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The Process of Creating A Real Product

Discussion in 'Product Creation, Inventing, Importing, Sourcing' started by pickeringmt, Aug 14, 2014.

  1. TedM
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    TedM Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Stephen Key has a book on this, in addition to his one on Licensing. I think it's called One Simple Idea for Entrepreneurs. I liked his more than most others I've read, including Lori's.
     
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  2. wilddog
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    wilddog Bronze Contributor FASTLANE INSIDER Speedway Pass

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    @pickeringmt
    Awesome thread. But I think it's important to add some background to your case.
    Health and Personal care has very strict guidelines for packing/labeling AND Advertising. The claims you make about your product can result in a beatdown from the FDA.
    In other industries, you can write your copy based on all the benefits of the product. The sky is the limit.
    But in health/personal care the law requires that you can only list benefits that do not need to be proven by scientific studies. That leaves you with stupidly obvious benefits and not much else. Even this is a grey area. An ad you thought was within the law may not be, and all hell can break loose.
    Big companies can get away with strong claims by conducting expensive 3rd party studies on their products, which essentially validate their claims.


    Small companies like us need to toe-the-line VERY carefully.

    Looking forward to reading more from you!
     
    Last edited: Sep 8, 2014
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  3. pickeringmt
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    pickeringmt Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    @wilddog yeah, this is totally true. I am looking at having testing done and it aint cheap.

    That has been one of the main drivers to be totally customer-centric with my business. It shows that as a brand you have a no bs mindset, and that has also transferred over to my products as well.

    The truth is, and always will be, that a product simply may not work for some people for whatever reason. You get into personal care products and that becomes even more true with natural ingredients - stuff that really has no documented testing.

    A lot of supplements are like this too.

    So the reality has to become, "hey, try my product - if it isn't what you want it to be, then I don't even want you to pay for it"

    I don't want a customer to have the downside, because it isn't necessary. I know my product is great - I use it myself. Plenty of other people will see it is worth every penny.

    The only things that can get out of alignment occasionally are the expected outcomes and the x-factor of just not being right for everyone.
     
  4. CreateLiving
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    CreateLiving Contributor Read Millionaire Fastlane Speedway Pass

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    I am in the prototyping stage of a product in the "Pet" niche. I am finding it difficult to draft what I need to get a few quality prototypes from overseas. I have created 1 prototype and perfected it by hand, but don't know how to convey to these people exactly what I want. Anyone have any experience dealing with overseas manufacturers in the beginning stages?
     
  5. pickeringmt
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    pickeringmt Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    With the Holidays coming up, I wanted to mention something that has been a big part of the success of my brand.

    I have noticed that there is this mindset of "defensive competition" as the default for a lot of businesses.

    There is a quote the says something along the lines of, "if you try to stay at the front of the crowd, you will never go any farther than the crowd."

    I think i butchered that, but you get the point.

    What I want to put to you today is an idea that has made my business stand out in a very, very saturated niche.

    The element of surprise.

    The truth is, I am constantly looking for ways to surprise my customers with something cool.

    for example, whenever I ship an order I print a small card for the customer and write them a little note. Nothing crazy, but something just for them.

    I don't tell customers that I do this, I just do it. If they knew it was coming, the value would be gone.

    So rather than trying to use it as a marketing tool and put it up front that I include these notes to my customers with every order, I just do it quietly.

    Surprise service is always much more powerful than the expected.

    Engage with your customers, know them personally if you can, and find ways to surprise them. The opportunities will always present themselves, and these are the real opportunity for you to set yourself apart from the pack.
     
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  6. chris_chringle
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    chris_chringle Contributor

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    You hit it right on the head. These were my thoughts exactly before I started my own product business but I'm happy I did. Having something tangible is a great way to get started.
     
  7. Papillon
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    Papillon Contributor Read Millionaire Fastlane

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    Hey pickeringmt, GREAT thread...!

    Just read through it, GOOD info:tiphat:

    Reminds me of the once penniless and homeless John Paul DeJoria who started a line of hair products, today he's a... BILLIONAIRE:)


     
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  8. mosdef
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    mosdef Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    how are things going for you? Any updates?
     
  9. M Power
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    M Power Contributor Read Millionaire Fastlane Speedway Pass

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    Any chance
    Any chance of this becoming gold? It seems like a very informative post but I found it on the second page almost lost in the threads.
     
  10. JustAskBenWhy
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    @pickeringmt - very good post indeed!

    Teaching is a hard thing to do. While all of us can regurgitate factual knowledge we learn from someone else, in order to really be effective as teachers we must internalize the facts. In this way the facts can be delivered in combination with dynamics. It's the difference between static facts and dynamic representation of facts. Works the same way in violin playing, real estate, and internet marketing. It is evident from your post that you've internalized some things...

    I would only add that it takes passion! My product at JustAskBenWhy.com is educational. I launched in February of 2013. For a year prior, every night 8PM - 3 AM I was in the basement working on this course - not knowing whether anyone would ever be interested. But, I was so engaged with it that the thought of quitting never entered my mind. In retrospect, that was passion...and we need that!
     
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  11. marklov
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    marklov It is a Tiger That Devours Me but I am The Tiger Read Millionaire Fastlane Speedway Pass

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    Great progress!

    I have been doing on and off days where I cold call to sell physical products to some business owners and it's crazy the amount of interest there is to actually buy.

    Mention ranking, "web presence", anything leading to online.
    I can hear them getting glazed over.

    Mention a physical medium and they instantly get it, it clicks
    and ready to buy.

    Fun factor for selling physical products is a lot higher
    and finding ways to add value comes more natural to me.

    Wish you continued success man!
     
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  12. Late Start
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    I just purchased the Stephen Key book on Audible based on your recommendations. I had something I was planning to get our eight year old for Christmas, only to find that it isn't something readily available on the mass market, and definitely hasn't been innovated in a while (if ever) based on the offerings I found on Amazon and eBay. This kind of blows my mind, because the specific market it would cater to has exploded over the last five years.

    The problem is that it's a sizable physical product - nothing fancy, just some wood, plastic, and screws, but not something I can whip together in my garage either. I've got a cousin who is something of a fastlaner, as he builds custom items for high end customers, so I'm hoping he can help me out with design and getting a prototype put together. I just wish he wasn't on the other end of the state.
     
  13. Mac
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    Crazy how I stumbled across this thread and I've been doing the exact same steps that you listed out here. Must mean I'm doing something right.

    I ordered all the ingredients and created my own formula for a personal health product, feedback so far from people has been good. I think I tried to outsource too early, because I hit up a bunch of manufacturers and they're asking me for my Certificate of Analysis from a lab and all my supplier information.

    I don't have any suppliers besides those wholesale sites like bulk apothecary, etc. The testing lab also asked for my suppliers - so that's next up on my list.
     
  14. ZF Lee
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    ZF Lee Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Bump.
    Haven't spotted a thorough invention thread until now. Surprised it wasn't notable.
     
  15. Eskil
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    Eskil Legendary Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    If you're interested in invention threads, there's this ;)
     
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  16. pickeringmt
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    pickeringmt Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    ..