Product Promotion
What is the main difference between product promotion and invention promotion?
Everyone has, at one point or another, come up with a great idea for a new product. Wouldn’t it be great if there was a product to solve ___?! When it comes time to develop that product the choice of who to turn to for help can be overwhelming. Here we define and address the differences between invetion promotion and product promotion.
Invention Promotion
Typical invention promotion comapnies, or invention submission corporations, are defined as “providing services to inventors to help them develop or market their inventions. These firms may offer to evaluate the patentability of inventions, file patent applications and license them to manufacturers, build prototypes, and market inventions. They are distinguished from more conventional consulting firms and law firms offering the same or similar services in that they market their services primarily to amateur inventors through the mass media.” according to Wikipedia.
Many inventors have had poor experiences with these types of companies because of the lack of qulaification from the invention promotion company. The FTC has outlined their main problems with invention promotion companies as:
- They target inventors, offering free information on how to patent and market their invention but only give information about the invention promotion company.
- These companies tend to encourage inventors to parent their invention and make exaggerated claims about the potential it will have at market.
- Some have made claims about having special relationships with manufacturers that will want to license the patent. ¹
All are valid concerns. The largest screaming problem with invention promotion companies is the lack of honesty and being upfront with information. People are going to take risks when they have decided they are ready for it. If they do not recieve all of the information necessary to properly vet the company, it’s not a fair transaction.
Product Promotion
Product promotion refers to exactly what it sounds like. Promotion of a product. When developing a new product for market, promotion for the product is important to consider. When developing a new product idea, the end goal is for it to sell when it gets to market. From a marketing perspective, promotion is a type of marketing communication used to inform target audiences of the merits of a product, service, brand or issue. ²
Aspects of development that should be outlined by companies offering product promotion:
- What type of branding will help the product to be most successful? Does this branding allow for additional lines or product offerings?
- Where will the product see best sales opportunities? Which packaging is for the product’s category to make it comparable? What do customers want to see?
- Price point identification for best profit margins.
New product experts assess the product in these areas. If a company does not possess this knowledge or is not offering this aspect of development, then you are likely talking to an invention promotion company.
What does Idea Buyer do?
Idea Buyer is NOT an invention promotion company and also not completely a product promotion company. The Idea Buyer team helps entreprenuers looking to start a business out of their idea, not seeking a get rich quick plan. Knowings the ins and outs of developing new products, our team will make sure the product’s market entry has the best chance at success.
As a start-up business, risk mitigation allows resources to be allocated efficiently. Idea Buyer, having each phase of developing a business around a product idea in house, allows entreprenuers to do just that. If intellectual property is something that is necessary for the growth of the business, our team will recommend protection. Our end goal is to create a product and brand that will become a succsessful business.
References:
- https://www.consumer.ftc.gov/articles/0184-invention-promotion-firms
- https://en.wikipedia.org/wiki/Promotion_(marketing)