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Invention Marketing Training

Part 4: Test for Marketability

About This Video:

Test for Marketability

  • Determine marketability with these self-evaluation steps. Explore the details relating to benefits, competitive advantages, and profit potential.

Competition Questions

  • Who are your General Competitors?
  • Who are your Specific Competitors?
  • What products will your invention replace?

Benefits for Business

  • Generate revenue
  • Reduce costs
  • Improve efficiency
  • Retain customers

Benefits for Consumers

  • Make money
  • Save money
  • Save time
  • Safety, Pleasure
  • Health, Peace of mind
  • Recognition, Prestige

Profit Potential

  • Profit Potential = Revenue - Cost of Goods Sold - Expenses
  • Revenue = Selling price times Number of units sold

Additional Marketing Resources

E-book: How to Get Your Product Into Retail

Complete Step-By-Step Guide: Invention Marketing Kit

Timesaving Templates: Invention Marketing Templates