Doing Market Research

• Write a description of your invention that a layperson would understand.
• When describing your product outline what you feel are its unique aspects, and explain how or why these aspects will appeal to customers.
• Emphasize the special features that you feel are its selling points.
• Next go over sales projections, determining if there is a demand for the product or what the demand has been for similar products.

This practice will help you to better understand how the marketplace operates relative to your product, and it can help you develop the skills necessary to identify and anticipate changes in the marketplace.

Do Study Marketplace Trends

Start your own file on marketplace trends. Periodically review your data, looking for shifts in the market. If changes are occurring, you should modify your marketing plan to coincide with these changes.

A marketing plan should answer these questions:

• Is this product in constant demand?
• How many competitors provide the same product?
• Can you create a demand for your product?
• Can you effectively complete in price, quality and delivery?

Review your marketing plan to ensure that it answers these questions. If your current marketing plan doesn't answer the questions, it will need to be modified.

When you understand how the marketplace operates relative to your invention. When you are satisfied that you understand how to identify market shifts and trends related to your inventions. You are ready to start writing the marketing plan section of your business plan.

Cultivating the Marketplace

It is your responsibility to promote your invention by cultivating the marketplace, and by attracting and keeping customers. You can accomplish this aim by knowing your market, your customers, your competitors and your product. By gathering and analyzing market research information, you will be better able to determine if your marketing plan is in line with your competitors, or if it is in line with industry averages and what adjustments you can make to improve your overall competitiveness.