Forums: Discussions for entrepreneurs and small business.

I have a patent pending invention that would make a great promotional product.  Would I be able to license my product to a company that makes promotional items?  How would I do it?    

Ok, no responses so I will be more specific.  I invented an innovative handbag for the specific function of carrying books (utility patent not design).   My concern is that most promotional products are usually generic items such as t-shirts, tote bags, or pens.  So how do I get my foot in the door in one of these companies?  

If you have the capabilities to take it to market yourself, you`ll do better than a license agreement with a promotional company.

I would approach companies like Amazon, Barns & Noble and others directly to see if you can generate interest and potential orders before going to production.  Given the high volume they do, it may be a pretty nice account. 

They could upsell it to their customers, assuming it provides a greater value than a plastic or cloth bag and is priced reasonably.

 

 

Thank you.  Another question... how much interest can I generate without having the product ready to go.  I have a prototype, quotes from a domestic manufacturer (pretty high), and a patent pending.  But, I also have confidence that Barnes and Noble would sell my product. 

Well it depends.  If it`s a unique product with "WOW", then people will get excited.  If it`s just another variation of something they already carry, then that`s a harder sell.

You say you have confidence that it will sell in B & N.  Then I assume you know what the price point will be?  With your "pretty high" domestic manufacturer quote, can you sell it to them with that price point and still make a profit?  If not, then what?

 

 

Was just thinking about your bag.  Not knowing what your proposed price point is, but you call your bag a promotional item.  So I assume that it`s an inexpensive bag maybe like your nicer, yet typical cloth bag for shopping.  But if you have filed for a utility patent, it must have some features to it that typical cloth bags don`t.

So, maybe it`s about how you position it.  If you position it as a promotional item, that`s a very competitive market.  But if you position it as a nicer bag with cool features you might be able to command a higher price point.

My strategy is "Always sell on features, never on price".

Thank you, great advice.  That has actually been my struggle; my product does have cool features, but it could be a promotional product.  I thought introducing it as such might help me get it off the ground.  But you are right,  I think in the long run I will  benefit by positioning it as the nicer bag with cool features.  I really appreciate your feedback.