Market research is one of the most essential steps in the product development process for inventors. Yet, it’s also the step most commonly skipped or moved through too quickly. If you shortchange your research, you may be missing out on information that is critical to your product’s success, as well as falling short in accurately defining your target market.
Inventors also need to do an extensive amount of research when identifying potential licensees for their product. A common mistake they make is not casting a wide enough net when searching for licensees. Finding a licensee for your product is a numbers game. The wider you cast your net, the more chances for success you will have.
What if you had one powerful research tool at your fingertips to identify and refine your target markets as well as identify potential licensees? What if you could also identify the key people to contact within potential licensee companies? What if you had one tool that could do all this plus identify demographics, psychographics as well as research consumer demand?
Reference USA is a powerful tool that all inventors should use throughout the journey of bringing a product to market, whether the plan is to license the product or do your own manufacturing and marketing. February’s keynote speaker, Kam Draper, will introduce Reference USA to our group and focus on how inventors can use the strength and breadth of this incredible database to pave the path to success.
