If the market does not see the value of a new creative concept it will not sell. The inventor may get excited about something that solves one of their own problems, but before launching a start-up business they need to be sure that the market has the same need and sees the value of the product in addressing that need.
To do this the prospective entrepreneur must do some market research. They need to test a segment of the marker, including people who aren’t friends and relatives, before deciding how to market the product locally or internationally.
This is not only about asking whether the product is liked or not, but also how could it be improved? Where would they expect to buy it? What price would they pay? Would they like similar products?
Price is a key issue in product success or failure so the inventor needs to test the price consumers will be prepared to pay.
No product will sell if potential customers do not know about it, so they need to research how best to tell potential consumers about the product’s key benefits. Is it practical to advertise in newspapers and magazines? What about social media? Will publications run articles about her product?