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I've created an invention!! Now what...??

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Kwiksliver

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Jan 21, 2021
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Hi All!

Whilst I currently operate a number of businesses, I've never actually "invented" a product and taken it to market before. So far I'm in the "Idea" stage, I've done my research and from what I can tell, the product is unique. I've also created a prototype. This is a business-to-business product and is something that will sell on a global scale, it's in-expensive to produce, and cheap for clients to purchase (literally less than a penny), but we're talking about around 25 million units sold each DAY.

I'm looking for any advice from inventors, entrepreneurs or anyone that has experience in taking a tangible product from the idea stage, to market.

It doesn't matter what it is, or how you did it, post your stories here!!
 

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RicxChamei

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Jan 20, 2021
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Hi All!

Whilst I currently operate a number of businesses, I've never actually "invented" a product and taken it to market before. So far I'm in the "Idea" stage, I've done my research and from what I can tell, the product is unique. I've also created a prototype. This is a business-to-business product and is something that will sell on a global scale, it's in-expensive to produce, and cheap for clients to purchase (literally less than a penny), but we're talking about around 25 million units sold each DAY.

I'm looking for any advice from inventors, entrepreneurs or anyone that has experience in taking a tangible product from the idea stage, to market.

It doesn't matter what it is, or how you did it, post your stories here!!
I am not expert on this type of scenario ,my best advice is to try and find a market for it and you will get noticed by some manufacturing companies. Or write down a proposal to them.
 

Walter Hay

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My general advice for all inventors first and foremost is to beware of product/invention developers. It is rare for them to actually take your product to market and the whole industry has a very bad reputation.

I have an invention that I have so far been unable to get to market because the industry that should be using it is totally complacent and content to do what they have been doing for generations.

In an attempt to counter that complacency I have written an investigative report dealing with the industry's failure to comply with legislation in two of the biggest countries, together with useless token advice published by administrative authorities. The title is challenging, and I have begun sending it to executives in companies that should be using a product that overcomes those failures.

Meanwhile people will die needlessly. I will post if I make any progress.

For @ Kwiksliver I suggest producing some of his new product and personally selling it to some companies as a starting point, then conduct a serious marketing campaign. Distributors would be needed to spread the word. Best wishes.

Walter
 

Johnny boy

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Hi All!

Whilst I currently operate a number of businesses, I've never actually "invented" a product and taken it to market before. So far I'm in the "Idea" stage, I've done my research and from what I can tell, the product is unique. I've also created a prototype. This is a business-to-business product and is something that will sell on a global scale, it's in-expensive to produce, and cheap for clients to purchase (literally less than a penny), but we're talking about around 25 million units sold each DAY.

I'm looking for any advice from inventors, entrepreneurs or anyone that has experience in taking a tangible product from the idea stage, to market.

It doesn't matter what it is, or how you did it, post your stories here!!

1. make sure people will buy it from YOU. run your own ads and start getting test sales.
2. find manufacturer
3. sell em

smart people invest a weekend and 1,000 in ads into an idea before wasting any more time.
 

Walter Hay

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1. make sure people will buy it from YOU. run your own ads and start getting test sales.
Selling B2B via ads is a very tough call. B2B selling is direct selling by various methods such as direct mail, which can be very effective if done skilfully, cold calling, cold emailing, or personal visits by self or a commission sales representative.

If the product is really going to benefit buyers and can fit in an envelope, even if it is an A4 size, my "warm calling" method can be very effective. An accompanying business card plus very brief note about the product will help.

This method can be used by even timid sales men or women. Here's how it works:
Approach the prospect's receptionist, hand them the unsealed envelope with a request "Would you kindly pass this on to the person responsible for buying such products?"

Then turn around and depart.

Although my direct mail was exceptionally effective, I found the warm calling method often produced almost instant results, with my mobile phone ringing as I left the premises. My franchisees had read about it in the Operations Manual, but scoffed at the idea. When teaching new franchisees it was great to see their amazement when they achieved such a quick response.

Walter
 

Kwiksliver

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This is fantastic! "Warm Calling"! I love it! Seems so obvious when you think about it and yet it's something I hadn't considered. Great advice
 

alexkuzmov

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Selling B2B via ads is a very tough call. B2B selling is direct selling by various methods such as direct mail, which can be very effective if done skilfully, cold calling, cold emailing, or personal visits by self or a commission sales representative.

If the product is really going to benefit buyers and can fit in an envelope, even if it is an A4 size, my "warm calling" method can be very effective. An accompanying business card plus very brief note about the product will help.

This method can be used by even timid sales men or women. Here's how it works:
Approach the prospect's receptionist, hand them the unsealed envelope with a request "Would you kindly pass this on to the person responsible for buying such products?"

Then turn around and depart.

Although my direct mail was exceptionally effective, I found the warm calling method often produced almost instant results, with my mobile phone ringing as I left the premises. My franchisees had read about it in the Operations Manual, but scoffed at the idea. When teaching new franchisees it was great to see their amazement when they achieved such a quick response.

Walter
This sounds a little strange to me, not sure I understand it.

So the essence is, you give away your product, as a sample, to people and then there is a higher chance of them calling you back to place an actual order?
 

BrianLateStart

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Approach the prospect's receptionist, hand them the unsealed envelope with a request "Would you kindly pass this on to the person responsible for buying such products?"
I love this idea. I have a difficult time calling and talking with sales people, but this changes the dynamics of the conversation.
 

Walter Hay

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This sounds a little strange to me, not sure I understand it.

So the essence is, you give away your product, as a sample, to people and then there is a higher chance of them calling you back to place an actual order?
As usual follow up is very often needed, but yes, giving away samples would not be viable unless the cost of the sample is low enough. It would certainly be an expensive form of advertising for B2C eCommerce, but B2B is a different matter.

I and my B2B franchisees gave away thousands of samples that cost about 10 -30 cents each. We sold various products for $1.75 to $2.75 each and the average sale was $750. Many of the new customers gained by warm calling became repeat customers, a lot of them buying $7,000 to $10,000 of the product every year.

Repeat business is one of the great things about selling B2B. One franchisee made an annual sale of 57,000 items at $1.00 each to a repeat customer, and his profit on each annual order was approximately $50,000 before payment of my royalty. His landed cost per unit was a little over 12c. In a letter to me he gloated about the return on his investment of time, which was about 1/2 day for each of those orders.

I didn't begrudge him making that much because I received 10% of his turnover, not his profit, and apart from ensuring that my franchisees could import quality products at low prices I did very little, so my ROI of time invested was massive.

Walter
P.S. I enjoyed that business which mostly involved banking checks and my brand would probably be known to many US members if my emergency heart surgery hadn't stopped me closing a deal to sell a Master Franchise for the entire USA. :inpain: Oh well, at least I am still alive and enjoy what I am doing.
 

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