10 Steps to Bring a Product to Market – Licensing
When you find interested companies, you will be asked to come to the company’s office for a presentation. This presentation should not last more than 15 minutes and you should allow for questions after the presentation. If at all possible, you should include a demonstration. This is the most effective way of selling your idea. If you cannot provide a demonstration, try to incorporate a five-minute video showing people using your product. During the remainder of your presentation, you need to show the company why the product will be successful and that your product matches the company’s goals and current market strategies. Key points in the presentation should be:
- A little introduction by your company inside contact on why they like toe product
- Your experience in the market, or in the technology of making the product.
- A brief history. Provide a short summary of why came up with the idea, what made you take your particular product design, and why you think it will sell. Include a list of any industry related people you’ve worked with, such as sales representatives, retail store owners, distribution people, inventors who have succeeded in the market, or key end-users.
- A competitive products chart. Analyze the products that are already on the market, what they costs and what their strong and weak points are. Include your product in the chart. Also try to get some of the more popular products either the actual product or brochure, printed web pages or ads for the competitive products.
- Market research you’ve done comparing your product to the competitive products.
- Current sales efforts. If you have done anything to sell you product list those efforts here.
- Why you chose this company to present your product. Talk about synergy of existing products and the fact the company is capable of launching a major campaign to promote the new package of products (yours and theirs).
The best way to launch a presentation is have a great prototype package and show both your product and competitive products. If the cost isn’t too great have the major products on hand.