How to market my new invention!!


Endless queries have made me write a separate blog for this famous question, “how to market my new invention?” Be it be a new or an old invention marketing has always taken place in the same way. But one must be aware of all the right tools and strategies of marketing before stepping into the business zone of the invention. Usually, technical people are not aware of the business regimes for that in order to make a profitable structure they must learn about all the famous and needed marketing techniques. In this blog post, I’m going to answer a very famous question and that is, “How to market my new invention?”

It’s always a cause of worry, often people ask themselves how to market my new invention effectively, profitably and fruitfully? Having the skills to market your products efficiently is better and much more relevant for your success than the features and advantages of your invention. Further, consumers who spend money don't buy inventions, they buy products instead. So, in order to know the answer to your question, “How to market my new invention?” you must focus more on the strategies to sell more products rather than the invention part.

It's important to note that marketing has multiple components that are inter-related, hence makes it a complex structure. Further, it is all about how well you are promoting your products and services. How to market my new invention? Well, I’ll first decide which of the marketing components will best meet my short and long-term needs and will decide accordingly from there. The best tip, I can provide always uses a "non-adversarial" technique where your goal should be to create terms that are a win-win for both the parties.

Nevertheless, I needed to keep several points in mind while I was negotiating my deal with the company, this is how I learned how to market my new invention. Firstly, try to set realistic goals and expectations. On the contrary, don't expect a million-dollar deal, you will get many more chances to license your inventions. Secondly, go with enthusiasm and enjoyment. An ideal choice will be for you as an inventor, is to receive a large amount of up-front cash, sometimes as high as royalty. Generally, the manufacturers try to go for either low or no risks which means a lower initial payout, lower minimum payment, etc. But let’s understand what exactly do these terms mean, and how you can get the best deal for your invention idea?

How to market my new invention taught in 15 easy steps!!

1. Planning of the invention is paramount for the smooth flowing of any activity.
2. A market price of the invention should be set as such it stays a win-win situation for both the consumer and the marketer.
3. Search for every possible method for marketing your invention
4. Try to attend as many trade shows, business meets, fundraising meets, etc. Demonstrate your work in front of investors and distributors.
5. You can tie up with local newspapers.
6. You can also consult with companies that carry similar approach and ideas and products
7. Advertise and promote your invention in magazines and blogs and various websites.
8. You can build your own website, having your own platform on the internet helps a lot in promotional campaigns.
9. Promote them on social media platforms like Facebook, LinkedIn, Instagram, etc.
10. You can work with a marketing firm and can also connect with your investor on the internet.

Below are a few steps I followed before I jumped into the marketing field.

How to market my new invention! This thought troubled me a lot. Follow the steps below for the smooth marketing of your invention.

Up-front payment: This is the money that the licensee pays to the licensor in hand before the development or sales even begin.

Royalties: When a licensor is paid based on the licensee's product sales these types of payments are known as royalties. Making a 2% royalty means you shall receive 2% of the wholesale price of each unit sold. The royalty ranges from 2% to 5%.

Exclusivity: Most manufacturers demand special rights to distribute the products globally. Nevertheless, this can be talked out and is subject to negotiation. Based on each party's motives, the agreement can be divided into the markets in multiple ways.

Another way to pinpoint prospective companies is to identify the trade association that serves the industry in which your product will fall. You should visit their websites and look for the member lists.
Online databases were a great resource for me while I was toiling with the query on how to market my new invention. Local business libraries often have tie-ups with database systems that allow you to search for companies in specific industries. And, by searching on your own computer, you can visit websites that provide great online database information about many big companies. You should also compile data on similar and competing products; information on what's out there, what's selling and who's producing it, etc. Buy one or two well-regarded books on the invention techniques. Try to find people that focus on making money, not just patents.

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