Test marketing a new product-invention not only gives potential buyers the opportunity to see how much demand there is for a product, but also gives the inventor the opportunity to determine how much further time and investment an invention merits. It is important before using any of the methods listed in the subheadings below, that an inventor first secure proper patent protection for an invention that will be test-marketed.
The Value in Test Marketing New Product-Inventions
The benefits that are accomplished through test marketing product-inventions include the following:
- to get an idea of how well a new product will be received by the public
- to see if there is a demand for it in the marketplace
- to determine if there will be repeat customers for a new product
- to gain the interest of buyers at retail chain stores and outlets
Display an Invention at Trade Shows
There are many trade shows that offer booth space for displaying and selling new products. If for example, an invention is in the hardware category, he can look for scheduling of trade shows for hardware products in his area or in areas he is willing to travel to. A great way to find information on trade shows is to go online and use search terms such as “upcoming hardware trade shows.” To find ones being held in a particular state or city, one can simply add the name of the city and/or state in the search term.
By attending trade shows and displaying a product-invention, one can get an idea of how well it will be received by the public, by observing how many people attending them stop by a display booth to look at a new product. This also gives the opportunity to ask attendees what they think about a product, if they would use it and if they see any features of the product they would prefer to see modified. After attendance at a number of these type shows, one would then be able to compare notes on them and have a better idea of how the product will be received by the general public, once it becomes available on the market.
Offer a Product-Invention through Telemarketing Sales
There are local cable advertising programs available in most cities that allow one to advertise in a limited area for a lower cost than regional or national advertising will cost. Most of them also offer production services and can produce a semi-professional telemarketing spot for a product-invention. An inventor would also need to obtain a toll-free ordering phone line, for taking orders, which are now available at a low cost or on a charge-per-call basis. Some major phone companies that provide basic phone service will also add a toll free phone line to existing basic service at no additional charge.
Some T.V. shows have unsold advertising spots that they might be willing to offer in exchange for a percentage of sales a product generates from an ad. This is called a “P.I.” arrangement meaning one agrees to pay the show running the ad a percentage of each sell or “per inquiry” that it generates. By offering a product-invention for sale in a T.V. ad, one is often able to see if there is a demand for it in the marketplace.
Conduct Surveys of Consumers Regarding a Product-Invention
To survey potential buying-consumers, one needs to compose a survey form, with lines for them to sign. The document would simply need to inquire as to whether a consumer would like to see a new product available at their local store. These surveys, once completed, can also be presented to potential buyers of the product whose interest in carrying it in their stores is often heightened by any public interest that is shown.
If one is trying to get the interest of a particular store-chain or outlet, wording the survey so that public interest is shown in seeing a new product specifically available in that store can add to its effectiveness. These type surveys can be conducted at trade shows or booth shows of any kind but can also be conducted at stores where one wants to generate interest. This would of course require that there is permission granted to conduct the survey on the store premises. A large list of consumers signing this type of survey can generate more interest with buyers who see the respondents as potential repeat customers for a new product.
Ask Permission to Test a Product-Invention in Stores
If one is trying to gain the interest of a chain-store for example, an appointment can be made with the corporate buyer and request the opportunity to test a new product in one or up to a few of their stores. If permission to test market a new product in a limited number of stores is granted, it gives an opportunity to monitor the sales, to see if the product can be expanded in the chain.
This of course would be dependent upon how well the test period goes with a product. It might also be a good idea to advertise the new product in the cities it is available in for the test, by placing ads in local newspapers. To gain the interest of a buyer for test marketing a product, one could also offer the new product at a discounted price and let the buyer know that advertising will be obtained for the authorized store(s) during the test.
The preceding subheadings offer general guidelines for several methods that can help determine the market value of a new product-invention. An inventor would however want to proceed with any test marketing, with caution, making sure that public exposure of an invention is done at the best possible timing. It is also important while attempting to determine the sales potential of a new product, that any contracts or agreements involved in the process are carefully considered and researched, which may require the assistance of legal counsel in some cases.
Sources:
National Inventor Fraud Center
Jim Lowrance - James M. (Jim) Lowrance has authored over 100 book and ebook publications since year 2004.
