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"Everyone is a genius at least once a year; a real genius has his original ideas closer together." Georg Lichtenberg
How to Avoid Common Mistake in Idea Marketing
When the time comes and you are ready to market your idea, most likely you will
turn your attention to large companies for help. After all, you are telling
yourself, these huge, large corporations are experienced in invention marketing
and will take care of my idea; they have unique domain knowledge and the expertise
necessary for me to succeed. Without much ado, you take your idea and knock on the
door of big conglomerate. You are asked to explain your idea and provide business
plan. By the end of the day you are told to stay patient and wait while the big
boys are taking care of you. You wait weeks and months; keep telling yourself
that the phone may ring any day now. Unfortunately nothing happens until you
give in - you call first and told that your idea was too non-commercial...
Stories like these are common when inventor has to deal with large corporations.
It is a fact that the bigger the company is, the more bureaucratic it is.
Many big companies lose focus and often hire employees who are either not
qualified for the job, or just not interested in what they are doing. If you
come across these folks who are trying to make you feel insignificant (and your
idea unimportant and impractical) don't get discouraged by this - chances are
you will be better off dealing with smaller company that is more focused and
willing to take risks!
Many smaller companies are focused on producing products that are specific to
your area of interest. These companies are hungry for success and willing to
take risks and introduce something new into the market in order to put themselves
on the map. In addition, organizational structure of these smaller companies is
less bureaucratic and it will be easier for you to come across people willing
to take risks.
Another excellent option is to market your invention yourself (for example on
the World Wide Web or magazines). Many internet companies allow users to create
websites right out of the box, without any programming. This might sound like
a lot of leg work and involve lots of planning and analyzing. Indeed, it is.
The benefits, on the other hand, will be payoff rewarding! However, before
embarking on this exciting journey, one need to carefully analyze and determine
things like:
Demographics
Competition
Production Costs
Product Safety Features
It helps to produce a Business Plan, where you thoroughly explain above mentioned
items, paying careful attention to each one. By spending quality time on your
Business Plan, you are greatly increasing your chances to succeed. In addition,
you will spend your budget wisely by focusing your advertising campaign on
specific markets, in certain geographic regions.
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