In the previous post – D – Developing Your Ideas – we considered retail price points and the effects that higher (and lower) prices have on consumer demand and overall viability of the idea in the marketplace. In E – Enhancing Your Ideas into Inventions we addressed researching online and retail store outlets to see if the idea was already “out there.” Most recently, in F – Further Research on Your Invention, we looked at three key marketing channels for widespread commercialization of your product: retail stores; home shopping networks; and DRTV (direct response TV).
Now it is time to pull those various elements together to craft a plan for your invention. We’ll use the cork replacement to maintain optimum pressure idea as an example.
If you wished to pursue a large market of general consumers, then it would be important to have a low retail price point, say $10. This means you would need a manufactured cost of about $2 or so.
Assuming such a low cost item could maintain optimal pressure (dubious), you might take the item to HSN or QVC. You would need to somehow illustrate the pressure difference between a cork and your device. Retail stores could be possible as well, but cork replacement item probably would not be quite enough of a “gotta have it” item for DRTV success.
If, on the other hand, you wanted to go with a more niche product appealing to wine aficionados, your price point could be higher, perhaps $30. Then, your path might be to advertise in catalogs targeted to wine connoisseurs or Hammacher Schlemmer or even Sky Mall.
Planning a path for your invention begins with the retail price you wish to target. From there you locate the marketing medium that seems best suited for your needs. Each product has its own unique path. If one path fails, another may succeed.
Stay tuned for the next post – H – How to Get Prototypes Done.