You know that you want to sell your patent. Most inventors know that much, but who do you want to sell your patent to and how are you going to sell it? Selling to a retailer is perfect for some products, and terrible for others. So here is a guideline for determining whether this is the right move for you, and if it is, how to make it happen.

First and foremost, determine WHO you are trying to sell to. Yes, a retailer, but every retailer is different. This is where research becomes critical. Before moving forward, find the answers to the following questions:

• Where are products like yours being sold? (This is especially important if your invention is an improvement of something they already sell.)
• What retailers in your product market are known for patent purchases?
• What is the proto-call of these stores for pitching your patent to them?

When you have found at least 10 stores that you feel would be beneficial to contact, you must research each store in-depth. It is extremely important to know how each store operates so that you can adapt the materials you use to pitch to them.

• Will the retailer’s customer use your product?

• Many retailers know WHO they sell to. You need to know if the demography of their customers match the people you envision buying your product.

• How many patents have they purchased?
• Do they have their own development team?
• 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.

Suggested Sales Techniques:

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, and the differences.

b.      This product can help THEIR customer. How does THEIR customer benefit from your product?

c.       The importance for the retailer is that they want to buy something they can sell. The only way they can sell it is if the customer wants to buy it. Tell them WHY the customer wants 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 retailer is to generate awareness for your product. Depending on the retailer, you may want to send them information ahead of time. The press can also be very helpful.

c.       Help them to understand your product. They want to know how it works and how you were able to make it work. All of the details that the retailer would need to know in order to make it their own, you need to explain.

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.

Retailers watch out! Now you have the help you need to sell your patent!

PatentHelpNow.com is a website dedicated to providing inventors with free patent help. You can contact us at: PatentHelpNow@gmail.com