How To Create A Marketing Plan For Your New Idea, Product, or Invention.

Patents, Prototypes, Manufacturing, and Marketing New Inventions

How to find the markets for your invention, what to do when you find them, and how to define your market.




 

 

 

 

 

How To Make A Marketing Plan For Your New Idea, Product, or Invention

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. 
 

As it turns out the vast majority of asparagus growers are located in just three states, California, Washington, and Michigan.  I would want to find magazines distributed to farmers in only those three states to keep my marketing costs down.

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. 
 

I developed an appliance that speeds up the delivery of hot water to the sink fixtures and showers for home owners, the Chilipepper appliance. The Chilipepper pumps hot water at high speed from the water heater to the sink fixtures without running water down the drain. 

Thus it saves the home owner time, and it saves significant amounts of water. Single family home owners are the largest target group for the Chilipepper, since for the most part apartments usually are small and thus there is no long wait for hot water. 

Apartments often incorporate hot water circulating pumps, again eliminating any long wait for hot water.
 

Home owners with large rambling homes and large multi-story homes are the groups that would be the most interested in the appliance since they will have the longest wait for their hot water.
 

Installing a Chilipepper in your home could be considered a home improvement, so home improvement magazines would be another target.
 

Home owners that live in areas where there are severe water shortages are another good target.

The Chilipepper was designed to be very easy to install, and as such the do-it-yourselfers are another good group to market to.

The Chilipepper can be remotely activated using x-10 home automation components, so home automation enthusiasts would be another target.
 

Group homes for the elderly, nursing homes, small offices, and restaurants are more potential targets.

Figure out all your markets, then find all the magazines that go to these markets; then, finally, create and send a press release to all those magazines.

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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