Your invention is new, but is it really better? Is it really different? You need objective opinions, and it shouldn’t come from your friends and family. They won’t give you honest, objective opinions. It’s likely they’ll say only positive things to avoid conflict or simply to show their support.
So how do you confirm your intellectual property is really better and customers love it? By testing it on social media.
Social media is a quick and easy a way to get feedback. Crowd sourcing customer feedback on websites such as suggestionbox.com or Feedbackify.com are of the best ways. You can get retail buyer feedback for new product inventions at websites such as buyerly.com.
You can also do your own test marketing and give away products or services to get customer feedback, testimonials and proof of your IP’s market potential.
One of my clients invented a biodegradable material for making umbrellas. They would produce samples and give them away at outdoor events, green events and especially at rainy day events. Customers loved the umbrellas and they wound up attracting the attention of several umbrella manufacturers interested in licensing their IP.
If your intellectual property is still in development, or you are just getting started, then sampling is a low-cost strategy that is one of the best. If your IP is a tangible product, such as a new invention or software, then consider giving away samples at events. If it’s intangible such as a process or systems, let customers experience it or use it in some way.
Licensing partners like IP that has customers ready to buy. Nothing sells a license better than customers who want to buy your products, services or technology. Think about what you can do with your IP to get it in your customers hands. Get their testimonials and let your customers help you transform your IP into money-making licensing deals.
Rand Brenner is an IP professional whose passion is helping inventors, startups, and businesses of all sizes use licensing to turn their IP into income-producing products, services, and technologies. His decades of experience run the gamut from medical devices to food technology to consumer products. He’s licensed some of the biggest Hollywood entertainment blockbusters including the Batman Movies (1 and 2), and the number one kid’s action TV show, the Mighty Morphin Power Rangers. Rand speaks about licensing and is a featured speaker at investment conferences, trade shows, colleges and startup events. He’s a published writer with articles appearing in several prestigious trade magazine including The Licensing Journal, Intellectual Property Magazine, and License India. Rand also mentors at the Cal State Fullerton School of Business and Economics and is a judge for their startup business plan competitions.