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Marketing & Promotion

Intro >> ZENware – Prod... >> ZENware Help >> Marketing & Promotion

This is probably the key to success but so far in our research we have come across much more information about ‘bogus’ marketing than valid marketing. There is an abundance of derogatory pages warning and cautioning inventors about scam organizations.

To be protected it is suggested that you:

a) Don’t write up your idea and send it off to someone for evaluation
b) Don’t discuss your idea with anyone without a signed non-disclosure
c) Get your idea into the hands of a competent attorney and file for at least a provisional patent
d) Keep your inventors log book current and official
e) If it sounds ‘too good to be true’ it probably is
f) Research any organization with whom you are considering working with or sharing your idea

Read the article at www.bpmlegal.com/pinvmktg.html

Read a short article at www.ftc.gov/bcp/conline/edcams/invention/index.html

This is an old article but it reinforces the necessity to be a little cautious about who you are dealing with - www.ftc.gov/opa/1997/07/mousejb.htm

This article is a more recent one from the FTC (Federal Trade Commission) - www.ftc.gov/bcp/conline/pubs/services/invent.htm

Here is another statement from Ronald J. Riley.

You can manufacture and market your idea yourself while the patent is pending. Some company's will not license a patent until it is granted. If you chose not to manufacture and market the idea yourself then you will probably have to wait until the patent office grants the patent.
There are four basic marketing strategies.

1) Manufacture and market the product exclusively yourself.
2) Grant an exclusive license to one party.
3) Sell the patent outright.
4) Grant non-exclusive licenses to any party.
If your patent gives you a lock on a large market number 1 or 2 will encourage other companies to infringe and or attempt to invalidate your patent. It may be necessary to grant an exclusive license if a significant startup investment is required to bring the idea to market. Outright sale removes most the burden of defending the patent but could result in dramatically less income for you if the patent is very successful. You can still be charged with inequitable conduct and dragged into litigation even after you have sold the patent.

Non-exclusive licenses remove much of the market pressure to get around the patent and ensures that you are compensated proportionate to the success of the patent's idea. In most cases a non-exclusive license is most profitable for the inventor and therefore the best method of marketing your idea. One other consideration is that income from an exclusive license that is properly drafted may qualify as long term capital gain resulting in lower taxes.

Producing product yourself is often more profitable then licensing. It may be necessary to produce a product to prime the market if it is a new technology. Promoting a product yourself will help to generate interest by potential licensee's. One drawback to producing product yourself is that the demands of running a business may leave you little time to create new inventions. I often joke about the fact that I don't own the business, it owns me.

Many people who get a patent expect money to start flowing without any additional effort. It doesn't work that way. Getting a patent is only 10% to 25% of the job; now you must market your idea. Marketing takes more effort than getting the patent. You must identify companies that would have an interest in your idea, and you must identify the proper person to approach within each organization. Sending a blind letter is usually wasted effort.

…(deletion)…

If you don't have the necessary market background you should consider hiring someone that is knowledgeable in that market. Make sure you have them sign a contract that protects your idea from theft and forbids them from disclosing the information to any other parties. Check the Caution page before sending you money to any marketing company.

The next step is finding a market for your patent. This is where you will discover which companies are reputable and which are not. At least half will fit into the disreputable category. Make sure you create a clear paper trail of all your contact with each person of every company that you attempt to license or sell product.

The paper trail should take the form of personal notes, followup letters, and tapes of telephone contacts and meetings where such is legal. See www.rcfp.org/taping/index.html for a reporters guide to taping.

Try to get them to sign a nondisclosure agreement before you divulge much information. If they are honest this won't bother them. If their honesty is marginal it will show them you are serious and may deter them from trying to steal your ideas. If they do steal, the documentation will make a much better case and it is much more likely they will settle out of court. If they don't settle it makes your chances of winning much higher. A clear paper trail will make an attorney much more likely to handle your case on a contingency basis.

The full text can be found at www.inventored.org/marketing
Copyright 1994 - 2000 by Ronald J. Riley

Marketing your product is something that many inventors don’t think about and might have believed that it is something that someone else would do. While this can be true it’s the originator of the invention that is in the best position to be involved in this step. Beyond that the inventor will need to know the results in order to satisfy the desires of the consumer.

www.mattyubas.com/invention-info/product-marketing.html

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