Excerpt rom the Book, Turning Your Invention into Cash by Don Debelak. https://www.amazon.com/Turn-Your-Invention-into-Cash-ebook/dp/B07N8JSQJW.
You will have an easier time convincing people to help you if you can show them that your product is a winner. Here are a couple easy-to-do research tactics you can use to show your product is a winner. Chapter 8 is devoted to showing your product is a winner, but for a starting point observational and comparative product research will give you immediate feedback on whether or not your product has a good chance to succeed.
One type of observational research consists of just watching end users use the product, noting each step the user takes and then asking the user why they do every step. This is the type of research that many consumer giants such as Procter and Gamble use regularly. If you observe four or five users in action you will notice that they experience, and compensate for, different drawbacks to products or services, drawbacks they may not even realize exists. If you ask people about how they are compensating, they will either affirm that is a problem, or explain it is not a problem. You want to be able to say that a high percentage of the people you observe have experienced the problem your product solves.
This process simply asks buyers or end users to evaluate your product against three to seven other products and then asks them to rank the products or concepts both by value and by likelihood of buying. It is useful to do comparative research for both directly competing products or services that achieve the same purpose as yours and for other products or services of a similar type that a company or consumer might buy.
For example, with the Garlic Twist, a new more effective way to prepare garlic for cooking, you would buy every other product that also prepares garlic for cooking. Then, if the Garlic Twist cost $8.00, you would also obtain four or five other kitchen items, with a cost of $4.00 to $12.00. Make sure that some of the products are strong sellers, or your research won’t matter much since no one wants any of the products you are comparing yours to. For effective comparative research, don’t tell the participants what product is yours.
To start research, just find 10 to 20 people to review all the products. Ask them to rank the products on how likely they are to buy it, with “one” being the most likely to purchase. Also ask them to rank the products by value, with “one” being the most valuable product. You should be able to determine if people are likely to buy your product, and what is the price point they would buy it at. If people place your product’s value by products that are $4.00, then that means its value is about $4.00. Prepare a graph report on your findings to show potential contacts.