It s a mistaken belief that a great product idea necessarily translates into a great product. Be it a minor modification to an existing product or an entirely new product idea, it has to be sold well for it to succeed. Here are a few basic steps to help you sell a product idea.
Step1
Check your idea for originality. Market research and patent searches are handy tools for this type of research.
Step2
Determine the profitability of the idea. You may have a great idea but it should also translate into a profitable business for the prospective buyer.
Step3
Protect your idea by patenting it or at least filing for a patent. It not only makes the idea attractive to prospective buyers, but also safeguards it from being copied.
Step4
Make a working prototype of your product idea to give the prospective buyer a complete feel for the product.
Step5
Find the right people to whom you can sell your idea.
Step6
Present your product idea well.
Step7
Don t limit yourself to only one prospective buyer. Approaching more than one buyer enables you to get the best price for your idea.
Finding the Right Prospective Buyers
Step1
Know your product s market and approach buyers in that sector.
Step2
Find prospective buyers through trade shows, industry associations, databases and advertisements.
Step3
Build a website and have a page dedicated to your product idea. Do not reveal too much detail. The website should be easy to navigate and approachable. Make sure you include your contact information.
Step4
Contact invention promotion firms to help find the right prospective buyer.
Step5
Investigate prospective buyers to determine their financial credibility and product development capabilities.
Presenting Your Idea to a Prospective Buyer
Step1
Treat the presentation like a business plan. Take your buyers through every stage of developing the idea into a product.
Step2
Make a working prototype complete with a sample package design. Most buyers prefer having a complete feel for a product before investing in it.
Step3
Use accurate market research reports, manufacturing cost estimations, distribution avenues and sales projections to enhance your product idea's credibility.
Step4
Study your potential buyer well. Understand their history, products and revenue models and explain how your product can fit in.
Step5
Show the profit potential of your product. No matter how good your product, most companies will be interested only if they see a profit-making product.
Showing posts with label Product. Show all posts
Showing posts with label Product. Show all posts
2008-07-31
2008-07-30
How to Sell Your Product on TV
Want to give your credit card a breather and, instead, sell something on the Home Shopping Network or QVC? It can be a long shot, but one that can pay off if you have the right product.
Step1
Think about the benefits your product offers. Can it be demonstrated on television? Does it solve a problem? Is it topical or timely in some way? Watch QVC and Home Shopping Network (HSN) to see what features they tout for products they represent.
Step2
Go to HSN.com and click on Vendor Information for an application. For QVC, go to QVC.com and click on the Frequently Asked Questions section, then on Vendor Information.
Step3
Complete the application and then mail it along with a catalog, brochure, picture and/or a sample of your product.
Step4
Wait. It may be weeks or months before you hear back from the companies about their interest level in your product. And if you do, they may need more information. For its second round of evaluation, QVC asks for a sample. HSN says to give its staff at least 45 days to evaluate your product. If the merchandising specialists from HSN want you, they'll contact you to set up an appointment to meet with a representative.
Step5
Look for an opportunity to attend a local qualifying meeting with QVC officials. The company frequently sends representatives to major cities to investigate local products, which gives you the opportunity to dazzle them with your product and personality.
Step6
Be prepared to pay to get your product on the air. This will vary based on feedback from HSN staff, although QVC does not require such payments.
Step7
Gather estimates from vendors on how quickly you can ramp up production. With large volume orders the rule at HSN and QVC, you'll need to demonstrate you can meet supply needs.
Step1
Think about the benefits your product offers. Can it be demonstrated on television? Does it solve a problem? Is it topical or timely in some way? Watch QVC and Home Shopping Network (HSN) to see what features they tout for products they represent.
Step2
Go to HSN.com and click on Vendor Information for an application. For QVC, go to QVC.com and click on the Frequently Asked Questions section, then on Vendor Information.
Step3
Complete the application and then mail it along with a catalog, brochure, picture and/or a sample of your product.
Step4
Wait. It may be weeks or months before you hear back from the companies about their interest level in your product. And if you do, they may need more information. For its second round of evaluation, QVC asks for a sample. HSN says to give its staff at least 45 days to evaluate your product. If the merchandising specialists from HSN want you, they'll contact you to set up an appointment to meet with a representative.
Step5
Look for an opportunity to attend a local qualifying meeting with QVC officials. The company frequently sends representatives to major cities to investigate local products, which gives you the opportunity to dazzle them with your product and personality.
Step6
Be prepared to pay to get your product on the air. This will vary based on feedback from HSN staff, although QVC does not require such payments.
Step7
Gather estimates from vendors on how quickly you can ramp up production. With large volume orders the rule at HSN and QVC, you'll need to demonstrate you can meet supply needs.
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