If you are going to convince others of the merits of your invention, then you should know something about selling.
There is a skill involved in selling and there are a lot of books around on the subject and many courses devoted to it. A sale can be defined as "the exchange or transfer of property or services for money or its equivalent".
Selling is the act of convincing someone to participate in an exchange or transfer of property or services, for money or its equivalent. It is the process of creating a strong desire for the benefits of your property or service.
The word "benefit" derives from the Latin word "benefactum", which means receiving an advantage, an improvement or profit. A benefit often resolves a disadvantage, a need or problem.
Investors and licensees are interested in benefits.
Benefits are what they consider when determining how much something is worth to them. They must also believe that the benefits are true - not exaggerated, hyped, unproven or false.
You may have heard that the price of anything is what someone is willing to pay for it.
It would probably be more accurate to state that the price of anything is what someone has proven it to be worth.
A bottle of wine with a few dollars worth of grapes may have a value of $100,000. A painting with a few dollars worth of paint and canvas may have a value of a million dollars.
In order to interest others in your invention, you must create a strong desire for the benefits of your product. This requires selling skills.
Stating benefits is what you do during a presentation, whether it is written or oral. Benefits are easily explained when you connect them to a feature.
A feature is a physical characteristic that delivers a benefit. A feature could be a characteristic of your product or your business plan.
This would be an example of a feature/benefit of a product: "This jacket is made from material that repels water - you will be dry and comfortable in rain or snow. The feature is "repels water". The benefit is "dry and comfortable".
This would be an example of a feature/benefit of your business plan: "This is where we manufacture our product - the equipment is modern and efficient - we can mass produce at a very low cost - and we can make more profit. The feature is "modern and efficient equipment". The benefit is "more profit".
Not everyone is interested in the same benefits. What may be a benefit to one person may not be a benefit to another.
This is why market research is an important tool when you are attempting to get others interested in your invention. You want to know how customers, investors and/or licensee partners will benefit.
When you don't provide convincing benefits, you are giving them reasons not to be interested.
Following the details in 5 Big Lies makes this process a lot easier.
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