s customers pay for my product?
- If a similar product already exists, is mine so much better that customers would pick mine over any others?
- Does my product solve a problem my competitors are not solving?
- Would I be the only business selling something like my product or similar?
If the answer to all of these questions is yes, congratulations! You’ve identified a market need. Now all you have to do is decide whether you want to produce and market your invention yourself or license it to a bigger company for a smaller cut of the profits.
Related: Should I license my idea or produce & market it?