No matter whether you are selling an invention to a manufacturer or a product to a buyer, there are a few simple tips that will help you increase your chances of success.
Number One – Know Your Competition
Your situation is that you have a new invention idea and you want to know the best way to proceed forward with the idea. One very important step is to know your competition. Before you do anything else, check and see if anyone out there is doing anything similar. Are there any similar products serving the same function your idea would provide? Are there any similar designs to the one you have in mind? Once you know more about what is on the market currently you can figure out if you want to continue forward with your invention idea.
Number Two – Who Are You Selling To?
So, who would your invention idea appeal to? Is it an electronics product? Is it a new tool you came up with on the job? It is very important to understand who you want your target to be. You aren’t going to approach a company that builds laptop computers if you have an idea for a new shoe design. Research companies that make products in the same industry as the product idea you are working on. If it is a tool, then go to Home Depot or Lowe’s and look for companies that already make products in your market.
Number Three – Sell Benefits
Many inventors make a huge mistake here. Presentations for your invention need to make sure they focus on the benefits to the buyer. If you are selling an idea to a manufacturing company, you need to make sure the company understands how the product will benefit them. Any disconnect between you and the manufacturer is going to bring down your chances of making the sale.
Number Four – Make Sure You Get To The Right Person
This is another area where amateurs fail. You must get your product in front of the right person within the company you are approaching. Most companies in the invention promotion business will send out mass flyers to manufacturing companies. Other invention promoters will put your idea in a database and sit and hope that someone sees it. Both of these methods are ineffective and a waste of time. Be aggressive! Make sure you get a hold of the person within the company you are approaching who handles new products for the company. If you are pitching the secretary, then you are wasting your time. This is one area where a professional who has been in the invention business for many years can help. But be careful who you deal with. Make sure you ask them how they plan on approaching potential buyers. If they arent going to be aggressive with your idea then don’t bother.
At New Product Consulting you will work one on one with the owner. He has over ten years in the business contacting companies for inventors. He will be aggressive with your idea and make sure it gets in front of the decision maker in the company you want to sell to. For a FREE consultation on how we may be able to help you with your invention idea please visit us at New Product Consulting!