If you have a niche product or service, the potential for profits is great. However, simply obtaining a patent doesn’t guarantee sales. In fact, less than two percent of patents issued ever made real money, according to idearights.com. How can you effectively market your innovative idea? Consider the following top three mediums for marketing your invention.
- Online Marketing. Think beyond just setting up a basic website. Draft a complete Internet marketing strategy that includes search engine optimization, social media and e-mail. Think strategically about your website. Design content that will attract potential customers, corporate partners and search engines. Have a “conversion” strategy and implement a method to track it. Consider Pay-Per-Click advertising to quickly generate traffic. Google AdWords and Microsoft adCenter are popular choices. Target specific social media sites and actively participate. Remember, an abandoned social media page can hurt your reputation. Lastly, integrate your various strategies. Have “like” buttons on your blog pages, so your followers can post links to your website from their social media pages. Post links to YouTube video from your social media page.
- Test the Market with a Preexisting Platform. An effective strategy to get your product noticed is to test its marketability. Doing this will get you noticed and help you determine how “sellable” your product is. Craigslist and eBay are probably the easiest and fastest ways to get your products listed and attract potential customers. You can also set up a “store” through sites like Cafepress that allow more customization in the layout. You’ll still have to drive traffic to your “store,” but the e-commerce infrastructure will already be in place.
- Find a Partner. The easiest way to market your invention is to license it to an established company. They will facilitate marketing, production and sales, and you’ll get a percentage of the profits. Licensing deals vary, but generally the inventor gets to keep all the patents and rights. Search online for invention contests. Many companies actively seek new inventions to sell. Work your local network. Join business clubs, Chambers of Commerce or other organizations that will help you make the right connections. Cold-calling is sometimes effective, but having a personal connection can go a long way in getting your foot in the door.
When you do get to pitch your idea, be sure you make a good impression with professional designs. Contact us for your patent drafting needs.