Patents, Prototypes, Manufacturing, and Marketing New Inventions
How To Make A Marketing Plan For Your New Idea, Product, or Invention
Marketing Plan continued
Marketing Plan continued
Marketing plan page 1 (Previous Page)
How to find the markets for your invention, and what to do when you find them.
Define your market.
A market is the group of people that have the potential to purchase your product. Make a list of what group or groups would want to purchase your product. The tighter the specifications to find your markets, the lower your marketing costs will be.For instance, I have developed a new asparagus harvesting machine, and my market are the growers of asparagus. I don't need to advertise to all farmers, just those who grow asparagus, greatly reducing the cost of advertising.
Each of these
states has an asparagus growers association, with the majority of
asparagus growers in each area as members. They are an ideal target for
advertising. Arrange a demonstration of the harvester in each state with
the local growers association.
Apartments often incorporate hot water
circulating pumps, again eliminating any long wait for hot water.
If you are unfamiliar with press releases, there are numerous sources online where you can learn about them, how to write them, and how to distribute them.
From the response you receive from your press releases, you'll be able to see exactly which markets have the most interest in your product.
There are several great reference books found in most libraries that list all markets and the magazines that are sent to each.
They are the directories of magazines. Big, thick, 1,000- to 1,500-page books of information. Some examples are Burrelle's Media Directory/Magazines and Newsletters, Bacon's Newspaper/Magazine Directory, the Oxbridge Communications National Directory of Magazines and others.
In the front of each book the publishers have a single page of instructions. The directories group the entire universe of people into about 90 to 110 distinct markets or industries, and they're all listed alphabetically by subject in the market classification section: two or three pages that are found in the front of each book.
Find the magazines related to your marketing targets, and you see all the magazines sent to those industries.
If your product will really fit in well in a particular magazine, call the magazine publisher and ask for a media kit. It's free. Ask for a couple of recent samples of their magazine, too. Media kits contain the magazine's ad rates and are sent free to potential advertisers.
If you don't want to call, you can also write to the publishers and ask for a media kit. Use business stationery so they know you're a serious player and have the money to place an ad. The magazine publishers are pretty good about getting their promotional material right out-it means revenue to them to have an ad come in.
The media kit contains all the hype about the magazine and why you should spend all of your advertising money in that publication. All kinds of information about the industry are also included. Most of this package is usually just hype, there are often industry insights that will help you with your marketing.
Now create a press release and cover letter and send them to the magazines with a large glossy photo of the product. In about three months you'll start to receive inquiries from the readers of the magazines who saw your published press release and are interested.
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