Breaking into the toy market as a mid-size company is easier than you think. There are a few key elements that every successful entrepreneur in the toy industry has paid attention to. You must do your research, create a prototype, and keep your idea to yourself until you are ready to launch.
Do Your Research
As is true with any market research, you can’t overdo it. Market research will tell you if your product will be a success or not. There are many ways to go about conducting market research. You can hire a marketing research firm, or you can conduct your own primary or secondary research.
Primary research is the type of research where you or someone else in your company goes to toy stores and finds out what toys are popular right now. You might also want to talk to parents and kids via focus groups and consider joining an organization like the Toy Industry Association Inc. From there you can visit trade shows and learn about trends in the toy industry.
Secondary research involves reading about what other people have already researched.
Create a Prototype
In order to find out if your idea is feasible, you will need to create a prototype. A great design is the foundation for a great product. Not only do you want to make sure your toy idea comes out looking and functioning like you expect, but it’s also important you can manufacture it as efficiently as possible. A prototype also gives you something concrete to show people and get them excited about your toy.
It’s hard to stay quiet when you have a good idea but in an industry as lucrative as the toy industry, it’s important to keep your idea to yourself until you’ve got a prototype ready to show people. Competitors will always copy great ideas, so try and keep it a secret as long as you can. You should also consider speaking to an intellectual property lawyer.
The toy industry is huge, yet there is always room for great ideas. Make sure you do your research, stay quiet about your idea as long as possible, and create a prototype you can shop around to potential investors, wholesalers, and retailers if your company won’t be selling it directly.
If you need help breaking into the toy market, Pivot International is a leader in product design, development, and manufacturing. We also offer business development services to help you plan your entry into the toy market. We can help you with market research, advertising, and even external sales consulting. Contact us to learn more about our business development services today.