Once you’ve patented and manufactured a prototype of your invention, you’re ready to start promoting it. Promoting your new invention means finding a company that pays you royalties and a licensing fee to manufacture and sell the invention on its own. Or, you can directly promote and sell your product to end-users or wholesalers. If promoting your invention sounds too time consuming, you may want to hire an invention promotion firm to study the market and help you find buyers.
Identify Target Market
Promoting your invention starts with identifying the end-user. Even if you choose to go with a license agreement through a manufacturer, that company needs to understand the market for the product so that it sees the need for your product. Look at the problems your invention resolves to start identifying potential buyers. Then identify the demographics of the people most likely to buy, such as age, family or marital status, income level, location and interest in trying a new product. If businesses are your primarily audience, figure out who the decision maker is and his or her willingness to buy new products. Arm yourself with this information as part of your promotional efforts.
Find a Manufacturer
If you want to sell your invention to a manufacturer for license and royalty fees, you must identify companies with which to work. Look for manufacturers that sell to the same types of retailers to whom your product will appeal. Contact the manufacturer, and describe the end-user who will buy your product. If you’ve already sold some units, mention this immediately; this indicates to the manufacturer that there’s a market for your product. Then, get ready to bring in a prototype of your invention to show the manufacturer and persuade him or her to license it.
Advertise to Wholesalers
Selling your product to wholesalers starts with identifying stores and businesses that sell products to the same market to which your invention appeals. Entrepreneur suggests approaching small stores with your product because they’re more likely to buy unique items. Use flyers, cold calling and in-person sales tactics to promote your inventions to these businesses. Once you’ve gained experience selling to smaller shops, create a product sell sheet that includes photos of your invention. The sell sheet explains the features and benefits of your product, along with your current sales record to show your invention has a market. Then, use the sell sheet to promote your product to larger stores and chain outlets.
Promote to End-Users
Use a variety of digital and traditional promotional tactics to promote your invention directly to end-users. Build a website to sell your product online, and look for an e-commerce solution that includes a shopping cart and a way to process payments. You can also sell your new product via online sites such as Amazon or eBay. Traditional promotional tactics include advertising in publications that your target market reads. Offering coupons in your ads encourages people to give your product a try. Send press releases about your new product to the media and online blogs that cater to your market.