Know Your Market

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Patents are expensive to file, and over 90% of issued patents do not generate money. By understanding marketing you can give your ideas better chances of being profitable.

2 Key Ideas Behind the Marketing Mantra

Marketing creates value in the consumer's mind.

Value. What pain does your invention relieve? Why hasn't the market relieved it already?

What value does your invention provide that will entice people to trade their dollars for it?

Example: The Bionic WrenchTM, was protected with U.S. Patent 6,889,579. This successful product created value. Wrenchers now only have to buy one or two wrenches instead of a set.

small image of Bionic Wrench(TM), dynamically moving

Consumers.Who is the target customer who will trade dollars for your invention?

Finding your target customer segment allows you to determine:

Customers can be segmented by:

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