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Determining market need for novelty items

VegasMan

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From Commandment #3 - "Fastlane Entrepreneurs are committed to providing value, fulfilling needs, and satisfying wants because they know it attracts money."

I don't have much experience with physical products, but am curious about novelty items. You see them everywhere you go, the grocery store, the gas station, the amusement parks, concerts, etc. Key chains, stuffed animals, candy necklaces, crazy sunglasses, etc. And then there's something like Silly Bandz that goes and sells hundreds of millions of dollars worth.

I understand they fulfill a "want" more-so than a need, but how does one go about determining that want when developing new novelties? Is it really just a matter of trial and error trying a large number of products? Make something, get it out there, and see if people buy 'em? Or is there a more scientific method to novelties? Can that "want" be created through the right marketing?
 
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ffp504

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I am very interested in this space and have been developing a few products to sell online. My plan is to make all of my products niche based.

I want to start with some drop ship "print" on demand items and run a few targeted facebook ads, etc and gage the interest at first.

I have some other products that would require manufacturing and probably a few hundred in startup $. So its hard to gage future sales so i'm thinking launching a kickstarter for products like those. That way I know exactly how many to produce and most are already sold via presales.
 

jazb

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I am sure there is great money to be made on it. there are so many amazing novelty items in China. the likes of which you have never seen. so clever.

however, a novelty is just that...a novelty. meaning it will wear off and you constantly have to be finding newer inventory.
 

James Thornton

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I am very interested in this space and have been developing a few products to sell online. My plan is to make all of my products niche based.

I want to start with some drop ship "print" on demand items and run a few targeted facebook ads, etc and gage the interest at first.

I have some other products that would require manufacturing and probably a few hundred in startup $. So its hard to gage future sales so i'm thinking launching a kickstarter for products like those. That way I know exactly how many to produce and most are already sold via presales.
I have experience with this stuff (both self made and print on demand)

If online, consider shipping cost vs product cost. The novelty items discussed above are low dollar, probably best in physical store.

Also consider if seasonal, and be aware when certain items will convert with ads. (you may actually just end up in the gift giving business)

There's more layers to that business than you would think. Lots of outsourcing and arrangements between companies.
 
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Tyler Ellison

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You should really research what other people are making and selling and spin off.

Cell phone cases are a huge novelty item, and it grows into different models and tablets etc. Huge market.

Hang out on alibaba.com and see what chinese suppliers are making and use that to start your wheels.
 

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