Countless world-class inventions have become common household items, and we think nothing of them. Take the lightbulb, for example. We make use of it every day but often forget that it took effort and time to become widely known. Most times, the innovation process starts this way, and many people will be skeptical about your ideas. Once you can push through this doubt and suspicion, you’ll have the utmost power to create a new life for yourself and many others. Here, we highlight the effective way to move from ideation into reality and how best to market these created ideas for next-level business profit.
Have the right team.
As much as possible, avoid going it alone. The invention or creation process consists of lots of steps, and these can get overwhelming when done alone. Realize that you can’t take care of everything all on your own and seek out professional assistance as soon as possible. Some skilled professionals you might want to consider include a manufacturer to help develop your prototypes, great registered patent attorneys, a co-founder who believes in your product, and personal assistance. A co-founder is essential if you want to succeed, as they often offer a specific set of skills you might not possess, making you a team worth listening to.
Work on your prototype.
You’ve studied the market, decided that your creation is a lucrative business venture, and assembled a team that helps you take care of all processes. Now’s the time to develop your prototype. To do this, you need to make another decision: whether your product will be licensed or manufactured.
Manufacturing means you get to create, produce, and sell your creation by yourself. It’ll involve employing a manufacturer to make whatever you create. The latter means that you sell the rights of your creation to another company: They produce and sell while you make some money from them in the form of royalty payments and licensing fees.
Once the prototype is ready, try taking a few professional pictures or hire a product video production team to make a mini-documentary about the product. This will come in handy when pitching the product to investors. Effective product videos with good quality and animation can also inspire your target audience and potential buyers to look into your product more.
You need a ready market.
The first tip to creating and marketing your invention is to identify a target market or an end-user. It doesn’t matter if you’re a storyteller, videographer, or inventor; the end-user will enable you and your team to see the need for your product. You can start by identifying the problems your creation can solve and then finding individuals or groups that have these issues. In finding the individuals or groups, you need to identify their demographics, including their age, marital status, family, income level, interest, and location. These are all things that will help when it’s time to market your product via digital media.
Work on your elevator pitch.
Every investor needs to work on their elevator pitch. This is simply talking up the idea of your finished product with friends and professional people in your circle. Your elevator pitch must be like an elevator trip: concise but detailed. It must include a hooking line, statistics supporting your work, a value statement, and the highlight of your product. End it with a call to action, and you’re good to go. Social media is another way to get your elevator pitch out in the open. Try to use explainer videos with bits of information that your potential audience will engage with.
If you have great product ideas that you want to create but aren’t sure how to enter the production phase, we hope the above-listed tips will guide you through the process.