A product launch marketing plan can make all the difference between a successful launch and a flop. You need to focus your efforts on the specific event that you are planning. A product launch marketing plan can also help you maximize the potential of your patents in your product launch. I have been involved with numerous product launches as outside counsel or as the associate general counsel in a public company, and below are some tips to make your plan successful.
What is a product launch marketing plan?
A product launch marketing plan includes the marketing activities and tasks that will be carried out to promote a new product or service. This includes advertising, promotional activities, and sales channels.
Product teams should have a product launch strategy and a marketing strategy for a product launch, but not everyone is aware of what it entails. While some companies will simply write a press release, others will create a marketing plan that details the messaging and procedures needed to sell their product. Here are a few ways to get started.
Define your goals. What’s the overall goal of the product launch? Do you want to attract new customers or increase the number of existing ones? Are you trying to expand certain accounts or boost your MRR?
If so, you’ll want to focus on achieving these goals. Creating a marketing plan can help you achieve these objectives while ensuring that your product launch is successful. By focusing on customer experience, you can ensure that your product launch is a success.
Establish a product launch marketing plan. A plan can help you achieve your goals by helping you prepare for the launch and defining the objectives of the product. It will also enable you to prioritize resources and prepare for the unexpected. After all, product launches are a highly dynamic and challenging time for businesses, so it’s important to think about how you plan to handle these challenges as they arise.
Components of a product launch marketing plan
A product launch marketing plan includes strategies and procedures to promote a new product or service. The details of a product launch marketing plan will vary, depending on the type of product or service being launched, the company launching it, and the demographics of its target audience. In addition to defining the product’s characteristics, the plan should define a clear definition of success, and link specific metrics to more broad marketing objectives.
The plan should include key information about the audience to target and creative assets that are most likely to be successful for the launch. Creative briefs are typically written by product marketing managers.
The product’s Unique Selling Proposition (USP) is one of the most important factors in the success of a product. It must explain to target customers why your product is better than your competitors. Make sure that your USP is everywhere you go. Beta testing is also a valuable part of a successful product launch. Test the product before it’s officially launched. Beta testing can also help ensure that the product meets the standards of the target audience.
Communication plans are another essential component of a product launch marketing plan. They should be fast and effective and include engaging prospects and customers. A product launch checklist should include the final pre-launch activities. Ensure that the team members are aware of all of the steps and milestones. In the final stages of the launch, keep the entire company updated on new developments. Once all of this is complete, the team can begin working on the actual launch.
Importance of a product launch marketing plan
To ensure a successful product launch, you must make sure that your plan is well-planned. Marketing plans are incredibly important, but if they aren’t planned properly, they can make the launch fail and result in little or no sales. Moreover, a marketing plan will give you a better chance of attracting investors and partners who may be able to help you spread the word about your product.
Before you launch your new product, you should conduct research and identify your target audience. Understand their pain points, their interests, and their reasons for buying your product. Then, use this information to craft a strong go-to-market strategy. While this information may be basic, it is crucial to ensure that you have a complete picture of your target audience. With this information, you will be able to tailor your launch strategy to appeal to your audience and help you achieve your business goals.
A marketing plan will detail a company’s entire marketing strategy over a period of time. It will typically be created quarterly, or even yearly, depending on the company’s needs. Some marketing teams will develop new plans at the start of each fiscal year, while others will create incremental plans based on the company’s business cycle. A launch plan is linked to the date of the launch, and should also include post-launch efforts.
Patents as selling points in product launch
Using patents as selling points in your product launch marketing plan is a great way to differentiate your product from your competition. Many new products are patented, but not all of them are as valuable as the ones you’re currently using. One example is a TV stand. A patent for a television stand is relatively narrow and not as valuable as a patent for a computer. In addition, the patent for a cell phone case is fairly common. However, it may be worth mentioning that a cell phone case is patented in the US and is widely available.
Research shows that 70% to 80% (or more) of a company’s market capitalization is made up of intangible assets. These include patents, trademarks, and other business knowledge and expertise. Companies must prepare for patents as they move from a legal to a strategic management role.
Your patent is your intellectual property and an asset to your company. A patent, as defined by the USPTO, is an intellectual property right granted to an inventor by the federal government to prevent others from making or selling their inventions for a certain time in return for disclosure. A patent can provide your company with more than just legal protection. It can also be an integral part of your marketing strategy.
This is where the key lies: “Public disclosure.” Although some inventors may be reluctant to disclose their work, it can actually significantly benefit their bottom line.
How patents support business growth
It’s no secret that patents are extremely valuable for businesses, but many people are unaware of their importance. Patents can be incredibly valuable because they give you the exclusive right to develop and sell your product while protecting it from competitors. However, there are some important factors that you should know about patents before you can fully appreciate their value. Here are a few things you should know about patents, and how they can support your marketing plan and your business.
First, patents increase your business’s perceived value. Many buyers are attracted to products with a patent, which carry a high-tech image. This can boost your credibility and establish your company as a true innovator. Also, patents help protect your innovation. As a result, a patent can add significant value to a company’s brand and overall valuation. This means that the value of your patented technology depends on the type of marketing strategy you employ.
In order to maximize the value of patents, companies should have a roadmap to organize their R&D activities. The roadmap should tie in with the company’s patent strategy to establish intellectual property that can take on market opportunities. To start, make sure your products and creations are completely covered in patent applications. The more detailed they are, the more thorough protection you’ll have. Moreover, you should mine your existing patent applications to identify new claims. If the product has some features that would add value to a product, make sure to include them.
Additionally, patents support business growth in the following:-
A patent can make a big difference in how potential customers and customers view your business. Buyers are very aware of the importance of terms like “patent pending” and “patented”, especially in high-tech areas. This means you can offer your customers something no one else can. This automatically increases the value of your product or service. This gives you more credibility and makes you an innovator in your field. High-tech is always changing, so who wouldn’t want the latest, most advanced technology?
A patent gives you the right to sue copycats but it also protects you from being sued. Many companies will be discouraged from reproducing your work simply because of the possibility of a lawsuit. It is not something anyone wants to get into, especially if it appears they will lose.
You have a patent. What now? Your reputation could help you innovate and collaborate with other people who are interested in your work. Your technology might be licensed or sold. You just need to choose which doors to open.
Leveraging patents in product launch
Leveraging patents in product launch marketing plans can give you the competitive edge your competitors cannot match. While a product may be able to protect itself against the competition, it needs to be highly distinctive to make it stand out. A successful product launch will make it easier for you to sell, as the market for your product will be large. If you are an entrepreneur, you can leverage the power of patents to build your business or technology for your product or services. Simply mentioning a patent in a publication is the easiest and most popular way to promote it.
- Signage for tradeshows
- Marketing emails
- landing pages and product pages
- Demo videos
- Brochures, application notes or any other technical documentation relating to the invention are available.
If properly promoted, patentable technology can increase your brand’s value and, in turn, your company’s valuation. Your patent strategy is driven by your business strategy. What is your exit strategy, and how do you plan to go to market? The marketing strategy of your patented technology will be affected by whether you plan to manufacture or license the technology.
What is a patent?
Patents are issued by the government to protect the invention. It gives the inventor the exclusive right to develop, utilize and market the idea. Society gains when new technology is introduced to the market. These benefits could be realized directly as people are able to achieve previously impossible feats or via the economic opportunities that innovation offers (business growth, employment).
Many pharmaceutical companies and researchers at universities seek protection from patents in their research and development. Patents can be granted to the physical or abstract nature of a product or process, or a method or material composition that is new to the area. Patent protection is granted to any invention that is valuable, novel, and not previously known to others in the same area.
Patents give inventors a chance to be recognized for commercially viable inventions. They provide motivation for inventors to invent. Small-scale businesses and inventors can rest sure that they will earn a good return on their investment in the field of technology development. They can earn a living from their work.
Businesses that have the capacity to:
- Protect your innovative products and services.
- Enhance the value, popularity, and appeal of your product’s market
- Differentiate your business and products from others;
- Access business and technical expertise and data;
- Be careful not to accidentally use third-party content or you risk losing important information as well as creative outputs and other outputs.
- Patents effectively transform the inventor’s knowledge into a commercially tradeable asset that opens up new possibilities for job creation and business expansion by licensing or joint ventures.
- Investors who are involved in the commercialization and development of technology will appreciate small-scale businesses that have patent protection appealing.
- Patenting can generate new ideas and new inventions. This information can promote innovation and may qualify to be protected by patents.
- Patents are a way to prevent untrustworthy third parties from profiting from the invention’s efforts.
- Patent-protected technology revenue that is commercially profitable could be used to fund technological research and development (R&D), which will improve the chances for better technology in the future.
Intellectual property ownership can be used to convince investors and lenders that there are real chances to commercialize your product. Sometimes, one powerful patent could lead to multiple financing opportunities. You can use patents and other IP assets as collateral or security for financing. Investors may also look at your patent assets to boost their valuation of your company. Forbes and other publications have reported that every patent could add between $500,000 and a million dollars to a company valuation.
A solid business plan that is well-designed is crucial for new businesses. It should be founded on IP and show the way your product or service is distinct. In addition, investors will be impressed if you demonstrate that your IP rights are secured or are on the verge of becoming secure and that they support your business strategy.
It is crucial to protect an invention before applying for patent protection. Making an invention public prior to its filing often destroys its novelty and renders it patent-infringing. Therefore, pre-filing disclosures (e.g. for test-marketing investors, test-marketing, or any other business partners) should only be made after signing a confidentiality agreement.
There are a variety of patents and knowing these is vital to safeguard your invention. Patents for utility cover methods and inventions made by machines. Design patents cover ornamental designs. Patents for utility are the best option to protect the proprietor from copycats and other competitors. They are typically issued to improve or modify existing inventions. Patents issued under utility can be used to enhance or alter existing inventions. For example, a process patent will cover acts or methods of performing a specific act, whereas a chemical composition will include an assortment of ingredients.
Utility patents last 20 years from the initial filing date, but their expirations may be extended because of patent office delays for instance.
Are you thinking of patenting your idea? Since patents are only granted to applicants who are first to file, you need to make your application quickly. Contact an attorney for patents at PatentPC to file your invention now!
Patent searches are a must when you’re drafting the patent application. This will enable you to discover other concepts and provide insights into their potential. This can help you limit the extent of your idea. Furthermore, you’ll discover the latest technological advancements in your field of invention. This will help you to comprehend the scope of your invention and prepare you for filing your patent application.
How to Search for Patents
A patent search is an initial step to getting your patent. You can do a google patent search or do a USPTO search. After the patent application has been submitted, the product that is covered by the application can be referred to as patent-pending and you will be able to locate the patent application online on the public pair.
Once the patent office has approved your application, you will be able to conduct a patent number look to locate the issued patent.
Your product now has the potential to be patentable. You can also use the USPTO search engine. Check out the following article for more information. A patent lawyer or patent attorney can assist you with the procedure. In the US Patents are granted by the US trademark and patent office or the United States patent and trademark office, which also reviews trademark applications.
Are you interested in finding other similar patents? Here are the steps:
1. Create a list of terms that describe your invention based upon the purpose, composition, and application.
Start by writing down a concise detailed description of your idea. Avoid using generic terms like “device”, “process” or “system”. Look for synonyms for the terms you picked initially. Then, note significant technical terms, as well as keywords.
Use the questions below to help you determine keywords or concepts.
- What’s the goal of the invention? Is it a utilitarian device or an ornamental design?
- The invention is a method to create something or perform a function? Are you referring to a product?
- What is the composition of the invention? What is the physical structure of the invention?
- What’s the point of the invention
- What are the terms in the technical field and the keywords that define the nature of an invention? A technical dictionary will help you identify the correct words.
2. Utilize these terms to locate pertinent Cooperative Patent Classifications for your invention at the Classification Text Search Tool. To determine the best classification for your invention, scan the resulting classification’s class Schemes (class schedules). Consider substituting the words you use to describe your invention if you do not get any results from your Classification Text Search with synonyms like the ones you used in step 1.
3. Go over the CPC Classification Definition to verify the validity of the CPC classification that you have found. The hyperlink to the CPC classification definition will be given when the classification you have selected contains a blue box with “D” on the left. CPC classification definitions can help you determine the applicable classification’s scope, so you can select the most appropriate.
They may also provide some search tips or other recommendations that could be helpful for further research.
4. Find patent documents that have the CPC classification from the Patents Full-Text and Image Database. You can search and find the most relevant patent publications by looking first at abstracts and drawings representative of.
5. Utilize this list of most relevant patent publications to look at each in detail to find similarities to your invention. Pay close attention to the claims and specifications. You may find additional patents by referring to the patent examiner as well as the applicant.
6. It is possible to find published patent applications that match the CPC classification you picked in Step 3. It is also possible to use the same strategy of searching you used in step 4 to limit your search results to only the most relevant patent applications by looking over the abstracts and representative drawings for each page. The next step is to review every patent application that has been published with care with particular attention paid to the claims and other drawings.
7. Find other US patent publications using keywords searching in the PatFT and AppFT databases, classification searching of non-U.S. patents per below, and searching non-patent patent disclosures in the literature of inventions using web search engines. Here are a few examples:
- Add keywords to your search. Keyword searches may turn up documents that are not well-categorized or have missed classifications during Step 2. For example, US patent examiners often supplement their classification searches with keyword searches. Think about the use of technical engineering terminology rather than everyday words.
- Search for foreign patents using the CPC classification. Then, re-run the search using international patent office search engines such as Espacenet, the European Patent Office’s worldwide patent publication database of over 130 million patent publications. Other national databases include:
- European Patent Office (EPO) provides esp@cenet to access a network of Europe’s patent databases with access to machine translation of European patents.
- Japan Patent Office (JPO) – with access to machine translations of Japanese patents.
- World Intellectual Property Organization (WIPO) offers PATENTSCOPE with a full-text search of published international patent applications and machine translations for some documents, as well as a list of international patent databases.
- State Intellectual Property Office (SIPO) with a machine translation of Chinese patents.
- Search non-patent literature. Inventions can be made public in many non-patent publications. It is recommended that you search journals, books, websites, technical catalogs, conference proceedings, and other print and electronic publications.
To review your search, you can hire a registered patent attorney to assist. A preliminary search will help one better prepare to talk about their invention and other related inventions with a professional patent attorney. In addition, the attorney will not spend too much time or money on patenting basics.