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Should You Sell Or License Your New Product Or Idea?

Patent Selling

Why Sell:

A patent is your property and as such you have the legal right to do with it as you wish. Generally you would choose to sell your patent if you would;

1. Focus your attention on other ideas.

2. Turn over the entire rights to your patent and be done with the venture.

3. Generate a quick income from the sale.

A patent owner has 4 basic choices they can make with their invention:

License Your Patent:

By far the most profitable. This allows you to maintain ownership of your idea, while allowing another company to build and market the idea. This is what most people choose, they find a company to build, market, and pay you a fair market value for the use of your idea.

Build and market the product yourself:

You can build, market, and do the legal work yourself. This is a complicated process that requires a large amount of capital, time, and knowledge of the market.

Sell the Patent:

All patent owners have the right to sell their idea. This process requires the ability to find a buyer, a lawyer, and understand what the market value of their idea is.

Do Nothing:

Believe it or not, the vast majority of patents granted by the U.S. Patent Office have never been acted upon. About 90% off all patents are never commercialized!

Why License Your Idea?

Licensing your idea to an established company has many advantages.

Your product will carry the label of a company that has a well known and respected name.

Most individuals cannot, and should not approach large companies like Wal-Mart, Target, etc. They usually will not look at people who only sell one product, they prefer vendors with multiple products.

Most larger companies have a complete marketing and Public Relations department. Larger corporations have the capital and resources available to launch a product properly.

By allowing another company to build and market your product they generally assume the liability also. Thus if for some reason something happens that has legal ramification they will usually handle it.

You get paid royalties for doing nothing. Of course it is your idea, you did invent it and file the appropriate patent application. But what we mean is that you will get paid, while they build it, market it, promote it, and do all of the ground work.

Are You Wasting Your Money? Check Your Junk Drawer for Promotional Merchandise Insights

All of us have received promotional items at some point in our lives. Promotional merchandise includes “give away” items that businesses gift their customers and/or prospective clients. These items will have a business logo and contact information printed on them.

As small business owners, most of us realize how important giving away promo items can be for our long-term advertising campaigns. The problem is knowing what to give.

From imprinted ballpoint pens that you can buy in bulk for less than fifty cents each to old world style globes with fancy brass stands imprinted with your company information, there is promotional merchandise to fit into just about any business budget. Personally, I feel that the usability of a promotional item is much more important than the cost.

If it is something that your client will never use or look at, the promotional item is probably a waste of money. What you want is something that will continually remind your customer or prospect of your business. Before spending a cent, there’s a good way to figure out if you will be flushing money down the drain with your promotions: Check your junk drawer.

I personally do not know anyone who does not have a “junk drawer” – that depository of stuff that you don’t quite feel right about throwing away because it was either a gift or it might be useful sometime in the future. I actually have two junk drawers: One is full of rubber bands, twist-its, straws, a collection of ketchup packets, and other crud that I’ll use every once in awhile or will throw out at the end of each year. The other one is full of key chains, little calculators, and refrigerator magnets that I’ve received from various local businesses. I guess you could call this my “promotional merchandise junk drawer.”

Why are they in the junk drawer? I never use them. Take a look at your own junk drawer and you’ll discover a bunch of cheap promotional items that you’ll never use. Herein is the key to what sorts of promotional items you should or should not be buying.

Giveaways that I use all the time are calendars and pens. These promotional products are not very expensive; yet, they are practical and something that your clients will appreciate and actually use. Other practical promotional merchandise that people will use on a continual basis includes USB flash drives, mouse pads, sticky pads and memo pads.

You might find that caps are an affordable promotional product that your customers appreciate. Just about anyone is going to wear a cap or hat at some point, so these promotions might come in handy for your customers.

Your promotional products should also have some bearing or relevancy for your business. For example, it would be a bit odd if a mining company gave cute little cosmetic kits as its promotional merchandise.

There are thousands of things that can be printed with your business logo or information and, of course, thousands of unique promotional ideas you can grab for your advertising campaign. The main things to consider are (a) the cost and (b) if your prospects will use your promotional gift or toss it in the junk drawer. Since the whole point of giving away merchandise is to promote your business, you want something that will continuously advertise your business to your client. A ballpoint pen with your company information has a higher chance of pulling in more business for you than a hot pink t-shirt that’s way too small for that ex-Marine client your consulting business has been courting.

Top Sales Promotion Ideas to Promote Your Business

SP, abbreviated for sales promotion, is one of the four aspects of promotional mix, together with the other three factors of advertising, personal selling and public relations. Usually, it would be a short-termed movement designed to attract customers’ attention to a particular product and to increase its sales by advertising and publicity.

Having knowing the basic definition of SP, it is time to get a knowledge of some effective sales promotion methods and ideas. It is extremely significant for those who make their decisions to do business. We should realize that sale promotion has played an important role in speeding the pace of business development.

SP refers to those marketing activities other than personal selling, advertisement and publicity, which stimulate consumer purchasing and dealer effectiveness, such as displays, shows and expositions, demonstrations and various non-recurrent selling efforts not in the ordinary routine. Then, what would those efficient ideas be? Which kinds of methods would make sense? And how could a company start a sales promotion to develop his business better?

The best ideas and most effective methods, has been proven to be discount sales. People tend to pay attention to brand products, but they would not be so active to make an order because of the high price. That is to say, a lower price can stimulate consumption.

“Free shipping for orders” is also quite attractive to customers. Maybe the shipping fare is not so high, but the “FREE” is always able to attract others’ attention. By the way, this method is usually adapted for e-commerce.

Another surprise for customers is the give-away activity! People will be happy to receive a free gift, so, if the company promise to give away, the sales volume would go to a boost probably. For example, “Buy one, get one free” is one of the most common means.

Although sales promotion is only a short-termed incentive to prompt the purchase of products or services, it can bring great benefits for the company. In this way, it is rather necessary to make the most use of sales promotion.