So, you thought this idea you had was really
great. You invested every dime you ever saved just to get a patent on your new invention
and now it’s ready to be massed produced making you a bizzillionaire but you have to figure
out how to sell it. Hello I’m Peggy Collins and I’m going to share with you how to market
your invention. Before we go any further, the prospects aren’t too good, even if you
do everything right. It’s still a little like picking the right case on “Deal or No Deal”.
Still with me? OK lets go. Before you contact any manufacturer about making your invention
you’ve got some homework to do. Determine who your customers will be. What motivates
them and what you will tell them about your invention. Now more research. Find a manufacturer
who already makes a product like the one you invented. In fact find as many as you can.
So if you really do have the next hula hoop or Frisbee you’ll have some bargaining power.
Now the marketing begins sort of because now you have to sell your product to the manufacturing
in order to secure an agreement to go into mass production. You first marketing materials
will be used to secure a manufacturer. Your presentation should include but not be limited
to a full scale working model of the invention, packaging for the product, an estimate of
what it might cost to produce it in large quantities, a suggested retail price, a fully
functional website that explains in detail the product and it’s development cycle, and
a suggested marketing plan. This will cost you some money so don’t blow everything you
have on securing a patent. This will give you your best shot at securing a deal where
you make a small amount of money on each product sold. They take care of marketing and distribution.
Now the alternative, do everything you did to secure a manufacturer and do it yourself
using a disinterested third party. You will pay to have the product made. You pay for
the marketing. You pay for the distribution. It cost a whole lot more but you keep all
the revenue. The ideal mix is an investor the underwrites the production and marketing
in exchange for a percentage of sales. You can almost always beat the deal you get from
the big manufacturing conglomerate by making it and selling it yourself. These are just
a few tips on marketing your invention. Wishing you good luck and good business I’m Peggy