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Market Assessment For Your Invention

One phase in the invention process that will help you determine the value of your invention idea before you invest lots of time and money is initial market assessment. This initial market assessment should be performed as soon as you solidify your invention idea. This is not a full blown market study or analysis, but the results that you find this early assessment will be very useful as you move your invention through both the invention and commercialization process. There are professional patenting agencies such as Invent Help that will help you out.

This initial market assessment consists of the 4Cs. The 4Cs are:

  • Concept
  • Customer
  • Compensation
  • Control

Each “C” is critical, but customer is the most important one. Spend the most time on that one.

The concept should solve a problem. You, as the inventor must have a very clear understanding of the problem that your invention is going to solve. Define the problem in detail. Be as specific as you can.

Define any technical specifications and physical dimensions that you envision at this stage. This information will help you define your customer in the next step. Also discuss your invention’s usability. Is it easy to use? Will it require some prior experience or knowledge to use? These will all be helpful in later stages of the invention process.

All of the answers to these questions may change as you move through the various phases and steps of both the invention and the commercialization processes, but the thought that you put into this now will save you time and money later as explained by the patenting professionals from InventHelp. Changes are much easier to make when your invention is on the drawing board than they are after you realize that no one is buying your first production runs.

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