How to Present Your New Product Idea to a Company
Sep 20, · If you want to sell your product to a company, you'll need to go through a new product idea presentation with interested businesses. Before you start scheduling meetings, you should work on ensuring legal protection for your idea, prepare your presentation and work on your self-confidence. Feb 13, · Licensing is simply the process of selling your idea to a company that'll develop it fully, taking on all the business-related tasks that launching a new product involves. Presentation After Author: Tamara Monosoff.
It's hard to make a sale if you have a lousy sales pitch. Delivering fresh pitches that allow your product or service to stand out from the others is job number one in sales.
So how do you incite interest rather than yawns? Here are six simple tips. Don't begin the pitch with a long recitation about yourself, your achievements, your company's history, and so on. This information is readily available on the internet and your prospects probably have looked at it already. A brief summary is okay, but move quickly to more engaging content.
Sellers have a tendency to over-focus on price up front. But zeroing in on the concrete value that customers get out of a product is much more important. Buyers always want to know that you stand behind how to relieve teething discomfort product, both from a value and technical sense.
The key to business success is not just selling your product to one customer, but to build throngs of loyal customers. You get there by ensuring the product exceeds customers' expectations. Use guarantees to assure customers they won't be left in a lurch if problems develop, and that they can walk away without losing money. This approach works well online, because you usually do business with people you don't know or don't see, and thus, you don't have any idea of what you should expect past the purchasing stage.
Go all out to make sure potential customers can see how essential the magnitude of the problem that your product solves. If there's no real problem, there's no need for a solution. Every product has shortfalls. Try to anticipate reservations that potential customers may have and address them proactively.
Use these six tips can to improve any sales pitch and always remember the most important advice of all: Listen to potential customers. Listen actively--not in that way where you're just waiting for them to stop talking so you can tell them your next bullet point.
Only then can you make sure to properly address concerns--and more importantly, decide if your product is the right match for them. Top Stories. Top Videos. Getty Images.
Confidence sells and buyers are often as attracted to the seller as to the product. Avoid doubt in a pitch. Never say, "it is my goal" or that you "hope" for something. Value beats price, so it's essential to hammer home the value of your product.
This could help you close the deal and avoid any dissatisfaction down the line. Sponsored Business Content.
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If you have a great idea for a new business and now you're looking for funding or other support, you'll probably have to break out the PowerPoint. There are only ten slides you should need.
There are many ways to introduce a new product to the market, but if you don't have the experience, budget, tools or name recognition to get your invention on the shelves and into the hands of consumers, then you may find it easier to sell your idea to an existing company instead. There are a lot of pitfalls to this approach. You may have a hard time getting an appointment with the right people, you may be concerned that they will steal your idea without compensation and even if you have the opportunity to give your new product idea presentation, you'll have to battle your own insecurities and gain the courage to confidently and competently demonstrate your idea.
That's why it pays to research the process and be prepared for everything to come. Many people assume the first step of presenting an idea to a company is to get a foot in the door with an executive, but before you do anything else, you should get some legal protections in place. It's advisable to get in touch with a patent lawyer who can advise you on whether or not your product is patentable and if it is, how to patent the idea. In order to obtain a patent, your idea must be fully developed, which doesn't always require a prototype although a prototype can help speed up the process by proving the idea is fully developed.
It is generally advisable to develop a prototype even if it is just a handmade mockup because this can not only help you obtain a patent but also aid in product presentations. A patent shows that you have a unique product that is fully developed, which can help ensure that a company will take you seriously. More importantly, a patent will protect your idea because it means that you can sue anyone who steals your invention.
If you attempt to obtain a patent, it can be beneficial to wait until the United States Patent and Trademark Office has approved your application, which can take a year or more, but even having a patent pending for your product can reduce the likelihood that someone will steal your idea. If your idea is not original enough or not fully developed enough to obtain a patent, though, there are still things you can do to protect yourself. A lawyer can and should help you with this.
A confidentiality agreement and nondisclosure agreement can help protect you from a company taking your idea by allowing you to take legal action against anyone who tries to steal your idea. Some of these contracts actually specify exact monetary penalties a company may face if it steals your idea, but it's worth knowing that many businesses will refuse to sign such documents before viewing a product idea presentation.
This isn't necessarily because they hope to steal your idea but instead because there is always a chance that they may have already had their own design or engineering team come up with a similar idea, and they do not want to risk legal action related to creative similarities.
While it can help to tweak your presentation based on to whom you are pitching your idea, you should always prepare a basic presentation ahead of time so you can be ready when you get a chance to present the product to a company.
This is particularly important because while some pitch meetings may be scheduled weeks or months in advance, you may be given a last-minute chance to demonstrate an idea, and you don't want to scramble to come up with creative ways to present a presentation of your idea. New inventors can get a lot of ideas and inspiration by watching Shark Tank or similar programs, but it's important to remember not to copy any product presentation example exactly but instead to analyze what works and what doesn't.
Aside from coming up with a prototype, you should also do other legwork to prepare your presentation. If you can't create a prototype, you should have many drawings and documents detailing how your idea works. You may also wish to conduct surveys of your target audience to prove that your product is an improvement over other products available on the market.
It can also help to learn more about the manufacturing process and learn exactly what the company will need to do to make your idea a reality. Come up with an elevator pitch that describes in only a few sentences exactly what your product is and how it differs from other designs on the market. This information can then be used to put together a one-page or two-page sell sheet that says:. Now that you're ready to present your idea to companies, you need to find companies to which you can present your idea.
To start off, create a list of as many companies as possible that may be interested in your idea. If you can only come up with a handful of relevant companies, think outside the box and consider businesses that might only be peripherally related. For example, if you're selling a board game, go beyond board game makers and consider book publishers or toy makers.
Once you have a list of companies, short list the top five companies to which you'd like to reach out and research the contact information for these companies. Next, create an introductory letter to include in an email with your sell sheet and create a phone script. Be sure to practice your phone script until you have it memorized before calling so you don't stumble over your words.
Try to impart the fact that your idea could help the company rather than suggesting that the company can help you. For example, when you call, rather than asking "Is your company open to new product ideas? You might start with companies where you have an in, even if it's a friend's cousin or someone on LinkedIn.
That's not only because people with even some distant connection to you might be more open to your pitch but also because you'll likely feel more confident pitching to someone who is not a total and complete stranger.
It's important to remember that the success of your introductory phone call and your product presentation is only partially based on your idea and presentation materials.
It's also largely based on your confidence and charisma. If you're nervous and uncomfortable, you'll have a much harder time convincing someone that your idea is worth investment. If you absolutely can't get past your anxieties when it comes to pitching your product, consider bringing in a family member or friend to do the speaking for you.
Just remember that if your product pitch is successful, that person will probably expect a cut of the profits too. Jill Harness is a blogger with experience researching and writing on all types of subjects including business topics. She specializes in writing SEO content for private clients, particularly attorneys. You can find out more about Jill's experience and learn how to contact her through her website, www.
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