Assess the idea
The first step on the ladder is the idea. Is it a good one and worth pursuing. Just because ‘you’ think the idea is original does not mean it is, and just because ‘you’ need it, does not mean everyone else does. Study the market, ask around and search the patent office records to find similar products. Only when you have a green light, should you proceed.
Carry out market research
Before going to the expense of developing and designing your idea, it is always a good idea to ask the market what they think. It’s what every manufacturer does. By introducing the concept to the market, you will able to develop the concept into a product according to their needs and requirements.
Develop and design the concept
If you want to financially benefit from your idea, you have to convert it into a product. Only by implementing a comprehensive design and development program will a commercial, viable and feasible design and product be achieved. If you are not a qualified designer or engineer etc, you will need to find one. To win, your product will need to match or surpass the standard set by the competition.
Get the costings right
When it comes to a retail buyer purchasing or an investor investing, only one thing counts. Are they going to get a return on their investment. This also applies to you. The product costs are the foundation of the project. Get this right and you are half way there, get it wrong and disaster looms. Don’t presume your product will cost out. Make sure it does !
Produce a physical product
When it comes to a retail buyer purchasing or an investor investing, only one thing counts. Are they going to get a return on their investment. This also applies to you. The product costs are the foundation of the project. Get this right and you are half way there, get it wrong and disaster looms. Don’t presume your product will cost out. Make sure it does !
"if you want someone to take an interest in your product, you need to put it in their hands"
Produce a brand and packaging
When it comes to a retail buyer purchasing or an investor investing, only one thing counts. Are they going to get a return on their investment. This also applies to you. The product costs are the foundation of the project. Get this right and you are half way there, get it wrong and disaster looms. Don’t presume your product will cost out. Make sure it does !
Professionally package the proposal
Being organised and having information to hand prevents the scratching of heads and embarrassing silences. It is important prior to any marketing activity to A) package up your past endeavours, i.e. designs, costings, projections, production data, into a concise easily understood format, B) have answers to all potential questions C) create a professional proposal that is easily understood.
Produce marketing material
When you walk into a bakery, do you choose the flat, stale looking cake or the plump one straight out the oven. When it comes to pitching your project, it is vital you apply the ‘first impressions count’ rule. The image you portray and the message you communicate needs to match or surpass the standard set by the competition. If not, the opportunity will be lost.
"Don't do what most people do and send a letter. Take a more professional innovative approach and stand out from the crowd"
Protect your legal rights
After all the hard work designing, developing etc it is important to legally protect every aspect of the project. Not just the design of the product, but everything you have created on the journey - i.e the brand, brand identity, brochure, images, website etc. It's a big bad world out there and you need to protect what is yours. If not, someone will take it and that's a fact.
Research your audience
Whatever you do, don’t do what the majority of inventors do and randomly send letters and brochures addressed to the ‘new product buyer’ or pitch your proposal via a generic email address. This shows a lack of commercial knowledge and professionalism. Whilst finding out who the decision maker is can be problematic and a long-winded affair, it is important you put in the effort and connect with the right person.
Professionally pitch the proposal
Pitching a proposal to a new product buyer or investor is only difficult if you are not prepared. The term ‘information is power’ is very relevant at this stage. The more information you have, the easier it will be to communicate with your audience and the confidence they will have in you. When making the pitch, it is vital that you have a clear objective and know what you want and will accept.
"Your pitch is representative of you. A poor pitch equals a poor representation. Make sure its slick, focused, professional and reasonable"
Dont give up !
“Never give in--never, never, never, never, in nothing great or small, large or petty, never give in except to convictions of honour and good sense” - Winston Churchill.
If you have a good idea which is commercially viable and have the means to take it forward, the biggest mistake you can make is to stop and surrender. No one ever won or succeeded in anything without taking on the fight.