Step 3:  The Patent Marketing Plan

Without a patent marketing plan, your hopes for turning a profit from your invention are just that – only hopes. A patent marketing plan is quite similar to a business plan, except that it will not have to include non-applicable parts such as sections on employee guidelines or company assets. A business plan is typically made to convince investors to invest in a promising new business. Likewise, a patent marketing plan needs to be made to entice potential companies to invest in your product by ultimately purchasing the rights to your patent. Not only will your patent marketing plan guide you, it will also convince companies that they can make money from your invention. Whatever your invention might be, a solid patent market plan is essential for it to make money.

There are a number of benefits that can be derived from completing a patent marketing plan. First, you should take advantage of all the market research done in recent years; this information is an invaluable resource when you are bringing a new product into the industry. Such research can show you whether your invention falls into a nonexistent, low, or high-profit market.

The second reason to create a marketing plan is that it will take you through the entrepreneurial process of learning, identifying, and assembling many of the determinants for success.