It is important to do some thorough research about marketing your invention. Your success also depends on your marketing plans. A good invention that is successfully marketed is worth more than a great invention that is poorly marketed. In other words, you should think twice about inventing anything that you think will not sell well.
There are three options you should consider when deciding how to bring your invention to market. The first option is for you to do everything, including manufacturing, marketing and selling. Another option you have is to hire the manufacturer while you can concentrate on selling your invention. Another option you have is licensing your intellectual property rights to a company that arranges the marketing, manufacturing and selling aspects and pays you a royalty, which is a percentage on each unit that is sold. An attorney could advise you as to what is best for your situation.
Here are some important tips about marketing your invention. You should find out as much about the industry that you are selling your product in and educate yourself about the distributors, manufacturers and competition. You also should also use every resource possible for assistance, including the Internet, the Patent and Trademark Office, the Small Business Association, local colleges, business schools and attorneys. Let the customer drive your product. Take advice from customers and find out what they want and more importantly, what they don’t want. You should also let the customer determine the price of your invention. You should charge what the customer is willing to pay and work out your profit margins around that.
If you do not have the resources to produce, market, sell and distribute your invention, licensing your patent is a great way to make money on your invention. Only some patents are licensed for royalty, but this could be very lucrative. Here are some licensing tips to follow. You should make contacts at trade shows and elsewhere with whomever might be able to get your foot in the door with the right companies and also help you avoid the wrong companies. Another tip is to take some time to develop negotiation skills. The last tip is to focus and concentrate on creating a win-win licensing agreement. Also, it is very important to know when to sign contracts and when you should walk away. An attorney could help you with both of these tips. By planning, listening, studying and strategizing, you can leave room for further negotiations.
If you consult an attorney, he or she could give you other tips on marketing your invention.