Inventors succeed all the time, but many more inventors fail, many of them with excellent ideas that could succeed. Therefore, knowing the mistakes commonly made by inventors can help you avoid those mistakes and help you turn your idea into a big winner.
1. Inadequate distribution plan
The distribution is how you get your product in front of the people who could buy it. You can use distributors in retail stores or use sales agents to sell them to retailers, or even have your own sales force that sells to catalogs. In most cases, you need to sell through a variety of distribution points to start your product. Distribution channels are the hardest part of marketing a product because a) they have hundreds of products that they could buy and b) they do not always understand why the benefits of a product are unique and important. Waiting until the last minute to align the distribution is a big mistake, and most inventors do not even consider creating a distribution plan until they are ready to sell a product. Read this helpful article – http://t2conline.com/could-you-invent-the-next-big-global-product-with-inventhelp/.
2. No help from industry experts
What fair should you attend? What are the key names of the buyers? Which stores are more open to a new article by an inventor? With what companies could an inventor partner to sell the product? All these questions can be a mystery to an inventor, but they would not be mysterious to an industry expert. They will know the information immediately. They will also know the typical prices, discounts in distribution channels, packaging and insurance requirements. Inventors will make many costly mistakes if they do not find someone with extensive industry experience to help them.
3. Spend money very fast
Things never go well with an invention: there are many beginnings, then restarts, many efforts that do not pay off and, often, unexpected changes in the products are required. All these adjustments cost a lot of money. Inventors should be careful to save their money for when they really need it. Unfortunately, inventors are often enthusiastic about their product and are confident that it will be successful. As a result, they do not look at their expenses because they are sure that success is just around the corner. When changes are required, inventors have often run out of money.
4. Targeting too large a market
You need to create a certain amount of market momentum to be successful. Because inventors often have limited resources, they often have difficulty entering a large market. For example, a company with a new kitchen product probably does better by focusing on kitchen stores, smaller stores that do not worry about the size of the company. If the inventors go after Wal-Mart, or department stores, they will need many more resources to market their product, and they will have to go through many hoops to demonstrate to large retailers that they have the capacity to supply them.
5. Vague benefits of the product
A new product usually only takes two to three seconds to capture the interest of potential buyers, so they want more information. That is all. You should create a clear and interesting statement, in just five or seven words, otherwise your benefit will be vague. The big obstacle of Inventor here is not the end users, but the people of the distribution, the retailers, the representatives of the manufacturers, the distributors, who are much harder and must believe that their product will be sold instantly. Your product will have problems in the market, no matter how big it is, without this clear statement.
6. Short-term sales effort
Inventors work hard to obtain patents and prototypes and refine their products. But they often wait until the product is ready before doing just one thing to sell the product. That is too late. You should start making sales contacts immediately, meet sales representatives and other inventors who have already been successful in the market, and possibly meet with regional managers of large retailers. You can get much help from this article – https://www.christiantoday.com/article/how-inventhelp-can-assist-with-your-eco-friendly-invention/130021.htm. You want to establish these contacts in advance, so that when you have a product, you can get immediate sales. If you do not, it will start without any sales momentum and the market could lose faith in your product even before it starts.