Ever wondered about the question “How will I market my invention once it’s patented?”
Getting your invention to the point where you can patent it is one thing, but you aren’t going to make money or change the world with just a piece of paper. Once your invention has the protection of a patent, it’s time to show it to the world and let everyone know exactly what it is you have to offer.
Step 1: Define Your Customers
The first thing you need to do when marketing an invention is decide who you’re going to market it to. If your invention is a new material or a new way of creating a material, then your customers are probably going to be the companies who make those materials. If your process or material is a significant upgrade over what they currently have, they may be willing to pay a lot to license your patent.
If your invention is a consumer product, your customers will be the manufacturers who create those products. Your invention may turn into a new line of products or be integrated into their existing products, but either way they’ll have to pay you for the trouble.
Alternately, you could try going into business for yourself, and in this case your initial customers are going to be the investors who will give you the capital you need to get started and after that your customers will be the consumers and businesses who are interested in what you can provide.
Step 2: Plan Your Approach
How you market your invention can impact not only how much money you get, but also whether your invention is picked up at all. You need to convince your customer that your invention is worth every penny you’re asking for and will make them far more money in the long run. To do this you’ll need convincing demonstrations, hard statistics, and the ability to promote your product with public speaking.
Step 3: Work Out Your Budget And Your Costs
Whether you’re speaking to investors or to business representatives, your customers are going to want to know exactly how much money you and your invention need in order to get off the ground, plus you also need to invest in professional marketing materials and the kind of business contacts that will get you the attention you need.
The costs don’t stop when you’re ready to market your invention, but your payoff is in sight. So long as you’re careful to choose the right customers and craft a marketing strategy designed to appeal to them, you’ll have a good chance of succeeding at your goals.