Creative minds are always overflowing with new ideas. Often, these ideas are brushed aside, since nobody has the patience to take pains and materialize them. But there are a few people who actually succeed in practically implementing their ideas. If you are one of those few people, you might want to think about commercializing your revolutionary invention.
Selling your idea might seem to be a daunting task at the beginning, because you may not know how to proceed further, whom to approach, and so on. But by applying a few marketing tactics, you can easily set the market buzzing about your brainchild before it is launched.
Firstly, identify if your new product stands a chance of surviving in the market. Your invention is of no use if it is an expensive replica of an existing product or technology. Only if your invention complies with the conditions of the potential seller companies, then only you can think about commercializing your idea.
Potential seller companies will check a few facts about your product before approving it, such as:
- Does your invention reduce the manufacturing cost or manufacturing duration?
- Is there any existing product in the same product line in the market, that excels in all the areas when compared to your product?
- What are the prospects of return for the company?
Do not spread a word about your idea before you have obtained a patent for it. Chances are that somebody might steal your idea and sell it in his or her name. You obviously do not want someone else filing a patent for your idea before you do. Hence, discuss your idea only with the people you trust, and that too in strict confidence.
File for a Patent
Patent your idea as soon as you seriously think about commercializing your product. Obtain a patent before you approach potential sellers. If you are wary of doing the legal formalities yourself, hire an attorney who can do the paperwork on your behalf. Your product needs to be registered with the United States Patent and Trademark Office.
Build a Prototype
After you have obtained a patent, it is time to build a prototype. Potential sellers are likely to be interested in your model if you have something concrete to show them.
Your product's prototype gives the potential sellers an idea about how your finished product will look like. It is anytime better than a hi-fi multimedia presentation without actual demonstration of the working of a product.
Press releases is a great option to create a buzz about your new product in the market. You can explain your product profile in these releases. Publish it in a local newspaper as well as in trade magazines. Press releases can assure a wider exposure to your new invention.
Business networking is yet another option of creating awareness about your product. You can attend the chamber of commerce meetings or other business seminars in your area. This will give you an opportunity to meet potential sellers and discuss your ideas with them.
If you plan your sales strategy smartly, you can easily have your product flying off the shelves in no time.