Last week’s blog – Tell me about your invention... – garnered more comments and feedback than any other post within the last 6 months.
So, I decided to you might enjoy a sequel – a part 2 – again addressing the dichotomy between the way you as an inventor thinks and talks versus those of anyone you might market your invention.
Make sure to grab your free PDF – How the Public Views Inventions – now.
Also, want to learn about licensing your invention? Click on the – License Your Invention for Royalties – to attend the next free webinar to see if licensing is for you.
The Art of the Pitch
Imagine for a moment that you are delivering an important keynote to a large audience.
Fifteen minutes into your talk, you notice something is terribly wrong. Audience members are shuffling in their seats and nervously murmuring amongst themselves. Some have gotten up and awkwardly left the auditorium. Then a man comes up nervously to you and whispers in your ear that he is the only one who speaks English. The entire audience speaks only Vietnamese.
Pitching your invention to an audience of buyers, marketers, or licensees may feel much like the above scenario. Inventors are typically introverted, not fond of public speaking, and especially, having to pitch their product before a critical, skeptical audience. What is an inventor to do?
First, you must put yourself in their shoes and understand their interests, motivations, and especially, their fears, before you can deliver a message that resonates with them. They are – first and foremost – employees, not entrepreneurs. In their corporate world “wise” decisions are expected, though not often rewarded.
But, mistakes or decisions that don’t work out, on the other hand, are punished – including demotions and sometimes terminations. As a result, they are committed to the status quo (safety) and avoiding risk. Your new invention looks risky to them.
Your mission, therefore, is to de-risk your invention as much as possible. It must look like a “slam dunk” to them.
You must show them the upside potential is very high and the downside risk is very low. Of course, you cannot misrepresent your product or the situation, but you must put it in the best light possible before they will give your invention a serious consideration. How can you do this?
Give them your best estimate of the cost to make your product in large quantities (50,000+ units) and show them that profit margins will be strong. You need to have at least a 5X mark up from manufacture to retail sales price for solid profitability. Highlight ways that your product will complement their current product line and might allow them to carve market share from one of their key competitors.
A profitable new product that they can exclusively license and use to carve market share from a key competitor looks enticing to them. Now you are speaking their language!
To learn much more about this, make sure to sign up for the free License Your Invention for Royalties webinar below.
Make sure to grab your free PDF – How the Public Views Inventions – now below.