Tip 20 – “Marketing Your Invention”
Blog By Edward Ayres – IP President
The importance of marketing cannot be understated. Marketing is at the heart of invention success. When companies know your product exists and provides value, it creates an opportunity for them to license it. If you’re not marketing your product, it’s never going to make it; no matter how great it is!
What is invention marketing? To put it simply, it is everything you do to license your invention. It is the actual process of getting the right invention, in front of the right company, at the right time in order to close the deal. It includes researching, promoting, advertising, and selling your invention. The key point, is to clearly define the value of your product to potential licensing companies so your desire to sell it becomes their desire to buy it.
Inventors need a strong and specific marketing plan. Throwing mud on the wall and hoping for some to stick is not a strategy, it’s a hope. The plan needs to consider the best way to promote and advertise your invention to licensees. You must consider your budget, the best way to effectively communicate your message, who you’re communicating it too and how often. The plan should be consistent with your goal and product. In a nut shell, you need to aggressively advertise your invention, provide an easy way for your targeted audience to get more information, and an even easier way to contact you. Marketing is an ongoing effort until the product is licensed, and then the licensee will start a whole new marketing campaign.
Marketing and effectively promoting your product are important for many reasons. One such reason, is if you want to secure a licensing agreement for your invention potential licensing companies have to know it exists, or there’s no deal. Another reason, is an effective campaign increases your odds of success by informing an entire industry your product is now available for licensing, which in turn can increase offers and profitability.
We hope you enjoyed Tip 20. Please consider sharing this information as it may benefit an inventor you know. If you have questions don’t hesitate to contact us.