How can I know if my product idea will sell?
This is the multi-million dollar crystal ball question everyone considering a new products has. In my 5-Phase process, there are steps to follow in assessing this question prior to reaching the product development phase. I’ve seen companies invest in patents and complete the product development process so they can start selling to answer this question – I don’t recommend doing this. My 5-Phase approach address this issue in both the R&D Phase and Product Budgeting Phase. If the risk assessment says stop during either of these two phases then I don’t recommend that my client continue to the product development phase. On a personal note, early on in my startup I had three product ideas I was working on. Of those three, I felt the PicnicPal was the least likely product that would be successful. But that was my gut talking because I liked the other two ideas better. The data I collected during the R&D and Product Budgeting Phases kept pointing to PicnicPal as the best proceed to proceed with. My opinion of the product wasn’t reflecting the opinions of my potential customers. Had I invested based only on my gut, I would have run out of money before I got around to developing the PicnicPal.
Do you offer a guarantee?
Do I offer a guarantee if I work with you your idea will be successful, No. But, Yes, I do guarantee you that our team will be there with you along the entire process. We will be your outside eyes who will give you our critical feedback. Feedback necessary to make the best decisions while advancing along the 5-Phase process. I guarantee I will give you my 25+ years of following a multi-phase product development process experience without hidden fees for which ever option package you choose. I guarantee I will guide you so you can make your best decisions during each phase of the process.
How long does it take to get a product from an idea to being in stores?
To be frank, this is a window ranging from 2 to 10 years. PicnicPal saw its first wholesale order into a store three years after launch and that customer is still with us today. My first big box store came in year 5 and that didn’t go national until year 7.
Can you help me with getting my product patented?
Yes, when and how to spend time and money on the patent process are part of my 5-Phase process. The patent process is costly and timing is critical on when and how to conduct patent searches, file a provisional application and when to file for your patent(s). I am quite familiar with this process and guide you in each phase. As you my have heard in my videos, my goal is to understand what will be patented should your idea transition into the development Phase 3, but until then minimal funds have been spent in this area through Phase 2. I’ve had people come to me with completed patents asking me to help them in the development phase only to tell the person after reading their patent someone else could easily get around it. That’s why my process only spends money on patent searches during Phase-1 and 2. As noted in my video series I can guide and help with patent searches but require customers to use patent attorneys when filing. The last thing you want is to spend funding in Phase-3 to develop your product only to find out later the patent wasn’t properly written and someone can now get around it. Or that during the development process you didn’t fully capture all the little details that a patent attorney is skilled to document that would eventually enable someone else to design around your patent.
Do you help to define the market for a new product?
During Phase-2 you will define your target market and assess its potential relative to risk / reward. You never want to define your market saying, “this product is something that everyone will want to purchase.” Let’s say you have the best potato peeler the world has ever seen and a study says 100% of every household will need to peel potatoes for one or more meals this next year. We know that yours is the best but where is the pain threshold for the product that is in everyone’s kitchen today? How much will it cost you to manufacture your potato peeler and what will the retail price be? Are your customers willing to spend $19.99, $14.99, $9.99, $4.99 or $0.99? So Yes, we do help you define your market in addition to pricing that enable a risk / reward assessment early on.
Can you assist with domestic and international sourcing and manufacturing?
Yes. We have both domestic and international connections for manufacturing. I take pride in the relationships I have developed with my suppliers and manufacturers relative to trust in pricing, quality and devlivert as well as not providing your product or your technology to a third party around you.
I have a really good idea but I don't know where to start - can you help me?
Yes, and I say watch my video series first. Here I give an full overview of each of the five Phases in the process. I do cover a lot of material in the videos – and when we start on the actual process, you will be amazed just how much detail there is during each phase of the process. Much of this detail is also specific to your particular product and its not possible to cover this much detail in this video series.
How should I decide what the price of my new product should be?
You will conduct surveys in Phase 1 and 2 that will help answer this question. You need to listen to what people tell you the price should be and then ask what additional features they can think of that would add value. Once you have this, you can now assess can it be manufactured for a price that fits an international wholesale system. We can discuss what that means for your individual product as each industry will have variances. It vital that is you do this work in Phases 1 and 2 before spending time and money on product development.