When an invention idea is submitted to Edison Nation?to be considered for commercialization through licensing or As Seen on TV, it is vetted through an eight-stage evaluation process?before it is pitched to potential licensing partners or developed.
Once your idea reaches Stage 4, it is evaluated against potential competitors in the market as well as its appeal to potential customers. This is known as mass market appeal.
According to the Cambridge Business English Dictionary, the formal definition of the term mass market is as follows:
?A market of as many people as possible, not just people with a lot of money or particular needs or interests?
When we evaluate an idea, we want to ensure your idea offers a fresh, innovative solution that will really resonate with consumers and has a high degree of mass market appeal.
A truly great idea has the following characteristics:
- Has mass market appeal
- Has the ability to move a consumer when they are at the walk/buy position ? ?I WANT THAT!?
When considering your invention, do the??problems? need to resonate with everyone? Does your idea have to appeal to 100% of the population? The answer is no. But it does have to appeal to the majority of members of a market group.
Some examples different types of market groups:
…and the list goes on.
As you can see from the short list above, market groups can be large or niche in nature. When we provide feedback indicating that an idea is not a ?mass market item? and advise you to ?find ways to widen your audience,? it does not mean you have to figure out a way to make a beauty product that is designed for women, also appeal to men. It means you need to find ways to adjust your product to meet a significant need, problem or pain point identified by a?core demographic group. This core demographic group also needs to be large enough in order to generate enough revenue to be profitable.?A product that only appeals to a very niche market, such as households that own more than three ferrets, does not have mass market appeal even if it is a totally revolutionary idea that will change the way humans feeds their ferrets.
In summary, before you click ?Submit? on your next idea, ask yourself these questions:?First, ?Who is my audience?? Then, ?Will my product appeal to everyone in this group?? And finally, “Is this group big enough to be profitable?”
Remember! If you are an Edison Nation Insider, you have the opportunity to go back to edit and update declined submissions from past searches and opt them into new searches for FREE. Use this information to ensure your submissions are going to make your target audience say, ?I want that!?.