The Benefits Of Doing Market Analysis With Patentability Search
Innovative creations are necessary for the contemporary market where products keep getting upgraded with newer features. However, not every invention is capable of creating an impact in the industry. Take, for example, 3-D Television. Poor market research could be one of the reasons why the manufacturers failed to realize that consumers were not attracted to it and in fact, had various complaints in regard to the technology.
Considering that the process of obtaining a patent is long drawn and involves substantial time, effort, and investment, it is advisable for an inventor to gauge the market comprehensively before going forward with the patent. A thorough market analysis at the stage of patentability search has various benefits:
- Knowledge of competition- Awareness of pre-existing products in the market can help check the novelty of your invention and any relevant prior art that may be available. Further, products that other competitors are selling and the innovations they bring can guide you to improve your own invention to make it more non-obvious. If your invention is something that other companies are also working on, you will have a higher chance of entering into licensing agreements with them once you obtain the patent.
- Target Audience- Every product is designed to keep a specific market in mind that includes not only the industry and category of goods but also the demographic of the consumers. For example, in the United States of America, minivans are most appealing to middle-aged people with children. So, the product’s entire marketing and innovation is geared towards catering to their needs. Further, filing claims will also be easier if you are aware of the specific market your product can target successfully. If the potential market is too small, it may not be financially viable for you to produce the good. So, obtaining a patent for it would be frivolous.
- Improvements in the product- Market research helps you realize the needs that potential consumers have and to what extent your invention is going to cater to those needs. If the research shows certain desired features lacking, you get an opportunity to enhance your invention and increase the chances of commercial success.
- Cost and Revenue analysis- Studying the potential consumer market can also give you an idea of what price you will get for your product. If the prospective revenue is significantly lesser than the cost of manufacturing the good, going ahead with the product will simply lead to losses for you.
Market analysis can be done by hiring professional consultants. They can formulate focus groups, questionnaires, or surveys across various channels to reach out to the widest audience possible. Before showing your own product, it is important to gauge the expectations of the people being studied. Inquiring about their needs, considerations while using a product, and suggestions for improvement in the industry are certain entry-points to determine how your product will be received. The more detailed the market analysis is, the higher the chances of you ending up with a feasible patent.