The third and final criterion of an ideal product for licensing is also the most important. Are the benefits of your product easy to understand?
There are several ways to determine if the benefits of your product are easy to understand. Can you summarize them in a single sentence, or at most, two sentences? Are your benefits specific and quantitative? For example, “My ball point pen writes twice as smoothly” or “My hammer hits the nail straight every time.”
If you have difficulty summarizing the benefits of your product, two explanations are plausible. You may not have any experience describing your product effectively. If this is true, try viewing your product from another perspective. Ask unbiased persons (such as friends of friends or strangers) what they think the benefits of your product are. Listen to their understanding of the value of your idea. Getting some distance will help you.
Many inventors confuse the benefits of their products with its features. Rather than explain why the product is of value, they will describe what the product has or what it is made of. Although possibly relevant, these features are not benefits. Some inventors really struggle with illuminating the benefits of their product, even if they do exist.
The second explanation is less easily solvable. If the benefits of your product are not clear, it may be because they aren’t strong enough or they just don’t exist. If your product isn’t DOING anything, you need to change that fact. A product that is ideal for licensing will have extremely clear and relevant benefits.
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