If you are asking yourself this question, is it because you want to know whether it’s generally a good invention, or do you want to know if it will sell? The difference is huge, for example, a high-selling invention doesn’t have to be good, it just has to have good marketing. The same applies to good products, we’ve all seen great products that don’t really sell because they lack good marketing. So in this article, we will only talk about how to figure out if you have a good invention.
To begin with, we will give you a couple of questions to answer about your product.
Related: Why Marketing Is Important For Your Invention
Is your invention solving a real world problem?
When Answering this question, be honest with yourself. Make sure you are not making up a problem to solve or exaggerating a small inconvenience. Inventions that solve real-world problems will always have a demand, the bigger the problem the higher the demand.
How many people will use your invention?
Will your product apply to the average person, or does it have a very niche customer base? This is important depending on your product. Make sure it is profitable when selling to a smaller customer base. Some great products come from satisfying a very important need in a specific niche. If you believe large amounts of people will need your product this is a good sign you have a useful idea.
Is it saving time and money for your customers?
This is by far one of the best gauges for the quality of an idea. The best inventions improve the lives of the customers. This is where sometimes branding might not sell, “why would I buy a more expensive product that only does half of what this one can do?”
Are there any similar products already on the market?
If there is something similar already out there in the world, are you making it better? or is it practically the same product? If it is similar to an existing product and has few differences we recommend, either focusing strongly on branding & marketing or going back to the drawing board. If you are improving an existing product, this ties into the next question.
Is it improving upon an already existing product? Or is it original?
There is nothing wrong with finding a way to improve an existing product. In fact, this is how ideas get refined and continue evolving. Sometimes all it takes to get a completely new product is perfecting an outdated one. For example, imagine we never improved the very first automobiles, the speed limit everywhere would still be 15mph. When Improving an existing product, try to find a real problem or limitation with the existing one and focus on that. Unique selling points come into play here, more on that in the next question.
Inventing 100% original products is rare but if you come up with an original idea, you will have the ability to control the market for that product if done correctly.
Does your product have unique selling points?
This question is especially necessary when you’re improving existing inventions because you will need your product to stand out from theirs. You will need to let your customers know what makes your product better than theirs, things like is it Faster, lighter, more durable, reliable, etc.
These are questions you must know the answer to if you want to know if it is a good idea.
