Cracking the Market
It’s important to recognise that every new idea faces competition.
Competition doesn’t just mean innovations that are exactly like yours; it also means any other products that set out to solve the same problem even if they go about it in a totally different way.
Checking out the competition
If you want to find likely competitors, try typing words that describe your innovation into a number of Internet search engines. You may think you’re the only person in the world to have thought of cats’ pyjamas, only to find out that someone somewhere has had exactly the same idea.
Other places to search include shops, catalogues, directories, journals and trade shows. It’s also good to talk to people who have worked in a relevant field, so try asking Mum or Dad if this applies to any relatives or family friends as you could find they’re happy to help you.
Finding your customers
Once you’ve had your idea and checked out the competition, you’ll need to think about your market.
Generally, people buy for two main reasons:
- If they have a use for your innovation
- If they prefer your innovation to the other options available
Your innovation also needs to be something that they cannot easily make for themselves once you’ve given them the great idea, (e.g. “Oooh cat’s pyjamas; they look nice, I’ll whip some up on my sewing machine…”).
If you still think your innovation offers something new, distinct, attractive and saleable, cracking the money market is your next challenge.
