Invention Evaluation

STEP TWO

INVENTION EVALUATION

The second step of inventing is evaluation of an idea. Every inventor loves their idea but that does not mean everyone else thinks it is a good idea. An inventor needs to LISTEN carefully to others and get independent feedback. An invention should solve a problem or be a significant change from what is available. An invention that solves a problem is going to be very successful, however, what one person thinks is a problem many others will not. It is discovery of what other people think that dictates the success of an invention. If other people think an invention solves a problem, they will buy it at the right price.

An invention may be very different but that does not mean other people will like it. People must recognize the difference and want to buy it. For example, an object is usually white but a new design makes it multi colored. People who buy this product will have to like the concept and the colors / design to want to buy it. Feedback from professionals, people, groups, etc. are critical in the early stages of a product. Feedback from various sources will not only ascertain that the idea is great but it can also provide information on how to improve the idea so it can be more successful.

It is also important to evaluate manufacturing and marketing a new concept. Manufacturing costs will ultimately determine the cost of an invention at retail. If costs are too high, people will not buy it. Marketing must identify how best to reach a target audience who will buy a product. Marketing techniques and cost of acquisition is critical to success. A person can have the best invention in the world but if no one knows about it, no one will buy it.

FOCUS GROUPS

A focus group is an independent group of people put together to evaluate ideas. It is a form of qualitative research in which a group of people is asked about their perceptions, opinions, beliefs, and attitudes towards a product, service, concept, advertisement, idea, or packaging. A moderator helps direct them so they can get truly independent feedback. People are put in a room and asked to evaluate a product or idea. A moderator guides them about specific aspects of an invention so feedback is about a specific aspect.

Inventors should not try to run a focus group themselves, as they will try to steer participants in one direction and not get true feedback. Focus groups are only a small segment of the population so the feedback received is important but not the final word. Often, inventor groups will hold focus groups and give constructive feedback.

Focus groups are also found online through various websites. Online surveys can include millions of participants and provide highly accurate results depending on cost and number of participants.

MANUFACTURING

An inventor needs to evaluate costs to manufacture a product as early as possible in the inventing process. Manufacturing costs ultimately determine retail pricing and success. Manufacturing processes, materials, and assembly techniques must all be understood to estimate costs accurately.

Costs to manufacture can differ dramatically by manufacturer and country. Retail cost is often four times manufacturing cost, including packaging, warehousing, and shipping.

MARKETING

Once a market for the invention is determined, evaluating marketing strategies is the next step. Marketing identifies people who want the invention and creates ways for them to know it exists. Determining the best marketing approach and cost / profit balance is critical to success.