I teach my students that the most important thing you need to do when licensing a new product idea is to research the marketplace. You need to know what products are out there in the area of your idea, who the companies are and what the benefits of all the products are that compete with your idea. It’s the most important thing you can do when selling your idea.
There are many ways to research the marketplace. Today, I will share one little know technique that not enough inventors are using.
It’s called a shopping search engine.
Shopping search engines are a great way to do research on existing products in the marketplace! Basically it’s a search engine for products available for sale on the Internet.
You get results just for products being sold without having to sift through hundreds of pages or regular search engine results. You get to see a picture of the product with the price and where it’s sold. Then you can click on the image of the product to be taken to the web site where the product is being sold.
You MUST do a “Shopping Search Engine” search every time you come up with a new idea. It’s easy and you will most likely gather some valuable information.
Here’s a list of the top shopping cart search engines you can use to do your research. Each bulleted link clicks through to Wikipeida so you can get the latest info on each of these search engines. The second link will take you directly to each shopping search engine.
Google Product Search is my favorite. Try clicking on “grid view”. It’s a super quick way to search just images.
- Google Product Search (formerly Froogle)
- MSN Shopping
- Shopzilla (also operates Bizrate)
Good luck with your research!
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