The commercialisation process is an arduous and complex one. You invest your heart, energy and your finances, funding an invention hoping to be the next popular innovation in medical devices. Before implementing a market entry strategy, however, it is crucial that extensive market research is performed on potential competitors and whether similar products already exist. Armed with this valuable information, it is then possible to position your product more competitively.
To perform a competitor analysis, consider the following points about your own invention:
- How is your invention better than others?
- What are the key features and benefits of your technology?
- Can it be manufactured to a higher standard?
- Is there a strong market need for your product?
Once you have reflected on your own invention, it is time to perform external research on your competitors. Consider:
- What prices are your competitors selling their products?
- What are the advantages and disadvantages of their technology?
- What territories are they in and how big of a market player are they?
- Is their IP or patents associated with their technology and how?
- What stage of development are their products?
- Do they have a portfolio of products that is aligned with your technology? If so, you could consider a potential license agreement, partnership or even a joint venture to get your product to market.
At Inner Maven, we perform extensive competitor analysis to assist clients in understanding the market and developing an effective market entry strategy.