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The Inventors Guide
Step #3: Do the Footwork
If your idea is an improvement on an existing product, do some investigation on your own. Visit outlets where the existing product is carried and look for the following factors.
- Competition - List the products. List the retailers or wholesalers who carry the products and those who don't. How much product is from out of province/out of country?
- Price points – List the regular in-store and sale price of each competing product. Are there differences between competitors? Note that in-store prices are not what the store pays for the product – to find this out you will need a wholesale price book. To secure catalogues, consider asking a local retailer or approach suppliers at industry trade shows.
- Location in the store - Does the product have a regular location in the store? Is it located in different places with different retailers / wholesalers? Are the displays near the cash register? Is it cross-merchandised (displayed in conjunction with another product)? If so, with what products?
- Display aids - Is the product on display units, special shelving, racks or clip strips? Are the displays large or small? Does it require refrigeration or heat?
- Signage & identification - What do product signs look like – are there shelf talkers, tickets / labels, care tags, product information or sentimental value suggestions?
- Product appearance - Look at the quality of the packaging, including labels. Is the packaging / container user-friendly? Is the product well displayed (i.e., adequate stock, orderly shelves) or poorly displayed (i.e., outdated or dusty product, broken packages)?
- Customers - Observe who is buying the competitor's product and in what quantities. Is the product being demonstrated or sampled? Is the seller promoting the product?
- Try the competition's product - Is it good? Does it work? How does your product compare? What makes your product different/better?