I have a client I've been consulting with this past year to help license their new home storage product. Ten months have passed since my first meeting with the client, but as of about three weeks ago they are now in license contract with a company that will handle the manufacture and marketing of their new product!
In that 10 months time frame, I helped the client locate an interested company (through a convention I attended) and then handed the lead back to the client where I consulted them through the submission process, until they were in contract. The client did a lot of the work, as I don't act as a licensing agent or get involved in communications between the company trying to license a new product and the potential licensee (that's how I keep my '"inventor friendly" fees so low). But I was their "go to" person as they submitted their new product to each recommended company, needed business or negotiation advice or even someone to help keep them even keel, as the licensing process can sometimes be taxing, draining and an emotional roller coaster ("we're interested", "we've decided to pass"...repeat 15 or 20 times until successful!).
To help license the product, I recommended the client make a short DVD demo of the product, which I personally shot and authored for them, at a very reasonable price. The DVD demo is critical and essential material to be included in ALL new product submission packets. If it is well put together, it can help the reviewing audience really "get" your new product idea via your vision and passion for the product...After all, if you invented it, you just need to get the word out! Your word!
Most companies will only review new product concepts and inventions by mail or digitally (via e-mail and file transfer). With a DVD, you can present your product over and over and over (and without being there), and know that each new reviewer will see the same message you're selling...The only thing you don't have control over is whether it actually gets viewed or not, and if does, by the right marketing people (influencers or decision makers).
And at 25 cents a throw (when bought on office supply special), you can burn a lot of DVD's to send out to a lot of potential licensees, without killing your marketing or postage budget. And the more companies that see your video, the higher the chance of finding an interested company for licensing your product!
Tentative marketing plans for this client's new product market introduction are to coincide with this season's Christmas selling season, which have probably wrapped up for now for retail buyers.. with some good market timing and hungry consumers looking to buy a great new Christmas gift, my client will start to see royalty checks starting in the 1Q of 2012!
Editor's Note: If you'd also like to receive royalty checks, I can help you with your own new product DVD demo and sales sheets to send out to prospective companies.
Call me at 208-602-3301 or e-mail me at 4info@innovationinmind.com if you are in need of these essential tools for helping you successfully license YOUR new product!
Watch the YouTube video below for an example of my work (this is for a different client than referenced above)...
In that 10 months time frame, I helped the client locate an interested company (through a convention I attended) and then handed the lead back to the client where I consulted them through the submission process, until they were in contract. The client did a lot of the work, as I don't act as a licensing agent or get involved in communications between the company trying to license a new product and the potential licensee (that's how I keep my '"inventor friendly" fees so low). But I was their "go to" person as they submitted their new product to each recommended company, needed business or negotiation advice or even someone to help keep them even keel, as the licensing process can sometimes be taxing, draining and an emotional roller coaster ("we're interested", "we've decided to pass"...repeat 15 or 20 times until successful!).
To help license the product, I recommended the client make a short DVD demo of the product, which I personally shot and authored for them, at a very reasonable price. The DVD demo is critical and essential material to be included in ALL new product submission packets. If it is well put together, it can help the reviewing audience really "get" your new product idea via your vision and passion for the product...After all, if you invented it, you just need to get the word out! Your word!
Most companies will only review new product concepts and inventions by mail or digitally (via e-mail and file transfer). With a DVD, you can present your product over and over and over (and without being there), and know that each new reviewer will see the same message you're selling...The only thing you don't have control over is whether it actually gets viewed or not, and if does, by the right marketing people (influencers or decision makers).
And at 25 cents a throw (when bought on office supply special), you can burn a lot of DVD's to send out to a lot of potential licensees, without killing your marketing or postage budget. And the more companies that see your video, the higher the chance of finding an interested company for licensing your product!
Tentative marketing plans for this client's new product market introduction are to coincide with this season's Christmas selling season, which have probably wrapped up for now for retail buyers.. with some good market timing and hungry consumers looking to buy a great new Christmas gift, my client will start to see royalty checks starting in the 1Q of 2012!
Editor's Note: If you'd also like to receive royalty checks, I can help you with your own new product DVD demo and sales sheets to send out to prospective companies.
Call me at 208-602-3301 or e-mail me at 4info@innovationinmind.com if you are in need of these essential tools for helping you successfully license YOUR new product!
Watch the YouTube video below for an example of my work (this is for a different client than referenced above)...
