Michelangelo once said that his statue of David was embedded in
block of marble and he merely chipped away edges to reveal it. Is your product idea inside your mind just waiting to come alive? Or, is your product already formed and you need only to smooth out edges?Using my Market-Step process your idea will come to life as we progress in following steps from idea to launch:
1. Self-Evaluation 2. Concept Evaluation 3. Prototype Evaluation 4. Product and Market Planning 5. Product Development and Marketing Tactics 6. Product Launch, Marketing and Selling
Please use this roadmap as a navigational tool to guide and monitor your progress. (See www.Product-Coach.com > Articles for a graphical flowchart.)
Getting Started
* Protect Your Idea (Chapter 4) When you have an idea, you need to protect it. The first line of defense is to set date of conception. Start by documenting your idea in an inventor’s notebook, but don’t file a patent until you evaluate its marketability.
Market Research and Evaluation
* Self-Evaluation (Chapter 9) Start Market-Step process by evaluating your product idea’s marketability. Your product idea is marketable if and when it solves a problem, meets a need or want, overcomes competition, and generates a profit.
* Concept Evaluation (Chapter 11) The second step of Market-Step process is to determine if people like concept of your product idea. To test your invention, you’ll need to uncover which people or companies are your future customers. After identifying potential customers, ask them to evaluate how well your product idea solves a problem, or meets a need or want.
* Prototype Evaluation (Chapter 12) The third is detailed evaluation by giving people a prototype to examine. A prototype is a working model that looks, feels, and functions similarly to finished product. I’ll lead you through process of creating a prototype that resembles what your customer wants. Then, I’ll show you how to get detailed feedback by interviewing potential customers.
* Funding Your Idea (Appendix F) Do you need to raise money to develop and market your product? Initially, you’ll need money for expenses such as market research, equipment, and prototype development. Raising money is a normal part of doing business when you start, grow, and expand.
* Patent Review (Chapter 13) You performed a preliminary patent search earlier. Now it’s worth your time and money to perform a detailed patent search and possibly file for a patent.
* Self-Market or License (Chapter 14) What do you do with your new product? Your choices are to either self-market or license it. In some cases you can do both or sell rights. Self-marketing means turning your idea into a marketable product that you intend to sell directly to an end-user, and/or through a distributor or retailer. Under a licensing agreement, a business will produce and sell your product in exchange for royalties.
