Inventor Howie Busch teaches you how to bring your ideas to market
How to Market an Invention
Create a comprehensive, cost-effective marketing plan for your new invention to let customers know who you are and what your invention has to offer. The inventor should know the marketplace, have the ability to demonstrate the invention and explain the value of the product. It's not difficult to market an invention, but it's a process that takes time.
Plan to market an invention.
- Define your customers. It's important to know who your target audience is. If you have invented a new toy, your best customers will be children. But, you still have to appeal to the parents who have the expendable income needed to buy your product.
Establish a fair market price.
- Consider all the costs to produce the invention. This can include labor and the raw materials. Keep in mind that the cost of manufacturing your invention will fluctuate based on the increase or decrease of materials and labor.
- Check out your competition. Get an idea or ballpark figure of what the market can handle.
- Evaluate your findings. Not only do you need to determine how much profit you can make for each sale, you also need to consider the price consumers are willing to pay for such an item.
Market your invention using every possible method available.
Take your invention on the road.Attend as many trade shows or conventions as possible.
- Demonstrate your invention or put it in the hands of investors and distributors at national invention trade shows like the National Congress of Inventor Organizations, INPEX, AOTA or Innovative Products Technologies, Inc.
Contact local newspapers.
- Ask newspaper editors to publish your press release profiling your new invention. Keep the editor current with successes.
Consult with companies or businesses that carry similar products.They may be interested in promoting or putting your invention on their shelves.
Advertise your invention on blogs and nationally recognized websites, such as IPWatchdog.com.Some bloggers will write reviews for your invention if you allow them to test it.
Promote your invention using magazines like Inventors Digest.You can also market an invention in magazines that cater to your target audience.
Develop your own website to promote your invention or use a host company to build and host your website.
- Use this website as an online brochure. Highlight what problem or need your invention fulfills. Include information detailing the benefits of your invention. You may want to include a video demonstration that shows consumers how to use your product.
- Display good-quality pictures and graphics on your website. Make sure they are professional yet eye-catching. People will judge your invention on the quality of your website.
Promote your invention through social network sites like Facebook and Twitter.Post press releases, offer discounts for new customers and come up with other marketing strategies for your invention that have the potential to go viral.
Connect with investors on the Internet.Post your invention, a brief description and all contact information that you would like posted with your idea on invention websites.
Contact local radio stations.Get on the air as a guest speaker or inquire about advertising through their stations.
Attend your Chamber of Commerce meetings and local seminars and network with businesses that may be interested in your invention.
Think about working with a marketing firm to help you with the licensing and advertising of your invention.
- Do extensive research before choosing a marketing firm. If you are introducing a completely new idea, you may need to conduct more market research before you begin advertising your product than a person who has an invention for a booming field.
Be patient, stay focused and don't get frustrated.It can take a year or longer before you see your invention on store shelves.
QuestionHow can I test my invention in order to prove it works?wikiHow ContributorCommunity AnswerJust use it like you intended the customer to use it.Thanks!
QuestionHow do I find out if someone has already thought of my idea?wikiHow ContributorCommunity AnswerIf you don't yet have a patent, apply for one, and the patent office will search to see if this patent has been applied to another product by another inventor. On the simplest level, you can use the internet to find out whether someone has marketed your idea.Thanks!
- Learn by talking to individuals. See how the consumer is currently using similar products.
- Be sure to test and check over your invention to ensure that it's flawless before showing it to potential clients, licensees and investors.
- Never market your invention before you apply and receive a patent. Someone could make a similar design and get the patent first, which would make it illegal for you to sell the product without violating the other person's patent.
- Beware of scams. Many companies offer to help you get your invention off the ground with potential buyers for a fee. The majority of these companies will take your money, leaving you with a useless design patent and providing no sales leads.
Video: What to Do After You Come Up With an Invention Idea
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