WE'VE MOVED!

We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co

Promotional Product

bookloverbooklover subscriber Posts: 8 Member
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?    

Comments

  • bookloverbooklover subscriber Posts: 8 Member
    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?  
  • drvagdrvag subscriber Posts: 5
    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.
     
     
  • bookloverbooklover subscriber Posts: 8 Member
    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. 
  • drvagdrvag subscriber Posts: 5
    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?
     
     
  • drvagdrvag subscriber Posts: 5
    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".
  • bookloverbooklover subscriber Posts: 8 Member
    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.
Sign In or Register to comment.