Doing Market Research
- First 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.
- These features are what you will use to convince customers to purchase your product.
- Next go over sales projections, determining if there is a demand for the product or what the demand has been for similar products.
Do Study Marketplace TrendsStart 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?
When you are satisfied that 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.