Why do they always say “no”?

Does this questions haunt you as an inventor?

It's that voice in your head just before you go to sleep at night or that you hear first thing in the morning.

You have a unique invention that truly solves a problem for customers – it is the better mousetrap. Your customers love the product and it is certainly better than other competitive products on the market.

But, whenever you pitch to anyone who can really get your invention to the next level – a key retail buyer or a potential licensee – at the end of your presentation, you hear that devastating, “it's not really for us.”

Right?

What is going on? Read on.

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I'm going to start out by telling you precisely what you don't want to hear as an answer to that question. But, stay with, me I promise it will get better!

The problem is not them – your prospects or decision-makers – the problem is you!

Ouch!

As Pogo famously said, “we have met the enemy… and he is US.”

The solution to the problem is in the mirror.

Here are the 3 most common mistakes inventors make when pitching their products – and how you can avoid them forever!

Talking to them like they are inventors

At a gathering of other inventors, what do you hear the most?

You hear stories, lots of them. Inventors love hearing stories from other inventors. Buyers and licensees… not so much.

Another inventor asks you, “how did you get your prototype done?”

You may be tempted to tell him the whole story of all the things you tried, people you met that didn't work, then finish by finally getting to the answer: where you met a great prototyper who was a great prototype resource. After all, if you don't tell the whole story, the other inventor won't appreciate how difficult the whole process was for you, how you persevered and finally got a positive outcome. 

But a buyer or licensee just wants a short, succinct answer to any question – 1 or 2 sentences. That's all. 

Remember, inventors love to hear stories… but no one else does! Telling them stories will put them to sleep, not what you want at all.

Keep it short, sweet and to the point. Always.

Forgetting your role … and theirs

You've worked long and hard and have creatively found an inventive solution that no one else has. Congratulations! You have a right to feel proud of that achievement. 

But, when you pitch your invention to a potential licensee, he or she is the expert in the industry, you are an amateur. Never forget that! Your expertise does not extend beyond the unique nature of your product. 

The tone and tenor of your pitch must reinforce that perception.

You should immediately thank them for their time and willingness to meet with you. Be prepared to show how your unique product can fit in well with their product line, how it may complement their products, not be superior to them. Do that, and your pitch will be off to a good start.

But, if you begin by suggesting your great product will sell millions of units and your pitch will be over before it starts. No one will listen to anything you have to say.

Focusing your pitch on your interests, not theirs

Your interests are very straight forward: to secure an agreement to distribute your product (in the case of a store buyer) or to secure a licensing agreement in the case of a potential licensee. Everyone in the room already knows this and there is no reason to highlight or focus on it.

You must speak to their interests and how your product will serve their interests. Period.

So, what are their interests? 

They're very interested in balancing risk to reward when rolling out any new product – yours or theirs. Whereas, as an inventor, your focus is upon the potential reward your new invention will bring – lots of sales and profits. 

Guess what?

They are employees, not entrepreneurs. This means they are much more concerned with the risk of a new product than any potential reward.

Over 80% of all new products fail within the first year. They already have a line of products with a known sales history, that generally makes the board of directors happy. A new product that flops will make the board unhappy and people may get fired. Everyone wants to continue to collect their paychecks every two weeks.

So, how do you speak to their concern about risk? 

Tell them that your product should not require any special new tooling (additional expense to them) to manufacture. This, of course, must be true or you cannot say it. But, if your product is made of similar materials and has generally similar construction to their existing products, then no new tooling should be required.

Also, profit margins are crucial. Your product must have a 5X mark up from manufacture to suggested retail or it will not succeed in the market. If your product would retail for $25, then your landed cost with packaging and everything must not exceed $5. Keep in mind, you can say that your current costs are perhaps $6.50; but, if they manufacture 50,000 units or more, that cost can be reduced to $5 or less. 

Simply changing your approach and tweaking your pitch can go a long ways to increasing your chances of getting a “yes.”

Respect them and their interests by keeping your answers short, sweet, and to the point. Recognize that they are the experts in the industry. Lastly, make sure to address their concerns about product risk.

If this information was helpful to you, please email me at alan-beckley@msn.com and let me know.

Stay tuned.

________________________________________________________________________________________

Would you like to have some free information resources on keys to being resilient?

Grab your FREE copy of – Resilience – Key to Inventor Success – cheat sheet now. Just click on the blue button below to get your copy now.

Would you like to learn how to make money from your invention? Tired of just spending money?

Attend the next FREE live webinar – License Your Invention for Royalties. 

All you need is your cell phone, laptop or desktop computer to attend this LIVE webinar. Get all your questions answered.

Just click on the orange button below to sign up for the next FREE live webinar –  License Your Invention for Royalties.