Tuesday, July 27, 2010
You Need More Than a Better Mousetrap
He didn't like it when I suggested that he get help from SCORE or from a Small Business Development Center. But this is exactly what he needs to do, if he wants free help to raise the capital he needs.
Does this sound like you? Does this sound familiar?
You may have a brilliant idea, but in the words of one of the original Mad Men, David Ogilvy, "It's not creative unless it sells." I've seen too many truly great ideas and great products fail. Only 10% of new products make it. So as hard-hearted as it sounds, I don't care how great your idea is, if it doesn't meet a real need, it will not sell.
Since the inventor wouldn't tell me what his invention was, and since I charge by the hour to consult, I have no idea if this particular gizmo does meet a need. But even if it does, the inventor will have to get it into stores or catalogs so that people can buy it. Or he will need to create a website and sell it directly online. There are many very inexpensive ways to do this. However, what you say to stores or to consumers about the true value of your product is what will get it into the hands of consumers. I'm not talking about the technological, gee-wiz stuff. I'm talking benefit.
But turning an idea into a success isn't just about benefits. You also need to know how much money it would take to manufacture your gizmo and how much money you can charge for it. Apple knows it can charge premium prices for its inventions. A certain segment of the marketplace will pay more for Apple's sleek, cool products. But not everyone will. Apple makes lots of money, but they don't have a huge market share. Truly, if you have a new invention, think "what will consumers pay for it?" What markup will stores put on it? How much money will I get from the wholesale price? Will this give me a decent profit margin? When will I break even? No investor or lender will give you money, unless you can answer such questions.
If you have questions about manufacturing and marketing your invention, contact me at: upstartwyn@gmail.com.
If you have stories about your successful invention, post it on this blog.
Friday, April 3, 2009
Marketing Your Invention
Thursday, he wrote a great article.
Here's a link -- http://www.stamfordadvocate.com/localbusiness/ci_12050459
Here is a copy of the article:
Expert tells how to market inventions
STAFF WRITER
Inventors trying to market their creations should start by answering one question, said Wyn Lydecker, a marketing communications expert from Darien.
"What are your invention's main benefits?" she said Tuesday during a talk on entrepreneurial marketing at the monthly meeting of the Inventor's Association of Connecticut, held at Fairfield University. "You have to focus on that."
Lydecker, a former co-director of the Small Business Resource Center at Norwalk Community College, owns Upstart Business Planning in Darien and is on the board of advisers of Charter Private, a startup firm in New Jersey. She also was the managing director of Business Plans International in New York.
Lydecker, who has a master's in business administration from Wharton School of the University of Pennsylvania and has lectured at the University of Bridgeport, also teaches business planning for Darien Continuing Education.
Other queries need to be addressed once the perks -- such as safety, convenience or cost saving -- are identified, Lydecker said.
"How are you going to sell it, and where?" she said to about 15 inventors and marketers in attendance. "You also have to work out how much people will eventually pay for it."
Inventors may consider using e-mail or YouTube or creating a Web site to market their new idea. They also may go the more traditional route of networking, selling it through a catalog or crafting a sell sheet, Lydecker said.
The
"You want to attract attention," she said. "And don't forget your contact information."
It also is important to let manufacturers know where the invention will sell, said Mary Ellroy, the association's president emeritus and a toy inventor from Norwalk.
"When I go to companies with an idea, I tell them why Wal-Mart's going to like it," she said. "You may want to think about what stores want."
Inventors, facing increased scrutiny from angel investors because of the slowed economy, must be specific in describing their product's purpose when seeking grant money, said Merrie London, manager of Small Business Innovation Research with the Hartford-based Connecticut Center for Advanced Technology.
"The biggest mistake people make is they tell an agency what a great idea they have, and then try to shove it down their throats," she said.
Sunday, March 29, 2009
Marketing Your Invention
Tuesday, March 31st • 7PM
This is a free public meeting in which all inventors, tinkerers and "would-be" inventors are welcome.
Room 107 C in the DiMenna-Nyselius Library at Fairfield University
The meeting will feature Wyn Lydecker, a marketing communications expert, who will speak to the
group on how inventors can successfully market their inventions by using Entrepreneurial Marketing, wherein inventors concentrate on creating customer value rather focusing on the technical wonders of their inventions.
HOW TO SUCCESSFULLY MARKET YOUR INVENTION
Wyn Lydecker is a marketing communications expert and owner of Upstart Business Planning. She uses her 30 years of experience in marketing and entrepreneurial business planning to consult with business owners and craft clear, dynamic strategic plans and marketing documents. Her business plans answer the questions investors ask most. Her clients have raised between $35,000 and $9 million in capital. Her marketing communications materials have played instrumental roles in helping small and medium-size businesses boost awareness and sales. She holds an MBA from the Wharton School and a BA in Economics from the University of California at Santa Barbara. Learn more at Ms. Lydecker's Web site: www.upstartbusiness
Please contact Doug Lyon at (203)641-6293 for more information.