Market Research is an important step for any product and service. However, most of the time it is skipped. Inventors want to know about their target market for their inventions. Before investing for invention, the worthiness of the product should be gauged. Here market research comes handy.
Usually, inventors tend to conduct prior art searches before introducing new products. But, prior art search is associated with inventions and patents. Many innovations never become products and services. Because there are no proper statistics available. Hence, most of the time prior art search is conducted.
Prior art search only finds the details about existing knowledge. But that is not sufficient to bring your innovation in the market. To find that invention is innovative, there arises a need for research.
To introduce your invention in the market, market research is essential to know the market trends as well as intercepting the generation of already existing ones.
Market research provides a detailed evaluation of different markets related to inventions, patent environment, persisting and future products. Market research helps to understand market size, market needs, and competition.
Role of the Market Research in inventions and patents:
- The market research reports provide information about various markets as well as the top active market. For example, if an invention is supposed to be used in 20 different industries, from which 15 are the top active industry, then the market research reports advise the appropriate industries for the invention product.
- Competitor analysis is apparent to introduce any product or service. The market research helps to analyze the competitors in the market, to identify technologies competitors they are using and products they will be introducing or already have introduced. This helps the inventors to touch the area competitors haven’t touched.
- The understanding of the market trends, active companies, patent drafting is at ease. The patent drafter can prepare a clear and proper patent application that will add more value.
- Market research reports also offer information about the leading companies. The reports provide knowledge about technologies, products similar to that of the invention. This helps to understand the newness of the invention. By gathering the information about leading companies it also helps the inventor for business partnerships and licensing.
Inventions and patents is a long process. Hence, it is suggested to conduct market research to bring the ideal product in the market. Market research helps in deciding which product or service to take in the market first that will be beneficial.