Sorry, it's really not for us…

Don't you hate that? Have you heard this refrain before?

I bet you have! When you pitch your invention to a buyer, financial partner, or licensee, this dreaded phrase is heard continually.

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How to get them to tell you the real reason …

The real reason this response is problematic is not the emotional let down, but rather; objectively, that you really have no idea why they have passed on your invention.

It's almost certainly not the reason you fear most – that they think your product is sub-par, not worthy of their consideration. That, simply put, is almost never the reality – but it may be the imaginary bogey man you empower in your mind after a major setback.

Your greatest dilemma to such a letdown isn't the rejection itself, but the fact you have no clue why they have said no. You need to know why.

So, what's an inventor to do?

Find a creative way to get them to divulge the real reason why they are choosing to pass on your invention. It could be a soft no – not now, not yet – the timing isn't right. It could be your fault – that you simply did not make a clear, articulate, convincing case for your product.

I have a digital course – How to Land Your License Deal – that can give you tools to remedy this problem.

Finally, it could be they are telling you the objective truth – as they see it – they don't see how your product could fit into their product line. But, that is rarely the case. When it is, it simply means you did not do your homework beforehand. You did not study their product line or you could have realized that your product was outside their ‘wheelhouse'.

No matter the reason, while you're still in the meeting with them is the best time to creatively get them to tell you more – the real reason they are passing on your product. So how can you do that?

Here's how.

The simple, ingenious way to find out the real reason behind ‘No'

Thank them for their time and consideration. Then, tell them that you absolutely plan to move forward with this product – an affirmative statement. Then, ask the key decision-maker, “If you were me and this were your product, what would be your next step?”

This simple approach is psychologically ingenious.

First, by showing them you are appreciative and grateful, not argumentative, imploring them to reconsider – a mistake so many inventors make. By telling them you are committed to moving forward with your product, you show them you are confident, crestfallen or defeated, by their negative decision.

Finally, putting them in your shoes and asking them what the next step is the capstone that makes this approach work. It is a positive way to pose a negative question, “what is lacking in my current approach?” Their answer to this question will be very valuable to you.

I had my best licensee prospect advise me that my product would not sell in retail stores without some “help”. He said my product was a “sell on TV product” and that I should take it to QVC. He said that my product had to be demonstrated to be understood by buyers. He was right. I made a change, sold it on QVC for 2 years and ultimately licensed it into DRTV (direct response TV) to Allstar Products.

You might get advice to make improvements to your product or to clarify your pitch. The might suggest you take your product to a specialty, niche manufacturer. No matter what they suggest, it will be valuable information for you.

Knowing you will gain valuable insight from every pitch – regardless of their decision – will you will feel much more confident and poised, which will definitely help your pitch.

Grab your free – Dealing With Setbacks – cheat sheet now.

Want to learn how to make money by licensing your invention?

Click on the orange button below to attend the next FREE Live webinar – License Your Invention for Royalties. We'll see you there – lots of time to answer all of your questions.

Stay tuned.