New Product, New Invention, Now What?

One of the most frequent questions asked by people that develop a new product or create a new invention is, "Where do I begin?"

Should I Patent My Invention?

The cost of a patent can range from several thousand dollars to millions depending on the complexity and type. Also, it is often recommended to conduct a patent search prior to writing a patent adding further cost.

Even if you decide to write the patent yourself, which you can do and many resources for this are available, you still might be infringing on someone else's patent, so a patent search may be unavoidable.

Patents are generally a strong deterrent and can provide you with a marketing edge.

Being the First and Fastest to the Marketplace

The internet and television offer two of the fastest ways to bring your product to market and each has its advantages.

For many, this is an alternative mindset to patenting a product. Many think that if they can get their product first and fastest to market that imitators will not attempt to compete.

Generally, the greater the potential for reward the greater the chance someone will be watching your success. (While electing not to patent a product because of a first-to-market strategy has distinct advantages, this is truly a business decision that must be made carefully and with the consultation of competent professionals, the scope of which exceeds the overview nature of this article.)

The Internet as a Product Launch Tool

Using the internet to launch a new product can be a strong strategy. However, one major disadvantage of the internet is, if you are not a search engine optimization expert and/or don't know what a pay per click campaign is, or don't have a list of eager customers, you might find yourself with a website and no traffic.

To gain this knowledge or to employ someone that is internet marketing savvy increases your costs. On the other hand, if you do have a high search engine position, you will see steady traffic from all over the world.

Launch Your Product on Television

If you have a truly innovative product and launch your product on television, exposure is almost guaranteed. Further, a successful product on television usually attracts retail outlets. Exposure of this kind can also drive business to your website, creating marketing synergy.

For businesses with high aspirations, launching a product on television can be the single best thing that can happen to a new product. It is a tremendous use of leverage and results can come quickly.

One exposure on television can put your product in front of millions of people at one time. Two of the best ways to get your product on television are 1. through an agent or someone with connections, and 2. to contact the home shopping channel directly. The latter, being more difficult as most request mail-only submissions.

Trade Shows

The right trade show can provide tremendous concentrated exposure as they attract a lot of customers to one place.

Marketing at a trade show includes travel expenses, lodging, and the cost of the trade show booth at a minimum. Booth costs range from hundreds to thousands of dollars.

The larger the show, the higher the cost. A simple internet search can provide information on tradeshows for your industry.

License Your Product

You can license your product without a patent, but a product with a patent attached is a stronger candidate for success.

Licensing has its advantages - reduces manufacturing and marketing costs, allows you to focus on further product development, and with the right company, is an excellent use of leverage.

Look for a company with a strong presence in the market and solid, established distribution channels. In a licensing arrangement you make less per unit but you might sell more.

If you go it alone, you might make more per unit, even after marketing expenses, but you'll likely sell less and it will likely take you longer to see success.