Remember the old saying, 'If you build a better mousetrap, the world will beat a path to your door.'? Ever wonder if it's true? Will a good product actually sell itself?
What is a “Good Product”?
Will a good product sell itself? To answer that question, you first have to define what you consider a 'good product'. According to a survey performed by InvnTree Intellectual Property Services, consumers perceive patented products as unique and superior in the marketplace. In other words, patented products are generally accepted as 'good products'.
Will a Patented Product Sell Itself?
The question then becomes, do patented products sell themselves? Not even close! According to allbusiness.com, 97 percent of all patents never make any money. In fact, according to a CEO of a Canadian innovations company, only 2 to 3 percent of approved patents are successful at generating any revenue.
So will a good product sell itself? If you build a better mousetrap, will the world really beat a path to your door? Only if the world knows it exists and only if someone knows how to sell it.
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Is your great product not selling itself? Could you be more successful if you could just find more customers? Are you looking for sales reps to sell your products however you simply can't afford the high cost of hiring a direct sales force? Then you need to know how to find independent sales agents and commission only sales reps.
Remember as Este Lauder once said, “If you don't sell, it's not the product that's wrong, it's you.”
Aim Higher!
Susan A. Enns, B2B Sales Coach and Author
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A patent can be sold to produce revenue that can be used to pay bills or fund additional potential ideas. Selling a patent altogether also avoids the significant financial investment necessary to launch a new product-based firm.
Thanks for your comments, Alicia. You make a very good point. The patent itself can be sold like any other asset to generate funds. The purchaser of the patent, however would then want a return on that investment. That would mean they would either resell the patent again, or would need to launch the product and generate sales from it. If it’s the second option, it would then take sales skills to turn a profit. Thanks again for your comments! Really appreciate your feedback.