marketing a product.

bucklover · Sep 25, 2011

I've got a couple of what I, (and friends and family around me)consider to be some pretty good ideas. I've already built several prototypes. I've looked fairly extensively on line to see if there is anything like them. So far I haven't found any. One of my better ideas would require some welding that is done on tree stands, (No, it's not another tree stand). My question is: I know some of you out there have gone through this process in going from idea to market. Would you be willing to share some of the foundation steps in "getting there". Some of the things I'm mulling over are: 1. How do I protect the idea and what will that part cost? 2. Do you start building the product in your garage or find a company that can mass produce? 3. Do you go knocking on doors to places like Cabela's, Sportware House, small sporting goods, etc.? 4. Is it better to get a web page out there to help feel things out before going full hog? Thanks for any advise.

littlejoe · Sep 25, 2011

You better get it patented if there is nothing else like it out there. As soon as a big company sees the idea they will take your idea and make their own and you are toast. Have you tried your product to see if it works? Have you come up with costs? Etc. Lots of stuff to see and do before you can even think of going to market. Packaging, advertising, website, business legally set up, etc.

YukonDall · Sep 26, 2011

FIRST STEP IS A WORKABLE PROTOTYPE......NEXT STEP IS A PATENT SEARCH. YOU WOULD BE SURPRISED WHAT IS ALREADY BEING PROTECTED, MY SEARCH COST ME $440 BUCKS. MARKETING COST ARE RE -DIC -U-LUS, IF THE PRODUCT IS A GO......YOU BETTER HAVE PEOPLE IN LINE TO ENSURE SUPPLY. IF YOU CANT MEET SUPPLY, RETAILERS WILL DROP YOU !!!! ASSUMING YOU FIND RETAILERS !!! THIS GETS INTO A PAYROLL IF YOUR SERIOUS WITH MANY EMPLOYEES ........I COULD WRITE A BOOK.....MOST LIKELY SHOULD HAVE....I WOULD HAVE MADE MORE $$$$$$.............YD.

littlejoe · Sep 28, 2011

Read in a magazine once that for every 1 product that succeeds there are 10,000 that fail miserably. I have to agree. Lots of good ideas but it takes money to make money even when the thought process is good.

mmwb · Oct 4, 2011

Patenting is a good idea, but takes a lot of time and expense and it is not so difficult to make minor "improvements" to get around a patent. Another approach is to make a prototype and market the license to produce, market and sell. You negotiate a reasonable up front payment, commission or pecentage of gross sales, and grant them the license to produce and sell. As part of the contract you can have them pay to have the patent processed in your name. The contract tends to be time limited (I.e., 2 yrs, 5 yrs, etc...). At the end of the contract, you may wish to renew or seek someone else.

The benefits to this deal is that it is substantially less expense, less risky in terms of initial investment, and works upfront for you. Cons? You will have less profit in the long haul if it is a super hit product. Many worry that the idea will be stolen when you market it, but even with a patent pending or awarded, there is this risk. Some companies will do a cost benefits analysis and figure it is worth what they will clear after paying legal and settlement fees for patent infringement or as stated above, make enough changes to seek their own patent and still capitalize on your idea.

Look into licensing as a viable option if other options are not feasible for you.

elkmtngear · Oct 20, 2011

Best of Luck,
Jeff

There are certain Companies, like Cabelas, that will not consider a new Product unless it is patented. It took almost two years for us to get ours.

As far as marketing, you should reserve the biggest part of your budget to it. After two years, we are wishing we had another six figures to invest in marketing our Products. Advertising is not cheap, and the return on investment is not great at this time, due to a severely wounded economy. Just a couple things to think about.

Best Wishes,
jeff
http://www.elkmtngear.com

deadibob · Oct 31, 2011

Yep, if I knew then what I know now I would have kept my day job. All the advice above is spot on except what Yukon Dall said about making more money writing a book. I've written 8 and still not making money.

www.littlesportsman.com

bucklover · Nov 1, 2011

LAST EDITED ON Nov-01-11 AT 07:29AM (MST)[p]Okay,as long as this post has been brought back up to the top, from six feet under, does anyone know of a company or individual that buys ideas by offering a small part of future income. If so, how do I protect my interest after I have shared my product/idea?

elkmtngear · Nov 1, 2011

>LAST EDITED ON Nov-01-11
>AT 07:29?AM (MST)
>
>Okay,as long as this post has
>been brought back up to
>the top, from six feet
>under, does anyone know of
>a company or individual that
>buys ideas by offering a
>small part of future income.
>If so, how do I
>protect my interest after I
>have shared my product/idea?

The only true way to protect your idea, is to apply for a patent. You will maximize your return on the idea, if your name is on the patent. If you let another Company go through the patent process for you, the best you could do, is to be listed as a "co-inventor", which cuts down the pennies on the dollar you will receive for the idea.

Unless the product is something that is in HIGH demand, you will not get a huge return by doing this. But, you could get up to 10 cents on the dollar if you own the Patent, and another Company takes the idea to market for you.

Best of Luck,
Jeff
http://www.elkmtngear.com