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Dave Gillen – Former FS Concierge
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CateT, post: 261674, member: 112060 wrote:
Hi John, yes it is a huge amount of money to waste if the product is not successful. Do you know how one can best test the market and potential interest and sales? Is there a good marketing or invention company out there who may regularly do such market analysis that I can tap into? I’ve heard some bad stories about companies taking your money, doing this market research and promising you the world only to have the product fail.

You are right – theoretical research (even if done well) can not tell you if the product will be successful. Testing the marketplace means selling on a smaller scale, to see if people buy it. This could mean selling at the markets, on gumtree, on ebay, or running a crowdfunding campaign.

To do this, you’d likely need to find a cheaper or temporary way to make the product (to avoid the $60k cost) so you can make those initial sales.

As for licensing, you may be best off doing this part yourself (as the inventor) rather than outsourcing. Write a list of stores where your product would fit nicely on the shelf, then go into these stores and see which companies are selling similar or complementary products. Then you can make a list of these companies and sell them the idea that “I have a product that would be a great addition to your product line.”

To get help with licensing – go to amazon and find books written on the subject. Then contact the authors for either free advice or paid consulting.