Have you come up with an awesome invention but you have no idea how to market it? If so, that’s a stumbling block you need to overcome in order to get to the next stage.
It’s worth getting involved with a marketing or branding expert, either by directly consulting and reaching out to someone, or by attending seminars and events to pick up as much knowledge as possible.
You could, for example, tap into the advice of Martin Lindstrom. A top marketing and branding expert, he regularly speaks at events and focuses upon giving the power back to the consumer.
If you want to avoid getting taken for a ride with your valuable invention, it helps to get to know a little more about the industry. Below you’ll discover some of the best advice on how to market a great invention.
Understand The True Value Of Your Product
If there’s just one piece of advice you choose to follow let it be this! You really need to know exactly how valuable your product is. Now that doesn’t necessarily mean its monetary value. What you need to focus on is your target market. Who will the invention help and why is it essential?
Investors will want to know exactly why they should give you the money to create and market the product. So before you progress, make sure you’re clued up on the ins and outs of your product.
Come Up With A Realistic market cost
It’s all well and good wanting to earn as much as possible from your invention. However, don’t fall into the temptation of setting it at a higher price than it’s actually worth. In order to determine the true cost you need to work out:
- Your target market
- The competition
- How much it costs to manufacture
It’s not just about how much you want to make from the sale. You have to also determine how much your target market is willing to spend on the item. So if you’re marketing products aimed at students, they won’t have a lot of expendable income. Therefore you’d need to market your invention as a ‘budget’ item.
The competition will also determine how much you can market the product for. What prices do similar products sell for? This is one of the most important pieces of research you need to do.
Finally take the costs of manufacturing into account. How much does it cost to actually make the product? This will give you a good idea of how much profit you can expect to make.
Attend Conventions And Trade Shows
The key to successful marketing is using every possible method available to you. Place advertisements online, set up social media pages, start a blog, a website and attend conferences and trade shows. Sounds exhausting? It is! Marketing an invention takes up a lot of time and effort. You’ll need to be 100% dedicated to your product until you manage to get it up and running.
You’ll also find some organisations set up specifically with new inventions in mind. They sell your invention for you and take care of the marketing side. Inventionsuk is just one of these sites currently available.
You could also think outside the box and apply via competitions. As announced in the Market Rasen Mail, Andrew Morrison has recently won a spot on ITV’s ‘This Morning’ thanks to his invention of a blow up sun lounger/bag. Entering competitions and reaching out to big players in the market can sometimes really pay off.