What is Invention Market Research?

Invention Market Research is a thorough search of similar and/or competing products or services relevant to your invention. This search should be performed before or in conjunction with the patent search (if no similar or competing product exists then search products/services in the same category or industry). Locate and gather information on similar and/or competing products/services. Search the Internet, trade publications, and advertising and marketing materials.

Let Inventor Start Kit ™ show you a step-by-step procedure on how to perform market research. Included are instructions on how to perform market research, samples of market research, and your own ready to use market research form. The cost of market research depends on the breadth of the search, the number of competitors, the degree of detail and the complexity of the product/service. Professional market research for competing products/services generally costs thousands of dollars $1000s; but not with the Inventor Start Kit!

Why perform invention market research/screening?

First, you need to know your competition. Collect as much information as you can on competing and similar products/services, which are competing for the same buyer. Know the manufacturer, distributor, seller (their contact information), product name and/or trademark, manufactured price, retail price, distinguishing elements, features, advantages and disadvantages of each competing and similar product on the market.

FACT: Performing market research yourself will save you time and money.

Second, you need to estimate the cost to produce your product/service. If the cost of your product/service, with its new advantages and improvements, is not cost competitive or if such advantages and improvements do not justify the necessary increase in cost of production, as compared to the competing or similar products/services currently being sold, your product may not be marketable.

Let Inventor Start Kit ™ show you a step-by-step procedure on how to perform market research, included are instructions on how to perform a market research, samples of market research, and your own ready to use market research form.

Invention Market Research