Taking A Product From Concept To Market
Nearly anything you can imagine can be developed, but how do you sell it? How can you take it to market?
Successfully getting into the marketplace is typically the most difficult part of product development. There are many possible options for selling your product, and they may not all turn out to be as profitable as you thought. Here is a list of the most common ways to take your idea to market and make a profit.
Selling Your Product Online
If you are planning on selling your product on your own website, this can be the easiest way of selling your product, but this can also be the most involved path. Setting up an online store; managing the manufacturing and logistics; shipping, handling, and distribution; and taking all of those costs into consideration to figure out your pricing is a lot to handle. When selling online you have to work on your SEO, manage your online campaigns or pay a company to work on these for you to generate leads and get people to buy your product.
Selling Through Third Party Online Stores
Selling through third party online stores alleviates the marketing and SEO required to get more sales because you are relying on the third party’s marketing and SEO to get the sales. As for the sales aspect, you just have to set up the images they require and figure out pricing and shipping costs, but you still have to manage the manufacturing, logistics, and shipping to the third party’s distribution center. With this method, you pay the company a percentage and, in some cases, they manage shipping.
Selling To A Retail Store
Selling to a retail store is not as simple as picking a store, you’ll need to find a store interested to purchase your product and put it on their store shelves. In some cases, the retailer will manage manufacturing, and in others, you manage it. The retailer pays for your product, marks it up, and sells it. It sounds simple and straightforward but there are other details to consider. For example, agreements, which will define what happens with returns and damaged items. Depending on the agreement and the success of the sales, this can be mutually beneficial.
License Your Product
Licensing a product is what many inventors aspire, but you will need to come up with a great idea, patent it before most corporations will want to license it. They will sell it and you will get a percentage of the profit from each product they sell. Agreements and legal advice are essential during this process. Minimum sales and dates should be negotiated. Remember the bottom line: you own the rights and the patent and they license the right to sell the product for the duration for the agreement.
Sell Your Patent
In some cases, companies may want to purchase your patent completely. This may be a dream come true for some inventors. If the proposal works for you make sure you have an experienced corporate lawyer making sure all the details are handled properly. If all works well and in your favour this may be the chance to move onto the next invention.
Regardless of how you want to sell your invention and take it to market, remember that even in today’s online world it is not easy. You have to have perseverance and tenacity, make calls, lots of calls, visit many people and knock on many doors. If you are in need of guidance give us a call.