How you can Market an Invention With No Cash
If you have a great invention, you likely want to earn some money from it. The issue is, marketing a product can be incredibly expensive. Ad firms are often quite costly, for one. For another, even options like online ads you create yourself come with price tags, and it may be more than you’re able to shoulder. But that doesn’t mean you’re out of luck. If you want to market an invention with no money, here are some options that could work.
Head to Social Media
If you’ve been able to manufacturer your invention but don’t have enough cash to market it, there are free avenues that you can explore. Usually, the easiest place to start is on social media, as you can create an account related to your invention and add posts to generate buzz or secure sales.
Social media marketing can be entirely no-cost. However, you may need to acquire a few skills and hone your technique, ensuring it costs you nothing more than time and energy. For example, effective keyword and hashtag research is usually a must. Additionally, learning how to create captivating posts, including any images or videos, could be essential.
Partner with Influencers and Bloggers
In some cases, social media influencers and bloggers will advertise your product to their followers without an upfront cash payment. Instead, they may be open to showcasing your invention in exchange for getting the product for free, earning a small amount from each sale they generate, or another similar arrangement.
Usually, you’ll need to aim at smaller influencers or blogs if you go this route. Those with large, established followings can command high prices, so they may not fit your budget. However, smaller accounts or blogs with a targeted following within your inventions niche might be open to the idea.
Find an Investor
If you don’t have the cash to manufacture or market your invention, finding an investor might be your best bet. This could include anything from asking friends and family members to crowdfunding through sites like Kickstarter or GoFundMe to securing financial support from an angel investor.
With this approach, your initial marketing efforts may be no-cost. Along with developing an elevator pitch and lengthier presentations, you may need a business plan, details about your invention, and similar documentation. As long as you have access to a computer, you may be able to create those yourself for free.
Secure a Licensing Deal
Instead of marketing your invention broadly, you could focus your efforts on finding a licensing deal. With this, you’d still need to create a presentation and similar documentation. However, you’d only focus on speaking with companies that may be interested in manufacturing your product using their branding.
Getting your foot in the door with a company that may buy a license can be daunting. But it does have the potential to lead to a financial windfall, one that can reap dividends over the long-term.
Alternatively, you could completely sell your idea to a company. With this route, you may have no rights to your invention once it’s sold, so you can’t rely on it as a long-term source of income. However, it could give you the chance to earn a pretty penny off of your invention without having to do any marketing beyond that sale.
Do you have any other tips that might help someone market an invention with no money? Share your thoughts in the comments below.
If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. If you want to be able to customize your blog on your own domain and need hosting service, we recommend trying BlueHost. They offer powerful hosting services for $3.95/month!