The Shark Tank phenomenon has reminded many people that entrepreneurs can make a sizable dent in the commercial market. They simply need some guidance and support to move a product from concept to shelf. That’s because an abstract idea can sound great; however, bringing it to fruition requires time, patience and money.
The Squatty Potty and Buggy Beds didn’t become a success overnight. Their creators spent many days (and perhaps nights) working out issues and finding marketing approaches. Their reward was seeing people purchase their products. Entrepreneurship is a journey of much hard work. Be patient, persevere and follow these steps to hopefully see your merchandise fly off shelves.
Do Some Homework
Before producing and marketing something, do some research. Are there any similar concepts? Purchase one, and use it. In fact, ask friends and family to try it out as well. During your field test, ask several questions. What is that item missing? How would yours perform better? Is this area saturated? Gather notes to tinker with your idea. What if you’ve discovered something new? Hop on the computer, and find out if there is a niche for the object. Who would buy it? Why is it needed? Would it appeal to a broad range of customers? These answers may help predict your chances of success.
Create It
Before you sell something, make it. Several routes are available here. Can you put it together yourself? You’ll save in labor costs and maintain control. For many inventors, they have the notion, but they need additional skills or technology to make it happen. Find a company that has the expertise and ability to listen to what you want and put it together. Be aware that you’ll need capital for this, so discuss a budget and work with a bank to secure a business loan. Finally, protect your final design with a patent.
Related: 5 Design Rules That Will Make Your Packaging Stand Out on the Shelf
Go Online
There is an old saying: “build it and they will come.” This isn’t entirely true. Yes, a product is a must, yet you have to spread the word. Before you get investors interested, you need to show the object is profitable. With people glued to their screens, the online market might be a lucrative and easy first step. Purchase a domain for your business, and set up shop. Hire someone with online sales knowledge to get you started. Spread the word on social media, and write articles to drive content to your page.
Plan for Trade Show
These events are highly competitive, but it means heavy traffic seeing your merchandise. You’ll want a set up that impresses and informs. That means going back to research. What are people looking for in the presentation? Can you draw attention quickly? Do you have enough staff to handle the crowds? Spend months planning and drafting your boards. Then, find a method to ship everything. Purchase trade show cases so materials and information remain intact and presentable. Protect those assets.
Related: What To Consider When Choosing A Shelving Solution For Your Business
Grab Attention
Once there, think “See, Do, Take.” See refers to others noticing you. Again, that board matters. Another visible component is your staff. Bring with you people who smile a lot, speak politely and love your work. Greet each person with kindness and attention. After all, first impressions matter. Then, move to the do stage. Provide demonstrations. Allow as many as possible to understand how your item works. Finally, have a takeaway. Once you’ve interacted, don’t let potential clients or investors forget you. Have a keepsake on hand (and make it more than a business card). Select something functional that can be used frequently. Constant reminds are a plus.
There may be bumps in the road but keep the faith. Work hard, and be open to criticism and change. The path to success demands perseverance and passion. With time, you might see someone in the checkout line buying your product.
