Why is Market Research Important for Patent Protection?
In the present highly competitive business environment, understanding the market trends well is imperative for the development, and eventually, the success of a particular product or service. To be specific, market research performed before filing a Patent Application or after obtaining Patent Protection may help an inventor or innovator significantly in examining the business environment for his invention or innovation. The same includes understanding the scope of commercialization of the invention or innovation in question, identifying the key competitors in the domain, analyzing the emerging technologies in the industry, and spotting the gaps the invention could fill. The market research may also motivate the inventor or innovator to find the potential commercial or non-commercial entities interested in licensing or purchasing the patented invention.
*Market research helps come across the already existing inventions that may be similar to the applicant’s invention.
In most cases, it becomes highly crucial to examine the market space thoroughly and perform extensive market research before filing the patent application. By doing so, an applicant can conveniently come across pre-existing patents or inventions similar to his invention. He would also understand the profitability and commercial viability of his invention. One of the major outcomes of conducting thorough market research is that if the applicant comes across any similar already existing invention, he can accordingly strategize or modify the development, application, marketing, and other significant aspects of his invention to exploit it to a brilliant extent commercially.
Hence, with the help of market research, the applicant or inventor can make well-informed decisions concerning the distribution or pricing channels. It will also enable the applicant to examine the expansion opportunities in his industry or domain. For example, analyzing and studying the market space will help the inventor explore the fields where his invention can contribute well. Furthermore, it will enable him to evaluate the current developments and ascertain if there’s room for his invention. It may also help the inventor in identifying some specific fields in his domain that are commercially thriving or under-serviced.
*Market research conducted before filing the patent application can be divided into two categories, namely, quantitative market research and qualitative market research.
Quantitative market research helps the applicant or inventor analyze the percentage of the population that would be interested in buying his invention. He will also become aware of the market trends while understanding the different customer profiles concerning his invention. This type of research can be performed using questionnaires and surveys. Now let’s talk about the second type of market research, i.e., qualitative market research. It helps the applicant or inventor have insights into several factors that may affect the commercial viability of the invention.
*Market research holds relevance in encouraging further R&D and preventing patent infringement actions.
By performing market research, an inventor can identify the different aspects of his invention that may require further Research and Development (R&D) or a level of advancement. Market research may also help down the road in preventing Patent Infringement actions. For instance, an inventor or applicant can analyze the pre-existing inventions to see if their patent claims are similar to his claims. By doing the same, the inventor can draft his claims and consequently come up with an invention that would not infringe upon any of the already existing patented inventions. In this way, an inventor can also learn the reasons behind other inventors not obtaining patent protection and can, therefore, improve his patent application. Additionally, market research can also help an inventor in assessing whether his invention is eligible for patentability, which, in turn, shall make him modify the invention, if required, to ensure that it satisfies the conditions of novelty, inventiveness, and industrial applicability in the market space.
*Market research can help in coming up with new inventions related to an already existing invention.
By examining the already existing inventions in the market, an inventor or patentee can work upon how an invention can be created or modified to cater to the issues that a particular domain is facing. Moreover, it can also help an inventor or patentee explore the possible ways in which his invention can be commercialized in the market.
*Market research can make an inventor aware of his key competitors.
One of the most beneficial outcomes of performing market research is that it makes an inventor aware of his key competitors and research activities. It covers the competitors’ costs, business & marketing strategies, and distribution channels concerning their respective inventions. Understanding well a competitor’s inventions through market research shall also help an inventor enhance or improve his invention. Therefore, it can be said that analyzing a competitor’s inventions through market research can potentially fuel further R&D for an inventor, as also discussed in a point mentioned above. ✅ For more visit: https://www.kashishipr.com/