Tutorial: Creating a Marketing Plan for the Independent Inventor

Even if you are not able to market your own invention, writing a marketing plan will help you to sell or license your invention to manufacturers, retailers, and other interested parties. You will be able to intelligently discuss the market for your invention with potential buyers.

This tutorial on writing a marketing plan will provide you with the following marketing know-how:

• Understand The Purpose Of A Marketing Plan
• Identify strategies for conducting market research
• Identify advantages of market research
• Understand What The Marketing Plan Contains
• Target market
• Competition
• Product
• Marketing budget
• Location
• Pricing strategy
• Promotional strategy

• List
• Advantages of developing a marketing plan
• Disadvantages of developing a marketing plan

• Prepare A Marketing Plan Outline

• Develop An Effective Marketing Strategy
• Advertising strategy
• Promotional strategy

The key element of a successful marketing plan is to "know your customers", their likes, dislikes, and expectations. You must also know your competition (or similar inventions) and their strengths and weaknesses. By identifying these factors, you can develop a marketing strategy that will allow you to arouse and fulfill customers needs, better understand competitors and identify changes in the marketplace.

The purpose of the marketing plan is to define your market, identify your customers and competitors, outline a strategy for attracting and keeping customers, and to identify and anticipate change.

Again, even if you do not wish to market your own product having the above knowledge will impress both potential licensees and manufacturers.

Next: Understanding the Marketplace