No matter whether your aim is to land a licensing deal with a major manufacturer, sell your solution to Walmart, or discover an investor with deep pockets to fund your project, you will need to have to produce a proposal to convince someone to do something.
Your proposal have to convince your target that your product will benefit them somehow. Entrepreneurs shed sight of this when trying to sell or license their items. No one particular wants to know how cool or excellent your notion is, they want to know that men and women will acquire it.
Step 1: Investigation your target
You initial need to figure out what your target’s needs are by researching their history from starting to finish. You can generally discover a summary of a company’s history at the library in the periodicals section or online. You can search Google, Yahoo, or go to Hoovers.com. You can also locate the company’s web site and look up their ‘about us’ page. Look at their press releases, particularly the most recent ones.
Via these sources, you can decide the direction a firm is going, and whether or not your item fits their present or future item line.
Step two: Find the selection maker
Uncover out who the essential decision makers are. This is generally the item manager, Vice president, President, or owner. The ideal way to locate out who is in charge of licensing or adding new goods to a company’s solution line is to call and ask. A lot of firms have departments for this now.
No matter whether it is a department or person, someone is waiting for your contact. Most companies are seeking for new items, and even if your target organization is not actively seeking out new product tips, No 1 will turn down a funds maker. Very good ideas by no means have a tough time obtaining a home, specially if they come professionally presented.
Step 3: How to get in touch with your target
Following you have researched some businesses in your preferred market and determined which ones you want to present proposals to, commence contacting them. Telephone calls are more efficient and quicker than emails. Call and ask for the name of the person in charge of adding new goods to the item line. Ask the name of every individual you talk to, beginning with the receptionist. That way, you can say, “Hello Mr. Downs, Marianne mentioned that you are the person to speak to about adding new goods to your company’s line.”
If you do this in a natural tone, it comes across as a referral from Marianne. Now, you do not want to be dishonest, but perception is quite important, and you want to seem confident and in the loop.
Step four: Generating your initial pitch
After you attain the right particular person, introduce yourself, and say, ” my company has created an item that we really feel will fit your existing item line. What is your protocol for reviewing possible new items?” Then just listen and create down all the essential data and follow it to the letter.
To avoid feeling intimidation if you have in no way done this ahead of, preserve in mind that they are hoping to obtain a telephone contact from an individual who genuinely does have a special money maker that will improve their company’s revenue and make them look like trend spotters.
So tell them that, “I think this product will considerably boost your company’s income.” Each and every company loves to hear that phrase, and it immediately piques their interest. Now you can inform them what item category it fits into, but you do not require to describe your invention.
Step five: Confidentiality Agreement
Ask him/her to sign a Confidentiality Agreement, or he/she may ask you to sign theirs. Either way, enter an agreement that says that you will show them confidential info to be regarded as for their company’s solution line.
Step six: Send your proposal
Now you can send your proposal with the comfort of understanding that:
1) they are expecting it,
two) they want to see it, and
three) they are not going to steal your idea.
Always don’t forget to be expert, well informed, and flexible to negotiate. Send your package with a cover letter restating what was discussed. Stamp or print ‘REQUESTED MATERIAL’ on the package, and then call to let them know that it is on the way. Contact the firm about two to three weeks later, a lot of time for them to review, digest, make judgments, and arrive at conclusions.
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