Marketing and advertising Your Invention

When inventors contact my company about Homework I like to explain the idea using a simple example. Think it is this way, if a manufacturer gets prepared to choose to produce, manufacture, and market a new product that could potentially cost $50,000 to $150,000 to produce plus inventory costs, they would most certainly not rush to make sure that they are making a good business decision in moving forward with all the product (i.e.: have they been done their homework around the product). Therefore, you can sum up "due diligence" since the procedure for gathering all the details necessary to create a good business decision before you make the large financial expenditure. It may generally be assumed how the additional time, effort and money (i.e.: "risk") a company must spend to produce an invention, the greater they will assess the potential license. Remember that even if an item appears to be basic and inexpensive, the process of developing and manufacturing isn't simple and low priced. Companies will evaluate such criteria as comments from customers, list price points, unit cost to manufacture, competitive landscape, manufacturing feasibility, market opportunity, etc.



Inventors often ponder whether they need to search around for on the invention.

As discussed, this will depend around the option you've got elected when planning on taking your product to promote.

Option 1 - Manufacturing all on your own - If you are planning on manufacturing and InventHelp Inventor Service by yourself, then you actually will have to search around. Essentially, you then become the producer with the product and consequently you should perform the due diligence on your invention just like other manufacturers would. The problem i are finding is always that many inventors who opt to manufacture their particular inventions do little, or no marketing research, that is a big mistake.

Option 2 - Licensing for Royalties - if you're planning on licensing for royalties, i then believe you are able to minimize your due diligence efforts, because prior to any company licensing your invention, they are going to perform their particular research. If you're working with a company such as Invention Home, the expenses to promote your invention to companies could be minimal - therefore it cost you more to truly carry out the due diligence laptop or computer would to only market the invention to companies (which, is ultimately your very best form of homework anyway). Remember, you need to have taken time to do your basic general market trends along with a patent search earlier along the way to be assured that the product is worth pursuing to start with (i.e.: the item isn't already on the market and there's demand).

Let me summarize. Should you be considering on investing a lot of money on your invention, then you need to always analyze the opportunity first to ensure it's worth pursuing; however, if you can actively promote your invention to companies with minimal cost, you can be assured an interested company will perform their particular due diligence (not depend on yours). Note: it is always useful to have marketing homework information available as you discuss your invention opportunity with prospective companies; however, it's not always easy to acquire this info so you have to balance the time and effort and expense of gathering the data with all the real need of having it.

I additionally offers you some due diligence tips.As discussed, the thought of marketing homework is to gather as much information as you possibly can to produce a well-informed decision on investing in any invention. In a perfect world, we'd supply the kind of information on sales projections, retail pricing, marketing costs, manufacturing setup and unit costs, competitive analysis, market demand, etc. However, this post is not necessarily an easy task to find.

If you are not in a position to pay an expert firm to complete your marketing evaluation, you'll be able to perform research all on your own; however, you need to understand that research should be interpreted and used for decision-making and on its very own, it's no value. It's that which you use the data that matters. Note: I would suggest that you don't PURCHASE "market research" from an Invention Promotion company. Often sold like a "first step" (they'll usually approach you again by having an expensive "marketing" package), the information is largely useless since it is not specific research in your invention. Rather, it's off-the-shelf "canned" industry statistics, that won't necessarily help you make an informed decision.