You may have many new invention product ideas. That is good.

Deciding which product idea to pursue can be a challenge.

How do you decide which product idea is the best of your repertoire?

Make sure to click on the blue link to get your free PDF – 7 Keys to Invention Success now.

Also, here is a link to a step-by-step YouTube video on how to find your best invention idea Рit is called Best Invention Idea РHow to Find Yours Now. 

7 Keys to Invention Success

Below are 7 keys or criteria to a successful invention. The more criteria your product meets, the better your chances for success:

  1. Chances of obtaining a strong patent are excellent
  2. Market for your invention is huge
  3. Benefits of your product are obvious
  4. Product is inexpensive to produce
  5. Product can be sold at a 4X to 5X markup
  6. Product used up, purchased repeatedly
  7. Manufacturers already have retail distribution channels

The key is to have as many of the above in your favor as possible.

Your invention may be very promising from a marketing perspective. But, if your product is in a crowded field, it may be difficult to clearly differentiate your patent from similar items. Your patent attorney can help you assess, early on, your potential for obtaining a strong – or weak – patent. If your chances look good for a strong patent, great. If not, it is best to likely move on to another product idea.

The hallmark of a successful inventor is having a product that has huge market potential. Such products are very attractive to companies looking to license your invention. Ideally, you want a product that could sell well to men and women. But, if the product sells only to men – or women – the market potential is still huge. While niche markets can be profitable, the volumes are typically too small to risk rolling out a new, unproven product.

It is extremely important that the benefits of your invention are immediately obvious to potential buyers. The average shopper will spend no more than 6 seconds before he makes a purchase decision. If your product benefits are clearly spelled out right on the packaging, the customer will virtually always defer to a well-known name brand.

Producing and distributing any new product for a company is expensive and risky. If you choose to license your invention, it is important that it can be manufactured with their current tooling, so there are not additional tooling costs for your licensee. If your product requires special tooling or in any way, makes the manufacturing process significantly more complex, it will be hard to license.

Perhaps the most important parameter of all is markup. No product will succeed without a 4X to 5X markup from manufactured cost to final retail price. This means a typical $19.95 consumer product in a store (retail), has a landed manufactured cost of between $4 and $5. If your invention has a landed cost of $4, you can wholesale it for $9, and the retailer can retail it for $19.95, making it profitable for everyone. The same product at a landed price of $6 would drive the retail price to $25 – $30, which is often a show stopper in a competitive market.

Ideally, it would be great if your invention were “consumable” – meaning it would be used up and then would be repeatedly purchased by consumers – much like tooth paste or trash sacks. For most inventions, that is not the case. Repeat sales could occur over a period of several years. But, inventions that meet this criteria have a much greater volume¬† multiple than typical products.

Lastly, your product should be sold ideally into the consumer market or a commercial market where it may be sold throughout thousands of retail outlets or stores.

Choosing to venture your product is both risky and expensive. It could take you years to get your product into, for example, Target, Bed, Bath, and Beyond, and Walmart. But, if you license it to a company like Allstar Products, for example, they can very quickly get distribution into those and other retailers. This is why most inventors actually make more money by licensing their products than by venturing them on their own.

Very few inventions will meet every one of the above 7 criteria for a perfect product. But, the more criteria your product meets, the better. If it meets less than 5 of the above, you might want to reconsider moving forward.

Please click the button below to claim your free PDF 7 Keys to Invention Success.

Also, here is a link to a step-by-step YouTube video on how to find your best invention idea – it is called Best Invention Idea – How to Find Yours Now.

Stay tuned.