For Subscribers

Want Some of This?

A good product is nothing without a customer who wants to buy it.

By Don Debelak

Opinions expressed by Entrepreneur contributors are their own.

Last year, 32,025 new domestic products wereintroduced-more than twice the amount in 1991, according toresearch from Market Intelligence Service. The sheer volume of newproducts coming out creates problems for inventors; retailers andcustomers can only buy so much. But this obstacle is notinsurmountable, as evidenced by the many inventors who succeed allthe time.

The secret to raising your odds of success is to carefullyresearch your market ahead of time to determine whether potentialcustomers are really interested in spending their hard-earneddollars on your product. The right strategy requires three keysteps, each of which can be done inexpensively: 1) find out aboutsimilar products that already exist on the market; 2) ask userswhether they see the same problems you do with current productsavailable; and 3) get real-life input from actual users willing totry out prototypes or models of your product. Neglect any one ofthese steps, and you're looking at a challenging roadahead.

Continue reading this article — and all of our other premium content with Entrepreneur+

For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:

  • Digestible insight on how to be a better entrepreneur and leader
  • Lessons for starting and growing a business from our expert network of CEOs and founders
  • Meaningful content to help you make sharper decisions
  • Business and life hacks to help you stay ahead of the curve

Related Topics

Editor's Pick

Everyone Wants to Get Close to Their Favorite Artist. Here's the Technology Making It a Reality — But Better.
The Highest-Paid, Highest-Profile People in Every Field Know This Communication Strategy
After Early Rejection From Publishers, This Author Self-Published Her Book and Sold More Than 500,000 Copies. Here's How She Did It.
Having Trouble Speaking Up in Meetings? Try This Strategy.
He Names Brands for Amazon, Meta and Forever 21, and Says This Is the Big Blank Space in the Naming Game

6 Secret Tools for Flying First Class (Without Paying Full Price)

It's time to reimagine upgrading. Here's how to fly first class on every flight, business or personal.

Business News

These Are the Most and Least Affordable Places to Retire in The U.S.

The Northeast and West Coast are the least affordable, while areas in the Mountain State region tend to be ideal for retirees on a budget.

Growing a Business

5 Tips That Can Help You Seize Every Opportunity Your Next Industry Conference Has to Offer

Discover five ways to make the most out of the marketing, networking and personal and professional development opportunities a professional conference affords you.

Business News

I Live on a Cruise Ship for Half of the Year. Look Inside My 336-Square-Foot Cabin with Wraparound Balcony.

I live on a cruise ship with my husband, who works on it, for six months out of the year. Life at "home" can be tight. Here's what it's really like living on a cruise ship.

Thought Leaders

The Collapse of Credit Suisse: A Cautionary Tale of Resistance to Hybrid Work

This cautionary tale serves as a reminder for business leaders to adapt to the changing world of work and prioritize their workforce's needs and preferences.