While making a lot of money by selling a patent is possible, doing so isn’t always easy. This post discusses how press releases can help get the word out about your patent and boost its chances of being licensed. We have found this to be an effective strategy for reducing risk and increasing revenue. Even if the patents don’t sell right away, our clients often hear from potential buyers years later, which they often welcome.
We’ll go over why it’s good to attract potential buyers to you, what makes a good press release, where your release should be published, how to work in visuals and specifics about your patent, and other methods for making your patents accessible. We will also discuss the inspiration for your innovations, the assets that come with the patents, the potential use of a third-party author, the importance of targeting specific markets, and the inclusion of a compelling call to action in your press releases. We’ll go over how market buyers need to be “sold” in a certain way and why working with experts is critical. Okay, let’s jump right in!
The Concept: Why Buyers Should Come to You
Putting yourself in a position of demand is beneficial when trying to sell a patent. Having buyers come to you gives you the upper hand in negotiations and a competitive advantage. This strategy puts you in control of the terms, highlights the value of your patent, and helps you negotiate a better price.
The Basics of a Press Release Structure to Sell a Patent
A formula must be followed for a press release to be considered professional. Captivate readers immediately by emphasizing your patent’s primary selling point in a snappy headline. The following paragraph should grab the reader’s attention and then quickly describe the invention and its benefits. The body of the press release is where additional details, such as technical specifications, market potential, and relevant awards or recognition, can be provided. Add an engaging call to action at the end to encourage readers to get in touch. Not sounding too “sales” about the sale is one of the more unusual aspects of a press release, as doing so can be off-putting to potential customers.
Press releases can be distributed through a variety of venues to reach a wide audience. Traditional media outlets such as newspapers, magazines, radio stations, and television networks are common venues that can provide significant exposure. Online, press releases can be published on your own website or blog, as well as on press release distribution sites, like PR Newswire, which can syndicate your release to multiple news sites and search engines. Social media platforms like Twitter, LinkedIn, and Facebook are also effective venues for sharing press releases, as they can quickly reach a large number of people and encourage sharing. Industry-specific publications, both print and online, are another excellent venue, as they target a specific audience likely to be interested in your news. Lastly, sending your press release directly to journalists and influencers in your field can result in more personalized coverage.
Determining the Targeted Markets for Press Release Publication
If you want your press release to reach the right people, you need to publish it in the right places. Discover which relevant retail locations stock products related to your patent. Think about magazines, websites, journals, and even specialized weblogs catering to your industry. You can increase the likelihood of attracting interested buyers by focusing on the right markets.
Incorporating Graphics and Patent Details
Including images in your press release is a great way to increase its visibility and impact. Incorporate an original patent drawing or graphic that somehow exemplifies the invention. Also, prominently display patent numbers to establish credibility and highlight the value of your patent. These additions make the press release more engaging, easily remembered, and authoritative.
Lowering the Barrier with Easy Access to Patent Links
It is crucial to make it easier for potential purchasers to acquire all relevant patent documentation. Easily accessible links to the patent documents should be provided in the press release. This lowers the bar for entry and lets potential buyers quickly evaluate the patent’s technical details, claims, and other salient information. Providing easier access increases participation and shows openness.
Discussing the Reasons Behind the Inventions
A human touch can be added to the press release by discussing the inspiration behind the invention and the reason for the patent sale. Describe the need(s) you set out to fill with this patent, the positive impact you hoped it would have, or the experiences you had that led you to this point of invention. Explain why you’ve decided to sell as well. Emotionally connecting with the target audience makes the invention more memorable and approachable.
Highlighting What Comes with the Patents
When you’re selling patents, it is essential to highlight not only the patents themselves but also the ancillary assets that come with them. Be sure to highlight any prototypes, data, research findings, or other deliverables about the patents you can share in the press release. This underlines the all-encompassing nature of your offering and the value it will bring to customers.
Utilizing Third-Party Authors for Press Releases
If you want your press release to sound more authoritative, consider hiring a professional copywriter or a well-known expert in your field as the author.
Engaging Experts help
Engaging the expertise of an expert to drive the content and strategy of your press release can be a game-changer in maximizing its impact. These experts possess a deep understanding of the market, ensuring that the press release effectively communicates the unique value proposition of your patent to the intended audience. They can craft compelling narratives, leveraging their industry insights and experience to create engaging content that resonates with potential buyers. Additionally, experts can provide valuable “quotes” from experts within the field, lending further credibility to your invention and attracting the attention of industry influencers and decision-makers. By harnessing the knowledge and guidance of experts, you can elevate your press release to new heights, increasing its chances of success in generating interest and driving potential buyers to reach out to you.
Selling patents can be a challenging process, but with the strategic use of press releases, you can significantly increase your chances of success. By crafting a compelling narrative, targeting the right markets, incorporating engaging visuals, and providing easy access to patent details, you can attract potential buyers and highlight the value of your patent. Remember, the goal is not just to sell, but to tell a story that resonates with your audience, making your invention memorable and desirable. Whether you’re a seasoned inventor or just starting out, these strategies can help you navigate the patent sales landscape more effectively and potentially lead to lucrative deals. So, start crafting your press release today and take a step closer to achieving your patent sales goals.