How To Market Your Invention
Posted on July 20, 2011 by Jamie Slaughter, with 8814 views
OK, so you have the next big idea, but remain uncertain as to how best to go about showcasing your brilliant new concept to the masses, without the marketing power of a multi-national corporation. It's time to market your invention, and with our advice, you should begin to gain a better understanding of the procedures to follow and how to receive some recognition for your bright spark idea.
First of all, ensure that your invention's prototype is in the best possible condition. You will need a faultless version to attract potential investors and to intrigue / amaze potential customers. Make sure that you iron out any problems with the prototype, as you may only get one attempt to impress.
Ascertain whether or not you wish to retain full control of the idea, or to license out all marketing to an established company. Going it alone can prove more rewarding, but licensing out will save you great amounts of time allowing you to focus on other things. The key question to ask yourself here is, how highly do you value your time?
Request a nondisclosure document from your patent lawyer, to protect your intellectual property as you explore different licensees.
The single most important aspect of marketing your invention, besides the invention itself, is your marketing plan. This should include an overview of the product, potential customers and any competitors. A solid marketing plan will be appreciated by outside investors whereas a poor marketing plan can prove disastrous even with a brilliant concept behind it.
File for an invention patent. We won't go into great detail about this here, but please feel free to read our comprehensive article on how to patent an invention.
You need money to make money. Set aside enough money to help you in your quest to effectively market your invention. Factor in trips and trade shows, to forms of advertising, such as online and print. Perhaps have someone develop a website for you, or create a striking poster to get the message out. Try and get to as many events as you can where potential customers will be lurking, and do everything you can do stand out from the crowd.
You need to decide on a price. Look into your competitors pricing strategies, and work from the inside out. You can always hire the assistance of a consultant to help arrive at a reasonable market value.
Work closely alongside your attorney to understand the licensing behind the idea, and to determine whether or not you have entitlement to products which extend your original idea.
Write an enticing press release and get the word out! Contact local newspapers to profile your invention and make contact with editors of magazines which are read by your target audience. Distribute a press kit with concise information about your product, your own personal background and what benefits your idea can offer. You simply cannot tell enough people, so make use of every avenue to get the word out about your concept.