In preparation for the Summit, we put together some guidelines specific to the Direct Response (infomercial) industry, but in reality many of these tips can apply across all categories. Bottom line is…if you are meeting with a company in order to pitch your invention, whether it be a household gadget or a medical whatzit, proper preparation will increase your chances of success.
First tip: EDUCATE YOURSELF. This means know the category/market into which your invention falls. Clearly understand the “problem solved” and consider objectively just how big that problem is. Research other products that solve the same problem and know their shortcomings.
Second tip: KNOW YOUR PRODUCT. Know the patent status of your invention (and for that matter, of any competitive products/prior art, too). Clearly define the benefits and features of your product and compare/contrast with your competition. If you have sales history, be prepared to share. If you have (or can obtain) manufacturing costs, be prepared to share.
Third tip: PITCH LIKE A PRO. Be enthusiastic, but remain factual…to say that “my invention is the only one of its kind”, or “this is a million dollar idea” don’t really help your credibility. Tell your story…define the problem…but keep it brief (not boring!). If your invention is conducive to an on-site demo, practice it at home and have all the props organized for a smooth presentation. If you can’t demo on-site (maybe your invention requires a hot oven as a prop), can you provide a video?
Should you find yourself face-to-face with a company evaluating your invention, we hope these tips come in handy and wish you much success.
2011 DRTV Product Summit - Private pitch sessions with 6 leading infomercial companies in one location CLICK TO SUBMIT
Click here to download the DRTV Product Summit Tip-Sheet.