basic market research

What is the value of basic market research?
Market research is a critical part of the invention process and while many authors recommends research prior to moving forward with a full-blown (non-provisional) patent application, I recommend performing a basic level of research prior to doing anything else. Note: a more in-depth level of research called “due diligence” may be performed later in the process, and I’ll address this later in the guide. Before you spend any money on your idea for example, using the services of a patent attorney, invention support-company, marketing agency, or consultant, it would be wise to see if other similar products are already on store shelves at your local retailers.

Basic market research can be as simple as visiting your local Wal-Mart, Home Depot or Target to see if anything similar is already on the market. I have had many inventors come back after a quick shopping trip to tell me that they were surprised to see the exact product already on the market. Other basic research opportunities may be to look for other products on the market that offer the same solution or search the Internet.

What if I find a similar product?
I can tell you from experience that just because you find a similar product on the market doesn’t necessarily mean you can’t succeed with your idea. For starters, you should research whether the similar product is patented or not. Just because a product is on the market doesn’t mean that it has received patent protection or that a patent has been filed; however, you should be aware that it may end up preventing you from receiving patent protection. Next, you should look closely at the product to see if your idea has benefits or features different from the similar product. For example, if you had an idea for a new mousetrap, I guarantee that you would find numerous mousetraps already on the market designed to do the same thing – catch mice. You must ask yourself questions such as, is yours better, does it function more efficiently, is it designed differently to allow for lower cost production…etc. etc. When in doubt, I would recommend consulting with a registered patent attorney.

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