Promotion

The Difference Between Product Promotion and Invention Promotion

Retail

Do you have a retail ready product?

Mr. Checkout is a national association of independent wagon-jobbers and full-line distributors. We distribute product to approximately 35,000 independent stores around the country and are always seeking the next hot new product. If you have a product, we want to hear from you!

The Difference Between Product Promotion and Invention Promotion

New ideas seem to pop into people’s heads all the time. Since the beginning of time, the world has never been at a shortage of suggestions for things that could potentially make life easier. We’ve all had conversations with friends, family, or even complete strangers about something we wish we had to solve a common problem. The main thing that separates those happenchance flashes of brilliance and a professional inventor is the ability to bring those ideas to life. Today, we’ll discuss the difference between promoting products, the real thing, and inventions, great ideas.


Defining Invention Promotion

When someone has an idea for something the world just has to have, they can usually turn to an invention promotion company (or an invention submission corporation) to see if there’s a market for their suggestion. By definition, these businesses usually provide “services to inventors to help them develop or market their inventions”. (Source: Wikipedia)

In short, they’re in the idea business. They normally target novice inventors and evaluate whether a prospective invention is eligible for patent. If qualified, they offer to handle the patent application and licensing process on the inventor’s behalf. 

Essentially, the invention promotion company is designed to help an inventor with the “behind the scenes” work required to bring an idea to the market. This may include things like building prototypes, negotiating manufacturing agreements, and marketing the invention to top-tier retailers. However, even with so many potential benefits, it’s not uncommon to hear horror stories about inventors’ experiences with these operations. Many are unqualified to offer the expert advice they claim to provide, and the FTC has begun working toward spotlighting common concerns. 

A few regularly seen issues include things like targeting inventors with offers like “free information on how to patent and market your invention” but only providing information on how to work with their company. Others complain about the way invention promotion companies can push inventors to move forward with a patent application, exaggerating the idea’s market potential just to make the sale. Then, there are the groups that already have exclusivity agreements with certain manufacturers which gives them the right to license patents directly.

If you do decide to work with an invention promotion company, do yourself a favor and perform some extensive due diligence before making any commitments. Look for a company that’s willing to be honest, upfront, and transparent. If you request information, it should be provided, and all your questions should be answered with clear, direct responses. If not, do not let your desire to see your idea come to life cause you to make a decision that could cost you later down the line. 


Defining Product Promotion

Conversely, product promotion is, as the name describes, the promotion of an actual product. If you’re considering introducing your product to the market, then you should certainly consider some form of product promotion. Essentially, what this means is you’ll need to develop a plan to market your product to your target audience, highlighting specific features and benefits that will incline them to purchase it. There are a number of moving parts to consider, when outline the best approach, which is why it’s advised to partner with a qualified company that offers services that can help. 

Before you can do this, you’ll need to answer a few questions to gain a deeper understanding of your industry and its best-practice marketing strategies. You’ll need to know things like what type of branding resonates with your audience. You’ll want to create an open-ended branding strategy that will allow you to introduce more products in the future. Other details like the most profitable sales opportunities, packaging requirements, and your customers top-priority needs must also be considered. 

Last, but certainly not least, you’ll need a company that can help you come up with a pricing plan that makes sense for you, your product, your customer, and your industry. If the representative from the company can’t answer these questions, they’re probably an invention promotion company – and I’d advise you to read the last section again before continuing that conversation. 


Wild Card Buyers

Outside of the lines of an invention promotion company and not quite falling within the frame of a product promotion company, there is another group that belongs in this discussion. The Idea Buyer. 

This team works directly with entrepreneurs who are interested in transforming their ideas into profitable businesses. They don’t promote “get rich quick” schemes and certainly won’t encourage you to make hasty decisions. Instead, the Idea Buyer operates on explicit knowledge and understanding. You’ll be encouraged to study your industry and learn all the ways your product/idea fits into your market. 

When you’re just starting a business, utilizing the assistance of risk mitigation services quickly becomes an invaluable resource. With their guidance, you’ll learn how to develop your business in response to what the industry demands, not the need to put something on the shelf as fast as you can. As always, there are many paths for you to travel. Take your time, weigh your options, and choose wisely. Your future’s on the line!

If you have a product, we want to hear from you!

Promotion
Quick Pre-Patent Checklist 1
Retail TechnologiesMr. Checkout Distributors
Patent Your Idea