{"id":740,"date":"2016-02-24T10:30:24","date_gmt":"2016-02-24T16:30:24","guid":{"rendered":"https:\/\/www.cadcrowd.com\/blog\/?p=740"},"modified":"2019-04-24T15:24:04","modified_gmt":"2019-04-24T21:24:04","slug":"validating-your-idea-is-there-a-market-for-your-idea","status":"publish","type":"post","link":"https:\/\/www.cadcrowd.com\/blog\/validating-your-idea-is-there-a-market-for-your-idea\/","title":{"rendered":"Validating Your Idea: Is There a Market for Your Product?"},"content":{"rendered":"

There’s so simple formula for coming up with a great new invention. If there were, then the world would be full of inventors. Even if an invention is great in its own right, for it to become a successful\u00a0product<\/em>, it’s got to be able to generate a return on investment. It’s not just enough for the thing you made to be\u00a0really cool<\/em>. For your invention to become a serious product design, it’s got to make money. And that means it’s got to have a market.<\/p>\n

Pursuing a product development strategy is labor intensive and costly. A successful product is going to require some upfront investment. So it’s important to know going into the project how viable your invention will be as a marketable good. Before you start ratcheting up the manufacturing process, there are a few things you should consider to help you determine the viability of your invention.<\/p>\n

Understanding Your Target Market\"Social<\/h3>\n

Before you get too wrapped up in design work, you need to start doing some research. The first thing you want to research is your target market. You came up with this invention because you noticed something missing \u2014 something you wanted that wasn’t there. Great. But don’t assume that your potential customers think like you! Don’t take anything about your target market for granted: do the research to find out what people are looking for in a product, and what people feel isn’t being offered by the competition. Then tailor your design and your presentation to those demands.<\/p>\n

You want to collect both objective and subjective data. What are current trends in the market? Is your product going to be competing in an emerging field, or in a heavily competitive environment? What is your target demographic? What is the type of person you should have in mind when designing your product? (Hint: it might not\u00a0<\/em>be you!).<\/p>\n

The internet is a great resource for you at this stage. Take advantage of forums and message boards to get input directly from the community about what they would like to see in a new product. Research and compare campaigns on crowdfunding websites like Kickstarter or Indiegogo. See what works, and what doesn’t.<\/p>\n

Consider trends. If you can connect your product with some emerging or popular trend, you can give yourself a big leg up on establishing yourself in the marketplace. Take advantage of social media both to see what is popular and also to reach out to potential customers. You can start to develop a relationship with your target consumers early, and use that feedback to help guide your product development.<\/p>\n

Consider The Competition<\/h3>\n

It’s a centuries-old proverb that inventors and visionaries are standing on the shoulders of giants.<\/a>\u00a0That’s a nice thought. But what it means for your new product is that it probably isn’t going to be the only thing of it’s kind in the marketplace. Even if your idea is completely novel, odds are that it serves a function that is already being served in some way by something else. Rare indeed are inventions that do something completely and entirely new!<\/p>\n

This means that you’re going to have competition, which brings up another ancient proverb: know your enemy. Gaining a competitive edge is going to be crucial to your product. It’s something you should be thinking about right from be beginning in your product design.<\/p>\n

Research your competitors. What are the shortcomings of their product? How could yours be better? Your competitors have an automatic advantage over you: they are already established, and to some extent at least they are already recognized. You’re going to have to overcome that advantage by putting forward something that they can’t. You can’t just be a bit different, you also have to be\u00a0more appealing \u2014 and that means being somehow\u00a0better<\/em>.<\/p>\n

Consider the vectors by which your product design is an improvement over what’s already out there.<\/p>\n