Planning a Marketing Strategy for Your Invention
To paraphrase Thomas Edison, ‘I’m not going to invent anything unless it will sell.’ You can create the greatest invention in the world, but unless the world knows about it, what difference does it make? The way to make a difference is through creative marketing and advertising efforts.
Some marketing tips:
Find out as much about the industry your product sells in as you can. Educate yourself about wholesalers and distributors, manufacturers, and competition.
Use every resource you have for assistance, including the Internet, the British Library, the UK Intellectual Property Office, Business Link, local college and university business schools, and inventor organisations.
Let the customer drive your product. Find out what customers like and, even more important, don’t like about your invention and try to accommodate their preferences.
Likewise, realise that the customer determines the price of your product. You charge what the customer will pay and work out your profit margins from that.
Most importantly, once you have customers, pay attention to them.