The main reason why patents are obtained for an invention idea is to make money, either by selling the rights to the patent or by manufacturing/selling the product themselves. Most people are going to be more interested in selling their patent to a large company because it is a simpler process and has less risk. If you wish to sell your patent to a company, it is crucial to have a patent marketing plan for your invention.
What a Patent Marketing Plan Provides
A marketing plan will help guide you through the large project ahead of you. The process of selling your invention idea is a long process and can often be frightening, but a marketing plan can help you feel more secure and less overwhelmed. Also, due to the relatively long process of selling your invention, a marketing plan will keep you on track the whole way through.
Like a business plan, a patent marketing plan will act as a way to convince businesses to invest in your invention. Your marketing plan will create a medium for displaying the research you have done to the companies that you wish to sell your patent to. Research will provide evidence to how your invention will fit into the market and create a profit. Businesses will often be interested in how your product will fit in with their business, and an explanation of this can be included in a patent marketing plan as well.
Selling your invention is an entrepreneurial process that most inventors are most likely unfamiliar with, and a marketing plan can simplify the entrepreneurial process. Research and analyzes can reveal what companies you should approach to potentially do business with. By learning which companies produce similar products, you will be able to identify many of the determinants of your products success.
Doing Research
The main component of a patent marketing plan is the research. It is important to do thorough research involving all aspects of your product and its market because this will help you convince companies that your invention will be successful in the future. There are a couple of places where you can conduct research about markets and companies. There is the internet, which is available to most people and is a great resource; however, libraries are also very viable sources because they contain many books and pamphlets about companies. Research can be done through either medium as long as it is done thoroughly.
Researching companies that apply to your invention is your first order of business. After finding all of the companies that fall in the categories of your product, do extensive research on the largest companies that fit into this category because they are the companies that control the market. This should allow you to start to get a good feel for the companies in the industry and what the market is like. Use this information to find a company that deals very specifically with inventions like yours. Gather lots of information on this company by doing research and calling the company, because this will be valuable to use in the analysis that is included in your marketing plan.
It is also very useful to research industry information because it will allow you to gauge the market. This is important because the market will control the profitability of your product. Knowing the ups and downs of your market will also allow you to see what problems your invention may encounter. Being informed about these problems will allow you to envision solutions, which will end up being an important selling point for companies. Backing up your invention with research will greatly increase the chances of your patent selling to a major company.
What a Patent Marketing Plan Should Include
Executive Summary
The first thing that should be included in a marketing plan is the Executive Summary. As its name implies, this is a summary of everything in your marketing plan and should include:
1. The description of your product, what it does, and its goals.
2. The competition and target market analysis, which evaluates the determinants and data in your industry and why your invention will be profitable.
3. The market plan, which explains how your company can carry out its objectives by outlining your execution strategy.
Product and Market Analysis
The next section more specifically explains and analyzes the product description and the competition and target market analysis. You may choose to break down your product design by describing the advantages of its:
o Size
o Weight
o Classification
o Materials
o Shape
o Color
o Texture
o Odor
o Taste
o Other properties
For competition and target market analysis, you should prove that your product will be profitable by analyzing data such as:
o Creativity, revolutionary, breakthrough technology
o Companies involved in your market and their revenues
o Total annual sales of companies in your market
o Advantages of your product over the competition
o Your market’s description, size, growth rates, and trends
o Method of sales
This section is a huge sales pitch for your product. Your job is to convince businesses that your product will be profitable.
Market Plan
The last section is your Market Plan, which describes the series of steps you plan to take in order to achieve success with your invention. This should incorporate the interests of the manufacturer and how they will be involved. It should also include a list of companies that would potentially be interested in purchasing your patented invention and how it will expand their business. You should outline any unique steps you would have to take in order to get your product to the market.
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