Taking Your Invention to the Market

February 2, 2010

I have received inquiries about how to go about sourcing manufacturers, particularly early in the short run stage, both domestically and in China as well as how best navigate the route to market with one’s invention or product line.  Here are guidelines from inventor expert Bob Dematteis, whose inventions exceed $25 million a year to companies like Sears, Wal-Mart and Kroeger:

A smart inventor will build a team as soon as possible. The four principal team members will be you, a patent attorney, a manufacturing expert and a marketing expert. Again, keep in mind that sales generate income, which will generate profits or royalties. And, since inventors are usually not very good at sales, your marketing expert is the most important key member you will want on your team as early in development as possible.

An inventor can brainstorm the basic concept and even make a crude prototype. But prototyping should not be advanced without substantial input from the marketing expert. After all, this marketing expert (or group) is the one that is going to generate the sales. It makes no sense to spend your valuable time and money on developing an idea that no one wants to buy. Having the right marketing person on your team, at the earliest possible moment, will ensure that you will be developing your invention with all the right attributes. This marketing expert will provide valuable input into evaluating the invention and can even provide sales projections.

The simple flow chart below shows how the initial invention evaluation process dovetails with your patent protection process. You basically have three alternatives to start the patent protection process of an idea while it is being evaluated.

The first and best alternative is to evaluate your invention’s merits and its sales potential with an expert you know and trust. Second, if you do not know any trusted experts, you can use confidentiality agreements. Third, if you want to spend the extra money and speculate on having your invention ready for mass production and producing income in a year, you can file a simple, provisional patent application for as little as $75.

As you can imagine, many larger companies will not sign confidentiality agreements as a matter of policy. Filing a provisional patent application can replace the need to use confidentiality agreements and serves to protect your invention’s priority date (the date you file for patent protection). If you file a provisional application you can more openly talk to and interview those marketing experts working with larger companies. The downside of filing a provisional application at an early stage is that you will be incurring the higher costs of filing the regular patent a year later. One year is not necessarily a lot of time to build your team and fully develop your invention. But it should be adequate if you plan your development well.

All three methods are viable approaches for inventors and have their merits. You only need to determine which works best for you in your particular situation. To give you a little insight into my invention activities, I prefer to work either with those marketing experts I know and trust, or using confidentiality agreements with those I do not know well. Any company that will not sign one of my confidentiality agreements I will not consider as a viable team member. And, I will never sign one of their agreements, which invariably protects them a lot more than you.

Figure 6-1 Invention Evaluation – Patent Protection Flow Chart

In your pursuit of finding that key team member, a marketing expert, you will want to interview them based upon several factors. Just remember that some marketing experts will not have any interest in selling your invention and others will simply not have the ability. You would be wise to keep searching until you find just the right match.

If you receive a lukewarm response from one or more, don’t give up right away. Try to field, as many objections as possible from the interviewees to better understand why the objections exist. These problems can invariably become opportunities once they are resolved. Discuss the various alternatives with the expert.

Finding the right marketing expert for your team can quickly propel your efforts forward and can even encourage manufacturers to invest their resources to gear up to manufacture your new invention.

Smart marketing experts who understand the benefits to your invention and have the right contacts can pre-sell your product based upon some simple prototypes. Think about it… can your marketing expert get a commitment for an initial sample order of $20,000 [for instance]? Then it would be easy to assume that subsequent orders from others would probably total 10 times (or more) that amount. With pre-sold orders, it is a lot easier for your manufacturing team member to make a commitment to spend its resources and get the product launched and producing income.



Blogger Basics

January 29, 2010

Hollis Gillespie, author and expert writing instructor, has imparted her ‘must-do’s’ to help you blog you way  to financial freedom as well as position yourself as a blogger.  Here’s what she has to say:

1. Focus your content: Decide what is your ONE thing that you are going to write about…it doesn’t have to be BIG, it just has to be big to YOU.  Connect with your voice and your unique narrative-do not obsess about grammatical perfection.

2. Best sites to help you monetize your blog: Problogger.net & Copyblogger.com

3. Killer Blogs=Traffic=Income

4. Six characteristics of killer blogs: Post often, forget perfection, write like you speak, specific subject matter, know your audience, keep it short.

5. Migrate your blog content to your own domain: Reserve your own domain name on GoDaddy.com and then employ the services of www.techadvocatesolutions.com to integrate all of your blog/website needs.

6. Explore sites you like, take a ‘news’ post and write an opinion piece on it.

-Check out Google.com/trends

-Set up Google Alerts for your subject matter (www.google.com/alerts)

-See what is popular in the blogosphere: Digg, StumbleUpon, Reddit

7.Investigate options for affiliate marketing on your blog(Amazon.com has a program)

8. Create a PayPal Merchant account that allows you to accept credit card purchases on your site

9. Research top blogs in your category (www.technorati.com) and guest blog on them

10. Advertise your blogs on your Twitter account and Facebook Fan Page


Top 10 Lessons I Learned in ‘09 While Starting My Own Business…

December 30, 2009

Patience, Patience, Patience. Keep in mind that the ultimate vision that I am building towards will be my life journey and not an overnight transformation.

Just Be Me. 99.9% of the time, someone is already offering the same product or service that we are now selling. What differentiates me from my competitors is my authentic signature brand.

It’s A Family Affair. The risks, costs and rewards that are incurred in my business venture involve my entire family so I have learned to involve them in any strategy and decision making processes.

Know When To Hold ‘Em, Know When To Fold ‘Em. Evaluate my revenue model regularly and be sure to constantly adapt so that I am spending my time and resources on my most profitable activities.

Adopt A Platform Building Mentality. Construction begins in 2010.

Take Time To Get Inspired. I uncover my greatest ideas and solutions when I am swimming or running, not when I am staring at my laptop and forcing the process.

To The Market We Go! Determine what forms of marketing I can and will do myself and hire someone to manage that which I don’t enjoy. Love it or hate it, either way, we all must embrace social media but be cautious not to lose ourselves in it.

Nothing Ventured, Nothing Gained. #1 way to build my business is through public and private speaking opportunities. Get out of the office and behind the podiums as much as possible.

Prioritize Your Priorities. It sounds so obvious, but now that I am blessed to have a husband and a four month old baby-I am amazed at the challenge of focusing on what needs to get done and what would be  ‘nice’ to get done for my business,  for our family and for myself-each day.

Educate, Entertain, Inspire. By doing these three things for current and future clients, I am slowly but most definitely growing the business of my dreams.

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How to Make Your Book a Best Seller

December 21, 2009

My business goal for 2010 is…. to begin (note, my qualifier) to write my first (yes, it may not be the last) book (there, I said it). Do you think you have a book in you?

Many have admitted this same desire to me but fear that it may be pure fantasy as the journey appears to be hugely intimidating.  This is why I wanted to share with you invaluable information from Cindy Ratzlaff, Founder of Brand New Brand You.  Cindy was responsible for the marketing and publicity campaigns for more than 100 New York Times Best Selling Books. Specifically, she was responsible for the launch and publication of ‘The South Beach Diet’ which published 11 best-selling books in 36 countries and sold 22 million copies. Here is what she suggests:

1. Keep in mind these questions as they are the basis for a publisher’s ‘Profit & Loss’ forecasting:

  • Is the book well written and is it unique?
  • Is the content already covered in previous books?
  • What do you, the author, bring to the table that is different?
  • How big is your ’sphere of influence’?/What is your platform strength?
  • Do 100’s of 1000’s of people know your work? (ouch)
  • Are you dynamic enough to sell this book through television, radio and print interviews or your own network?
  • Will you deliver an audience to the publisher?
  • Are you passionate enough? Do you have the personality and drive to ensure a best seller’s launch?

2. Best Seller List Formula= Distribution + Display (online & in stores) + Media + Marketing + Volume of sales within a one week period weighed against total Volume of sales of all (yes, all!) other books that same week.

3. Begin to create ‘Pre-Buzz Buzz’ a year before your book campaign by:

  • Establishing yourself as an ‘expert’ within your field
  • Connecting with ‘Key Influencers’ within your field/a.k.a  your ‘Fire Starters’
  • Platform Building Activities: blog, establish high visibility across social media, talk radio, internet, tv, webinars, tele-seminars, newsletters, in other words: Be noisy!
  • Building your Email List: they will be your social currency/your key evangelists

4. Identify a ‘Top 25 List’ of the places your ideal reader is likely to find you. Then, go to those places and get involved in the dialogue, ask to be a guest blogger, and engage the group’s leader as a strategic partner whom you can seek feedback on your ‘galleys’.

5. Coordinate your book launch for the publishers. Your goal in attaining best seller status is velocity of sales in a short period of time. The less work the publishers have to do the better.

6. Build a incentivizing campaign for your followers when they purchase your book in the first week of launch.

7. Maintain ‘Maximum Strategic Visibility’ across multiple media channels in order to create the impression that you are everywhere all the time.

And you thought writing the book was ‘our’ biggest hurdle? I will write more about self-publishing in the new year but for now, happy platform building!