Tips for Inventors Attempting to Take Their Inventions to the Marketplace
"The world does NOT come to your door when you have a patent," explained Lee Archibald, Archibald Marketing. "A patent is just the beginning."
Lee Archibald has more than 35-years of experience in plant operations, manufacturing engineering, packaging concept design, and sales management. He is currently the president of Archibald Marketing, Ltd, an importer and import agency service. Archibald offers tips for inventors trying to take their invention to the marketplace:
1. HAVE A PLAN. You MUST have a plan. If this is something you are passionate about, you cannot rely on others to do everything for you; you must plan your expectations. Remember, your project is not the most important to anybody but you. You must monitor the progress to reach your goals.
2. What do I want to do with my product? Determine where you want to see your product in six months, in one year and in five years.
3. Who will I sell it to? Determine whom you want to purchase your product.
4. How much will it cost to make? You must have a valid cost analysis to finalize a pricing strategy.
5. How much do you want to sell it for? Determine if you will sell it retail, or wholesale.
6. How will it be packaged? If you are selling it on the Internet, it can be a brown box. If it is on a store shelf, you will need sophisticated packaging to catch the consumer’s eye.
7. How will it be marketed? A marketing company could take it to major retailers or it could sell on an Internet site.
8. What kind of tooling will be used? Look for what you need to make the main component. Is it injection molding?
9. Where will it be manufactured? Compare a direct buy in the United States with an Import Program.
10. Is that everything? Be prepared for additional costs. For example, you will need a UPC code to register your product for scanning. Make a checklist to be sure that all details are covered. You will want to know what the next action is and who needs to take it. Projects can go on forever, unless you establish a timeline.
"Inventors need to be prepared with a plan. What if a customer needs big quantities, what if they need special packaging, a store-door distribution plan, or merchandising programs? Do you know what to do and how to price it," questioned Archibald. "You must learn and network with people that can and will help you with the many questions you might have. The INPEX Inventor's University seminars and the Resource Center can help you get over the top with you project and could make a difference in how you proceed."
According to Archibald, "INPEX could be your chance to find the right contacts for the future of your concept or patented product."
Don't miss the opportunity to sit down one-on-one with Lee Archibald. He will be meeting with inventors at the INPEX Resource Center on Friday, May 16 from 12-7 PM. Ask him about the manufacturing and packaging needs of your particular product.
Mr. Archibald contributes to INVENTORS COMMUNITY as an industry expert, but is not employed by or otherwise compensated by INPEX, InventHelp or its affiliates.
