Patented Products are chemical, electrical, and mechanical inventions that are wholly unique and are not modified versions of existing products or solutions. It must have taken you a long time to formulate the idea, and you have managed to safeguard your design with a patent. With a patent, you have claimed the exclusive right to use the product design or solution. You can grant somebody else the same right to use the invention for their own profit. Otherwise, nobody else can utilize it.
After securing your patent, you may plan to market your product. But how do you go about marketing patented products?
First off, you must remember all that you have gone through to get to this point. You are now officially an inventor. However, you must have gone through a lot. Aside from the usual blood, sweat, and tears, you also had to spend a lot of money. So, you must be able to capitalize as best as you can.
Next, you must understand that it is not an option to stop at it being a patent. Patented products can end up merely being costly achievements that you can add to your resume. You must market it!
Then, you must choose between two routes: venturing or licensing. With venturing, you have decided to sell the invention yourself. This entails setting up a company that can do that. If you did not create and patent the design with a team, you would have a challenging time getting this to take off – but it is possible. On the other hand, you can choose to license your product to an existing big-time player: a well-known company within the field you are operating.
So, how do you market your product to such a company?
- Narrow down the companies to those that can benefit the most by selling your product. Know their competitors and their related products. Research goes a long way here.
- Contact representatives from the companies on your list. Put the attempts and the actual transactions into the documentation.
- Before arranging a meeting with the stakeholders, you must present a two-minute or less pitch of your invention. This will help decide whether you get that appointment at all.
- Set an appointment. This may depend on whether the company is interested in your product or not.
- Be prepared for the presentation with the following information
- Cost of manufacturing
- Suggested retail price
- Possible profit margins
- Target demographic
- Unique features of the product
All of the above is just part of one way of marketing your product – through direct contact. You may also choose to:
- Advertise your product through the USPTO paper for $25 if you want to sell your patent.
- Showcase your invention at trade shows wherein companies’ representatives may be going around looking for the next best thing.
- Find legitimate brokers. They do not ask for upfront fees and are instead paid when the product sells.
Patented products are the fruits of your labor. So, picking the right way to market is critical to you reaping the harvest in its fullness. A patent lawyer may be another worthy investment in getting everything done legally and correctly. Protect your patent by knowing how to market it well.