If you have a patent or invention, you probably have wondered how you would bring it to market. There are steps to bring your product to market that has two major principles and thoughts behind it. It should be as simple as possible and each step should require a small investment until you, as the inventor, can feel confident that the idea is worth moving forward with.
The first step is idea conception and evaluation. This is the step to see if you should develop your idea. You could do a preliminary patent search to see if your product is worth pursuing and search for patents that are similar to your idea. You could use free search engines such as Google Patent Search or the Patent Database at the United States Patent and Trademark Office.
You should think about the following to evaluate if your product is worth pursuing or not: (1) is your idea feasible to create based upon your ability to do so; (2) can you produce it without spending a lot of money; (3) how much competition is there; and (4) does your product make other people say “Wow”?
The second step is to determine your target market. With a narrow target market, sometimes you can market your idea more effectively and have more effective market research. At this point, targeting the right market is crucial since the other steps are geared toward creating the perfect product, packaging, marketing, image, etc. for that target market.
The next step is inventor market research to predict success. You should conduct meaningful market research for your idea within your target market. Your results should show how people compare your products to other products. You should also create a brochure or prototype for your product so people have something they can objectively evaluate. You should also get an estimate on how much your product will cost to manufacture. Create surveys, questionnaires or study groups to compare your product with other existing products. After conducting this market research, you should come up with some ideas on how to improve your product. Make the necessary changes and repeat the market research until you are satisfied with the results.
The next step is to make a looks-like, acts-like prototype for your product. This will help you determine if your idea works the way you think it will.
The next step is to take a serious look at your patent options and hire a patent attorney or agent to conduct a patent search for you and use these results to figure out your patent strategy.
A patent won’t work in every circumstance so that is why it is important to consult a professional. There are also other steps to take to market your product and that is another reason you should consult an attorney so that they can guide you along the way to market your product or at least recommend someone to help you market your product.
