It is necessary for selling a patent to know what it will cost to manufacture it, and which manufacturers are capable of performing the task. While you are figuring all of the manufacturing information out, you should also be thinking in the back of your head if it could be sold to eh manufacturers you are already in contact with. Manufacturers buy patents. In order to sell your patent to a manufacturer, I have put together some information to help you sell your patent to a manufacturer.

Without making assumptions, here is a list of questions that you need to find the answers to:

• Where are products, similar to the one you are patenting, being manufactured?
• Which of these manufacturers are looking to purchase patents?
• Within the manufacturing industry for your product’s market, what is the process for buying/selling a patent?

You should have a couple in-mind already, but if you don’t, that is why I am having you look into these things. Now you will do more extensive research into each manufacturer. (It’s like a job interview; you want to be overly prepared!)

Here are some recommendations of what to know before you make contact:

• Who is their biggest customer?
• Would that customer be interested in your product? If so, learn more about the customer so you can better explain why.
• What, if any, patents have they purchased in the past? If they have never purchased a patent, I would say move on because they probably aren’t going to start anytime soon.
• How do they find patents that they are interested in buying?
• What is the best way to reach them?

Your research should let you know which sections of your material to emphasize while pitching to them.

When you finally get that meeting, do not be nervous. You are the expert on your product, and now on their company. The following are some suggested sales techniques for selling to a manufacturer:

1) Emphasize your product’s differences:

a.    Let them know that you care about the customer. Tell them all of the benefits of this product. (Benefits are not always features. Benefits are why something is useful and buyable.)

b.    This product can help THEIR customer and maybe better than another product. They want to know: How does THEIR customer benefit from your product? (Keep in mind that their customer is not necessarily the end-user.)

c.    A manufacturer will sell to retailers and he wants them to want to buy it. Retailers want to buy what they can sell. The only way they can sell is if the customer wants to buy it. Tell them WHY their customer, and ultimately the end user want to buy it.

2) Pitch three times:

a.    Before you begin pitching, make sure to prepare your materials!

b.    Make them curious about your product. You want them to wonder about your product and its capabilities. The best way to do this with a manufacturer is to contact them about prices regarding the manufacture of your product.

c.    Help them to understand your product. They want to know how it works and how you were able to make it work.

d.    Push for a decision. Highlight the benefits for their customers, answer any questions, and then solicit a sale. Keep in mind that big companies are busy. They may be interested but they have not had the time to make you an offer, so don’t be annoying, they will get back to you.

*The way the pitch is delivered is as important as the content being pitched.

3) Show that the Product Sells:

a.    Your current customers are extremely valuable when pitching. Make sure that your customer service is excellent so that you can keep the list of customers long. A buyer wants to know that there are already people in line to purchase the product.

b.    Have some of your customers create testimonials to put into your presentation.

Use the connections that you already have to get your foot in the door. Chances are that you have already met some manufacturers; now all you need to do is research and pitch. I certainly hope that this will help sell your patent to the manufacturer of your dreams!

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