June 28 , 2007

Getting Your Invention to Market... Stop Selling Yourself
Short... Increase Your Cash Flow with These Five Triggers...
and More.

** Getting Your Invention to Market
By Adrian Newman, Founder of e-Wealth Daily

Yesterday, I invited you to ask me some questions. Within minutes, I had a few arrive in my inbox. Here’s the one that I’d like to answer today:

"I have had an idea for an invention that I feel may appeal to a select group of buyers. I am not an artist, nor am I good with building the item. How can I get the ball rolling with someone who can either draw my concept or build it without losing my rights to the idea? If I can't present a completed design or working model, how can I patent the idea?"

One of the greatest moments in an inventor’s life is when the idea of a breakthrough invention is first thought of. It’s called the "eureka moment."

And while it's the most important part of a new invention, it's also probably the easiest; because once the eureka moment has passed, the real legwork starts.

So you don't have a knack for design and you're not very handy with creating a prototype? There are people who can help you.The first step is to visit the U.S. Patent and Trademark Office
web site

http://www.uspto.gov/.

Follow this link to a listing of approved patent attorneys and agents that can help you design your idea. Go to this special page for listings by state; or, if you’re in Canada, a listing of Canadian offices:

http://des.uspto.gov/OEDCI/GeoRegion.jsp

Remember, do your due diligence. There are hundreds of stories about people who have lost thousands of dollars waiting for a company to help them with their invention.

Even worse, there are some people who get their invention or idea stolen by that company. Remember to always retain an experienced lawyer when using a third party.

I’ve also published a book on getting your idea or invention to market quicker. It's called "How to Make a Million from Your Idea or Invention," and you can preview it here:

http://www.lombardipublishing.com/ads/inventions/index.asp

One last note: Just because you don't think you can draw doesn't mean you should give up on trying to design something yourself. With a little patience and the proper tools (rulers, compasses, tracing paper, a computer), you can create a design that could be considered by the patent office.

I hope this helps you get your invention to market fast!

Recently, a new client called me with a marketing problem. Six months earlier, he had gone with another marketing firm because they charged 60% of what I charged.  He told a mutual contact in the industry that I was too expensive, since he could get another guy for nearly half.

Guess what?  He got the guy for half the money and his ad didn't work. The guy spent over $500,000 in copywriting, design, printing, and postage — and got zilch in revenue.

Now he was calling me! And he wasn't calling to get me to create a new promotion for him — he wanted to know what I thought of the current promotion and how he could fix it.  

Of course, if I told him how to fix it — without getting the job — I would have totally undermined my true value. 

So, what could I do? First, I told him that the effort was a good one. However, I explained that the problem was much deeper than the ad. The problem was the whole positioning of his product.  I went through his ad and pointed out the problem without giving the answers.  As I went over his ad, I continued to increase my perceived value in his eyes — without giving anything way.

I also connected the dots to another client who had the same problem. I told him that I had reworked their flop into a successful promotion that made them $2 million.  I was certain that my ideas would work for him, too. 

I would be more than happy to share my ideas with him, I said, should he decide to hire me to rework his ad. In other words, I had a solution that could not only reverse his $500,000 loss, but multiply his wealth fourfold — and all he had to do was pay for it.

The fee that I was charging seemed like chump change compared to the value I would bring him. 

He faxed back my contract, agreeing to my price with no questions asked.

Remember the old adage about supply and demand?  I had the one idea that would turn things around.  See the value?

You can do the same thing. You just need to know your value and find the "hot button" that will make others realize what you are truly worth.

Here's what you need to do:

Listen to your client or boss.  Find out what moves them.  Use that information to structure your pitch and develop a value statement about yourself that solves their problems.

Paint a mental picture in your client’s mind of what it would feel like to them if you could solve their problem, increase their revenue, and help them earn their bonus. 

By doing this, you will begin to eliminate the objections you have toward your price. Because if you do your job right, your clients won’t be thinking about what they pay you; they'll be thinking about their own luxury cruise down the Panama Canal — the cruise that you've made possible.

Trust me, they will not be thinking about what they are paying you.

** Increase Your Cash Flow with These Five Triggers
By Michael Newman, the "Money Finder"

When talking with upstart entrepreneurs, they often share with me a common problem that keeps them from turning their idea into a real success.

You see, once they've come up with their product and service and they've done the research to determine their ideal market, they just can’t seem to get to the next step of actually making sales.

I tell them that they are on the right track, and that before they go and change anything I ask them to share with me exactly how they are trying to reach their customers.

Now, each product and service is unique to its market. But the most common reply I get is that after they've done all their research, made their product, and are in the public sphere, they simply can't turn browsers in to buyers.

My next question is almost always the same: "What is your sales strategy?"

While many of them have advertising of some form, detailed brochures, and other promotional materials, a lot of them are missing one big customer-grabbing factor.

And that factor is using an honest and sincere sales pitch that engages the customer.

For example, if you're wandering through a flea market and a product catches your eye, you may stop for a minute and check it out.

Now, unless you're really interested in what you're looking at, you're likely to just give it a quick look over and then take off on your way.

Here's where a dynamic sales pitch is essential, especially if the product is something that isn't well known or is completely brand new.

So, how do you create a great sales pitch even if you're not a very good public speaker? Well, there are five things you can use to really help win your customer over.

Those five things are the body's senses. Let me explain:

Sight — Not only is it important that your potential customer is able to see your product; but if possible, they want to see it in action. So do a demonstration. If you can't, then make sure to use words that call to action the sense of sight, such as "look here" or "see this."

Sound — This is where you're going to have to prove your enthusiasm for your product. You see, a brochure can help explain what you're selling, but talking one-to-one can really help sell it. You can even use words that further emphasize sound by saying things like "listen here. "

Touch — A lot of people are very tactile and like to grab a hold of a product and get a feel for it. So, during your sales pitch, use action words that appeal to the sense of touch, such as "feel this" or "as smooth as butter."

The other two senses — taste and smell — can also be evoked simply using your words, even if there is no way for the customer to actually taste or smell your product.

While you may not be able to trigger all five senses, using as many as you can will help you reach customers on a personal level.