| Many inventors that fall by the wayside have great | | | | announcements. Typically you can request literature |
| ideas but they fail to gain the trust of the people they | | | | from the companies and often literature comes with |
| need to help them. One major factor in why they lose | | | | the name of the local sales person. Then all you have |
| that trust is that they don't show they have enough | | | | to do is call people up and tell them you are looking for |
| business savvy for others to trust them to deliver. | | | | an advisor on your new product. Tell them you are |
| This is not because the inventor's intentions are bad, | | | | willing to give an advisor 5 percent ownership in your |
| but because they don't show they have the | | | | idea and ask them if you can take them to lunch to |
| experience to understand the task in front of them or | | | | discuss your idea. |
| to execute the tasks once they understand what to | | | | Step 3: Pick a distribution channel you can penetrate |
| do. But that doesn't mean inventors are doomed, it just | | | | and have a plan. |
| means that they need to take a little bit of time to bring | | | | You just can't tell people you are going to sell your |
| themselves up to speed on the market and the | | | | product at Wal-Mart. Wal-Mart rarely buys from a |
| process of introducing a product so they look like a | | | | small one product company, especially one without |
| winner. You will make a much better presentation if | | | | commercial success. You need to instead focus on a |
| you follow these steps before going out to talk to | | | | distribution channel you can penetrate and have a |
| people in the market. | | | | specific plan to do that. You almost always are better |
| Important Tip : Don't ever say that you have a "can't | | | | off starting with a specialized distribution outlet. If you |
| miss" idea, a "blockbuster" idea, or that you have a | | | | have a baby item, start at specialized baby stores. |
| product that is sure to be taken by Wal-Mart. Instead | | | | With a kitchen item, start selling at small kitchen stores |
| just say that you have an interesting idea that you | | | | to build up success that will help you get into bigger |
| believe has market potential. Telling people you have a | | | | stores. If you have a faux painting sponge that does |
| "can't miss" idea will only convince new product | | | | specialized prints, you might start selling first to painters, |
| experts that you are a rookie with no idea of what | | | | then to paint stores, and then finally to Home Depot. |
| you're doing. All ideas can miss and most new product | | | | You need a plan on how you are going to sell to the |
| experts talk to five to 20 people a month with a "can't | | | | distribution outlets, through distributors or manufacturers |
| miss" concept, 99 percent of which do miss. | | | | representatives, or direct sales to some small regional |
| Step 1: Do a professional information sheet on your | | | | chains. To learn more about your distribution outlets |
| product. | | | | read industry trade magazines that will talk often about |
| Include these items and a picture of your prototype or | | | | distribution, or use the contacts you've met networking |
| a drawing if possible. | | | | or by attending small shows trade in your areas. You |
| Brief product description. Why you developed the idea. | | | | can also get help from the SCORE or SBDC |
| Target customer: be specific about the target | | | | organizations mentioned earlier in the article. The One |
| customer, don't say everyone. For example if you | | | | Stop Invention Shop also provides a service that |
| have a kitchen item, you might be tempted to say | | | | creates a marketing plan for new product introductions. |
| everyone, but that is not nearly as effective as stating | | | | Step 4: Create a Target Customer Profile Chart. |
| people who buy three to five new kitchen utensils per | | | | One of the final steps that shows you've done your |
| year, and buy new pots every five years. People | | | | homework is to create a customer profile chart that |
| want to know that you have narrowed your market. | | | | details the market opportunity that is available for your |
| Main product benefits. The products people are buying | | | | product. |
| now to achieve the same purpose your product fills. (It | | | | Target Market Profile -- Faux Painting Supplies |
| is extremely helpful to have brochures, or print outs | | | | Market Segment: High end wallpaper and paint |
| from web pages.) Be sure to check out an industry | | | | contractors |
| directory for products and not just rely on your local | | | | Needs: Patterned Look |
| stores. You can typically find the directory at trade | | | | How Needs Are Met: Use sea sponges and then |
| magazine web sites. You can find the trade | | | | make their own designs |
| magazines by checking Gale Research's Directory of | | | | Products Purchased: Sea sponges |
| Magazines and Broadcast Media which is available at | | | | Market Segment: Midrange paint contractors |
| larger libraries. | | | | Needs: Patterned and standard look |
| Target price. Sales outlets, where the products will be | | | | How Needs Are Met: Use sea sponges for standard |
| sold. Distribution outlets, what type of distributors or | | | | looks, unable to do complex patterns. |
| manufacturers representatives can be used to sell the | | | | Products Purchased: Sea sponges |
| product. If you don't know this information you can get | | | | Market Segment: New users wanting a sponge look |
| help with your specific product from SCORE, which | | | | Needs: Standard sponge look with simple pattern |
| are retired business executives who offer free help. | | | | How Needs Are Met: Sea sponges |
| Another good source is your local Small Business | | | | Products Purchased: Sea sponges |
| Development Center. Both of these organizations can | | | | Market Segment: New users wanting pattern |
| help you define your distribution channel and also the | | | | wallpaper-type look |
| sales outlets where you will sell your product. | | | | Needs: Advanced patterns |
| You should put all this information on no more than two | | | | How Needs Are Met: Products not available |
| pages of paper. Then whenever you talk about your | | | | Products Purchased: None available |
| interesting idea you can show someone that you have | | | | This chart shows there is a market opening of |
| in fact done your homework. The brochures about | | | | advanced pattern sponges that can be used for new |
| other products can be attachments. | | | | users wanting complex patterns. You can also make a |
| Step 2: Show why you are knowledgeable about your | | | | case that an advanced pattern sponge would sell to |
| product idea. | | | | the mid to small-size painting contractors who are |
| People always will take more interest in your idea if | | | | unable to create their own advanced patterns. |
| there is a reason that you have specialized knowledge | | | | Step 5: Have a great name, slogan and packaging |
| about the product area that will convince people you | | | | concept. |
| might have a unique innovative product. People will | | | | People in the new product business consider a great |
| take notice if an operating room nurse creates an idea | | | | name, slogan and packaging just as important as |
| for removing the fluids that are used to cleanse body | | | | having a great product. Sometimes it is more important. |
| cavities during surgery. That's because the person | | | | But be sure to do a trademark search for the name |
| really understands the needs of the users. They will | | | | you want to use. Many times inventors use names |
| also take notice if the inventor is an avowed hobbyist, | | | | that are already associated with products in the |
| with tremendous passion for his or her hobby. Another | | | | industry and this turns out to be a major negative. IP |
| are where people take notice is if you are in the | | | | associate, Eric Hanscom, can help you search and |
| distribution channel for the product. People will listen to | | | | apply for a trademark. |
| a mom who is also a baby products manufacturing | | | | Slogans and a drawing of what your package will look |
| representative who has a new baby product. | | | | like also show two important facts to the people you |
| You can still adjust if you don't have a background that | | | | talk to. First, it shows that you have worked hard on |
| suggests you really understand your product. You just | | | | your invention and are preparing realistically to bring |
| need to get the support of someone who does have | | | | your product to market. This is a big advance over |
| the background. For example a mom with a baby | | | | many inventors who quickly sketch up a drawing and |
| product just needs to find a baby store owner or a | | | | then expect to make millions. Second, it shows you are |
| baby product's manufactures' representative to | | | | concerned about selling your product and that you |
| support the product. You can even give the person a | | | | know that sales is the toughest part of introducing any |
| 5 percent stake in the product so you can call them a | | | | new product. Again this shows you are aware of the |
| partner. How do you find people who can support your | | | | work that lies before you, and that you have enough |
| product? First, you can network with the people you | | | | business savvy to possibly launch your product. For |
| know. Ask your family and friends if they know | | | | help with packaging, contact Josh Wallace, our graphic |
| anyone who works for a baby stores, a baby | | | | design associate. |
| products manufacturer, or is a baby products | | | | Many inventors fail with great ideas because they |
| representative. Networking works much more often | | | | don't do their homework, which makes them look |
| than you might think because your family and friends | | | | unprofessional. If you look unprofessional, people won't |
| together often have contacts with a relatively large | | | | even give your idea a serious look. Do your homework |
| group of people. | | | | so your idea has a chance to succeed. If you believe |
| If networking doesn't work attend local trade shows | | | | in your idea, don't just expect instant wealth, but |
| appropriate to your product and visit stores to see if | | | | instead make a commitment to do the work to turn |
| you can meet a contact. A last method is to subscribe | | | | yourself and your product into a winner. |
| to the industry trade magazine look for new product | | | | |