Patents, Prototypes, Manufacturing, and Marketing New Inventions
One purpose of your invention marketing plan is to define your market, i.e., find out who your customers are or will be.
Your Marketing Plan
The purpose of your invention marketing plan is to define your market, i.e., find out who your customers are or will be, and who your competitors are, then figure out a strategy for attracting and keeping customers for your new product.
When describing your product or service explain what are its unique aspects, what advantage it has over other similar products in the market place. Emphasize the special features that you feel are its selling points. These features are what you will use to convince customers to purchase your product or service.
Developing a marketing plan should answer these questions:
Research your market to assess it.
Market research does not have to be costly, nor does it have to be a complex process. It can be as simple and as easy as surveying a cross-section of your consumers (focus group) to get their opinions about the product or service you will be offering.
Market research techniques include analyzing demographic data, such as population growth/decline rate; age range, sex, income/educational level; brainstorming with family and friends, and focus group interviews.
Gather enough information to determine who your potential customers are--their needs, wants and expectations; whether or not there is a demand for your product or services; who your competitors are and how they are doing.
Market research should answer questions such as who are your customers and potential customers?
Can and will they buy the product or service you're offering? Are you offering the kinds of goods or services they want? Are your prices consistent with what the buyers view as the products' values? Who are your competitors?
Your invention marketing determines how successful your business will be. The plan should include what 4 P's of Marketing (PRODUCT/SERVICE, PRICE, PLACE AND PROMOTION).
Describe the target market by - age - sex - profession/career - income level - educational level - residence Identify and describe your customers (target market) by their age, sex, income/educational levels, profession/career and residence.
Identify your competition - nearest direct and indirect competitors - strengths and weaknesses of competitors - assessment of how competitors businesses are doing - description of the unique features of your product or service - similarities and dissimilarities between your product or service and competitor's - pricing strategy for and comparison of yours and the competition's
Successful business owners know or at least have an idea of what their customers want or expect from them.
Develop a marketing Budget
An effective marketing plan requires money. You will have to allocate funds from your operating budget to cover advertising, promotional and all other costs associated with marketing.
Develop a marketing budget based on the cost for the media you will use, such as in newspapers, magazines, trade journals, radio spots, TV, and online advertising such as advertising in e-zines, related online sites, etc.
Determine the costs of your marketing and promotional materials and brochures.
Develop Pricing strategy Have an well-planned strategy, to establish your policies and to constantly monitor prices and operating costs to ensure profits.
Keep abreast of changes in the marketplace because these changes can affect the bottom line of your new invention.
Develop an effective Promotional Strategy - advertising media - print media (newspaper, magazine, classified ads, Yellow Pages advertising, brochure) - radio - television - networking - business cards - tee shirts, hats, buttons, pens.
Develop a promotional strategy that uses various media for promoting your business. Monitor the different media identifying those that most effectively promote your business. Concentrate on developing material for these formats that clearly identifies your goods or services, its location and price.
Financial institutions weigh the soundness of your new invention marketing plan when deciding whether your business is a good risk for their money. It is important that you prepare and present credible market data that shows there is a need in the community for your business and that demonstrates your ability to compete successfully.
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