Bringing your product to market can be a challenging step in the life of an invention–and quite challenging for the inventor too! If you are at that point when you begin to think about an effective strategy for marketing your product, the following tips can help.
According to marketing experts, performing research is the first step you should take when getting ready for a product launch. Not only should you research how other inventors have taken their ideas to market, but you must also “understand the tools available including sell sheets, intellectual property such as trademarks, copyrights and various patents, and the potential market for your product.” (Source: https://www.innovate-design.com/bring-a-product-to-market/) If you are not accustomed to performing this research yourself, you might consider contacting a firm that works with inventors to transform their ideas and inventions into marketable products.
Protect Your Idea
If you haven’t already, it’s vital that you protect your original idea or invention before pitching it to manufacturers or investors. Obtaining a patent can be a time-consuming process, but it’s the only way to safeguard your work. Take time to learn about patent protections so you can apply for the patent that best suits your invention. Again, there are firms that can assist inventors as they navigate the complex patent process.
Develop a Prototype
If you don’t have a prototype to showcase your product, you might consider investing in one. The prototype can effectively market your product and how it works to potential investors and manufacturers. If you believe your invention is marketable, it makes sense to obtain a presentation-worthy prototype.
Licensing Agreements and Selling Your Product
“Consider all possible routes to bring a product to market: Bricks & Mortar, Big-Box Stores, National Chains, Regional Chains,” (Source: https://www.entrepreneur.com/article/201526) and others. Whatever route you plan to go, you will have to agree to a licensing agreement unless you plan to manufacture and sell your product on your own. Since there are various types of licensing agreements available, you will also need to get to know them so you can make a smart decision.
Although taking your product to market is fraught with many decisions, you can successfully monetize your invention when you consider these tips.
- Entrepreneur, “Get Your Product to Market in Six Steps”
- Innovate Product Design, “Bring a Product to Market”