You Can Never Be 100% Certain About ANY Invention’s Commercial Success
If you’ve spent any appreciable amount of time around inventors or new product entrepreneurs, you will have heard the proclamations of “guaranteed to make millions” and its variants many times over.
While passion for your invention or new product is obviously crucial, wishful thinking can cloud your decision making processes to the detriment of your product’s future.
The question that every inventor or new product entrepreneur must focus on when doing an evaluation for commercial potential is:
Will it be profitable to manufacture and sell or otherwise commercially implement?
Sensible inventors understand that there is no way to absolutely answer this question. The bottom line comes down to a combination of factors, promotion and marketing, produce design and packaging, overall market conditions at the time, timing itself being a big factor, plus a much longer list of potentialities as you can read from this article – patent my invention through InventHelp.
Here are five primary product development criterion that new inventors should consider carefully for any new product idea or invention that they are developing:
- Can you manufacture or produce the product cost effectively? Can you license it to an existing company that could?
- Can you price the product competitively?
- Can you position the product in the marketplace well? How much and what type of competition exists?
- Can you promote the product cost effectively? How can you market to the product’s demographic?
- Can you handle the long haul with this product? Are you prepared to put forth the resources the product will require based on your research?
Beyond these factors, you have other dimensions of the process that are equally vital, though not an issue until the product reaches the commercialization stage. For example, product packaging, not only the external container but the form factor of the product itself and all of the collateral material, can sometimes make or break a new product. Consider the Pet Rock – quite literally a rock in a box, which not only sold by the truckload but lives on as a cultural meme more than 30 years after it hit the market!