Inventors often confuse what they’re selling to a company. Regardless of what your product may actually be, you are NOT selling a patent, a prototype, or a feature. You’re selling benefits.
What is a benefit? Something that improves upon the company’s existing products, solves a problem, addresses an issue, generates more customers, etc. A benefit is a quality that is of value to the company. Identifying the benefit(s) of your idea cannot be overstressed. Benefits are universally understood and used as a means of exchange. I have licensed products simply by explaining the benefits of an idea, without having demonstrated how the product worked or presenting a prototype.
And that is why it is essential you create a one-sentence benefit statement. You must summarize the benefit(s) of your idea into one sweet and short sentence. Many inventors talk at length about their product without having actually said what the benefits are. The benefits may exist, but the inventor doesn’t know how to sell them. Clarity and brevity are crucial.
For example, the one sentence benefit statement I used for the technology “Spinformation” was, “My new innovation adds 75 percent more space to your label.” Immediately, the company understood the value of my idea. My idea solved the need for more space on labels. Explaining how the technology actually worked was secondary to explaining its benefit. The one-sentence benefit statement works because it stirs intrigue. In the best scenario, the marketing manager or assistant manager would ask me to send more information.
If you can’t state the benefit of your idea in one sentence, you may need to reassess it. Is there value in your product? And if so, how much? Ideas that have more significant value than others are going to be more successful. Ideas are licensed when they really fill a need – they are of benefit.
Create your one-sentence benefit statement. Memorize it. Practice it. Love it. And use it on the contact you’ve gained through your new friendship with the operator!