Why Choose an All In One Company For Your Product
When you first start out, it might just be you and your product idea. But even if you already have an established business, and are looking to introduce a new product, there are a countless number of things you need to do to get your product from idea to reality. Bringing a product all the way from design to manufacture is not an easy process, and you may want to consider bringing in an outside firm to help you with the task.
But who do you hire? There are plenty of design firms out there that will help you take your idea and turn it into a viable design. There are marketing research businesses that can help you target the right consumer segment, and decide what features your product needs. And there are also any number of manufacturers that you can use to build your product and get it to market.
But does it really make sense to use several different companies’ services throughout the product development process? Think about it. When you order a sandwich at a diner, are there three cooks in back—one to get the bread out, another to put the meat and cheese on, and a third to add condiments? Of course not. It’s inefficient, and there could easily be conflicts when it comes to getting your sandwich made. Suppose the condiments cook is doing something else and isn’t ready. That slows down the whole process. And of course, that sandwich is going to be a lot more expensive with all the extra guys in the kitchen that have to be paid.
Now, product development is a little more complex than a sandwich, but you still need the process to be as efficient and productive as possible. That’s why it doesn’t make sense to hire a design firm, a marketing firm, and a manufacturer all separately. You don’t need three people working on your sandwich, and you don’t need multiple companies working on your product.
What you do need is a firm that can help with all the elements of product development that we just mentioned, from concept to manufacturing. That way, you don’t have to communicate with three or four different companies that all have their own timelines. You have one company that’s with you from start to finish, providing design services, product data management, manufacturing, supply chain management, and regulatory compliance. Everything is taken care of by one company. Your sandwich gets made by one person, and it gets to you quicker and with less cost.
And that’s exactly what we do at Pivot. We help businesses with their product through each stage of development. Our award winning product design and development services will help you to create the product you’ve dreamed of, and our global manufacturing services will make that dream a reality. So contact Pivot today if you’re ready to work with a single experienced company that can supply everything you need to get your product to market.
How to Attract Investors as a First-Time Inventor
If you’re a first-time inventor who’s looking for investors for your new product, chances are you’re feeling a little overwhelmed.
What do you need in your business plan? How do you find the right people to approach? And the most basic question of all: How do you know if your product is good enough to actually make it?
The answer to that last question is, of course, that you don’t. Unless you can see the future, there’s no absolute guarantee that your product will succeed, no matter how good your research is or how much time you’ve put into making your idea a reality.
The good thing is, though, that investors know that – perhaps better than anyone. So if you want to attract investors, you don’t need a foolproof business plan and a guarantee that they’ll all make money with you.
What you do need to attract investors is a great product and a whole lot of commitment – and the other things on this list won’t hurt, either.
A very, very good business plan
While your business plan doesn’t have to be absolutely foolproof, as we already mentioned, it does have to be strategic and well-researched. Investors are there to help fund your business, not make it run properly, although some are willing to offer advice and guidance when needed.
Consider adding a philanthropic angle to your business.
Many business investors are also investors in the common good, giving thousands of dollars annually to charity.
Adding a philanthropic angle to your business, if you don’t already have one, is not only a great thing to do – it will also make your business stand out from the crowd more. Also, since you’re going after a more specific group of people this way – business investors with an interest in philanthropy, or even a specific cause – you can target your pitch more strategically, giving you a higher chance at success.
Feel free to innovate when coming up with ways to incorporate philanthropy into your product. It doesn’t just have to be giving X percent of your proceeds to a cause. You could focus on employing an underserved group of people, donate some of your goods each month to a charity that could benefit from them, or have employees serve as mentors to young entrepreneurs.
Take advantage of any business experience or contacts you have, even if they’re in a different industry.
If this is your first product, investors are going to want to know that you have at least some business savvy. If you’ve worked in another industry for the past 20 years, show how that experience is relevant to what you’re doing now. You can incorporate this into your investor pitch.
If you’re just out of college, say, and you don’t have much work experience yet, be transparent with your personal finances. Do you have good credit? Do you have a plan to pay off student loans or other debt? Where else are you planning on looking for funding?
The same is true of contacts. If you have contacts whom you can politely get in touch with to let them know what you’re doing, do that – you can even add a gentle ask about any acquaintances that they think you should reach out to.
Get creative: enter startup competitions, consider crowdfunding, etc.
Although the internet has, in many ways, made it much easier to connect with the right investors, you still need to do your homework. Make profiles on angel investor sites. Look into crowdfunding – some investors find their next project on sites like Kickstarter and IndieGoGo.
If your business model fits the criteria, you should also look into startup competitions, which take place all over the country – not just in Silicon Valley.
Attracting investors as a first-time inventor can be an uphill battle, but it’s very doable. For more information on funding your product development, read our e-book “Funding Your New Project.”
How to Amp Up Your Creativity and Get Back to Work After Summer Holidays
Even though we adults don’t get the same summer holidays that our kids do, summer can often still feel like an off-season. Projects move more slowly, our colleagues go away on vacation, “summer hours” mean the office empties out earlier on Friday afternoons – for many, this more leisurely pace is the way things are from June through August.
And while summertime is certainly meant to be enjoyed, that small break can make it harder to come back to work once school is in session and autumn arrives.
For product developers, engineers, and other creative people, this can be especially hard. Brilliant ideas can’t just be willed into existence – but they can definitely be given a nudge. Here are a few ways to help you get back into work after a long, hot summer.
1. Start with a clean workspace. If your desk accumulated some clutter over the past couple of months, now’s the time to clear it away. Organize your materials, recycle old papers, throw out any trash. To paraphrase William Morris, have nothing on your desk that you do not know to be useful, or believe to be beautiful. Tidy surroundings will help you to think more clearly and focus better.
2. Take care of unfinished business. Now that your physical space is taken care of, it’s time to do the same with computer and phone. If you have phone calls that need to be returned or emails that need to be answered, do so. Try to make it through any outstanding business. That way, you won’t be distracted by small tasks (and you won’t be tempted to procrastinate with them, either).
3. Prioritize your tasks, starting with ones that are important, rather than urgent. As business coach Robyn McLeod says in a Fast Company article, many of us spend our workdays in a reactive mode, responding to other people’s “urgent” needs – even though those needs aren’t necessarily important. Instead, try to prioritize your tasks for the day so that important ones get as much time as urgent ones. For example, brainstorming five new product ideas would be important. Finding contact information for five potential investors would be urgent.
4. Look for ideas in different places. Do you have websites, industries, books, or other sources that you typically go to to spark your creativity? Try looking somewhere totally different, and see what comes of it. If you usually browse The Sharper Image to get ideas, try a woodworking forum, or a medical news website. The goal is to look into something that you don’t know much about – it could give you an entirely different perspective on something that will later translate into a great idea.
5. Try a group brainstorming session. Hearing different people’s perspectives and ideas can give your creativity a serious jumpstart. To make the session even more effective, add an element of anonymity to it with this idea from an Entrepreneur article: have participants write down one idea on a piece of paper, throw them all into the middle of the table, and then pick one randomly from the pile. Then, as a group, take that idea as far as you can.
6. Start an idea notebook where you write down any and every product idea you have. Take a page from the great writers and artists and start carrying a notebook everywhere you go. If an idea or thought comes to you, write it down. Don’t self-censor – any idea is fair game. The idea is to let your mind wander freely and record the results.
Staying creative can be a challenge, but it’s part of the fun of product development. For more ways to jumpstart your creativity, check out our post “5 Tips to Increase Your Creativity and Silence Your Inner Critic.”
5 Nostalgic Back-to-School Products That’ll Make You Pine for Elementary School
Technology has done some amazing things for education. It’s made laptops available to rural African schoolchildren. It’s made lessons on advanced topics like calculus and ancient world history accessible to anyone, for free. It’s given teachers countless tools to help their students learn better.
We’re certainly proponents of technological progress, but there’s one component of the whole back-to-school season that you might say has suffered from all this educational tech: back-to-school shopping.
For one thing, parents today might have to drop $1,500 for a laptop instead of $12 for a few three-ring binders. But for another, all those pencil cases, erasers, and notebooks that used to be so much fun to buy are hardly necessary anymore.
At least we can reminisce about them. Here are a few of the school supplies that we’re pining for this September.
The Trapper Keeper
This padded binder was all the rage in the ‘90s. Sure, it was nice to hold all your notebooks together in one big binder, but the real appeal was what was on the outside. If you were a girl, it was probably a pastel-colored dolphin or a puppy. If you were a boy, it might have been a boldly hued race car or a spaceship.
Although they’re not as popular as they once were, they are still available in some new designs. And now you can even get a Trapper Keeper-themed cover for your tablet. Now that’s one brilliant way to update a product.
Character lunchboxes with a matching thermos
These were absolute must-haves throughout elementary school. Snow White, Cinderella, The Smurfs, Care Bears, My Little Pony … every character you could ever want had its own lunchbox. Picking out the one that would express your personal favorites was possibly the most exciting part of the whole back-to-school shopping trip.
The company that created these character lunchboxes, Aladdin Industries, started making them in 1950 with a Hopalong Cassidy design. Over the decades, they’ve become so iconic that the Smithsonian’s National Museum of American History has some in its collection. Sadly, the plastic lunchbox has mostly gone the way of the dinosaurs, but you can still find some on sites like eBay and Etsy.
Spacemakers
Those Spacemaker boxes with the bumpy tops got filled with everything from pencils and markers to secret notes, Matchbox cars, and other contraband that you had to keep hidden from your teacher. They were practically ubiquitous in schools around the country for years – but for whatever reason, their popularity declined and they’re now no longer manufactured.
Character pencil cases
Like the character lunchbox, character pencil cases were a way kids in elementary and middle school could express themselves. Are you a Hello Kitty or a Spottie Dottie kind of kid? A He-Man or Thundercats fan?
These days, pencil cases have become less and less exciting – it’s more of a choice between red and purple than Hercules and Aladdin. Some schools are even requiring pencil cases to have clear fronts, so the teacher can see everything inside.
Troll pencil toppers
Those odd little naked trolls (sometimes called Good Luck Trolls) came in all different sizes, but the most coveted back in the 1980s and 1990s was probably the tiny little pencil topper one. That brightly colored hair and cute little face gave you something to stare at during a boring lecture.
Although those who remember the pencil topper probably think the Trolls were just silly little toys for kids to play pretend with, the original Troll doll was a very high-quality figurine created in 1959 by a Danish woodcutter named Thomas Dam.
They spread throughout several European countries before making it over to the U.S. in the 1960s. Imitations abounded, however, due to an error forcing the forfeiture of the Good Luck Troll’s U.S. copyright. Consider it a lesson in the importance of protecting your intellectual property.
Whether or not your product is aimed at schoolkids heading back to class, Pivot’s product designers can help you make it better. Contact us today for a free consultation.
How to Use Crowdsourcing to Finetune Your Product
Indiegogo, Kickstarter, and other websites have made crowdfunding a popular tactic
for product developers looking to raise money for their new products.
But you can crowdsource more than just money. Lots of companies have turned to crowdsourcing to come up with new product ideas, finetune existing products, and even brainstorm marketing campaigns.
If you’re ready to harness the power of the crowd, here are a few guidelines to follow.
Decide how formal you want your process to be.
Crowdsourcing can take many forms. It can be as simple as a tweet requesting feedback on your latest product, or as complicated as a YouTube contest with rules and deadlines.
The simpler your process, of course, the easier it will be to begin. If all you want to do is see how people react to a prototype of your idea, posting an image on your Facebook page or sending out a quick tweet can suffice. It’s an easy way to get people to send you their immediate impressions of your product. This can be important knowledge, when it comes time to get your product onto store shelves.
The major drawback to simple crowdsourcing tactics like this is that you open yourself up to copycats or even outright theft of your idea. Because of this, you need to keep an inventor’s notebook or otherwise document your development process. Start doing this before you broadcast your product to the masses. This can become evidence in your favor in the event of a legal battle.
You can protect against these potential problems with a more formal, closed process – say, creating a special page on your website where people can offer comments or submit product ideas.
Identify the “crowd” you want to hear from.
We generally think of the “crowd” in crowdsourcing as the general public, but it certainly doesn’t have to be. You can narrow your crowd down considerably, based on your needs.
If you’re developing a medical device, feedback from the general public probably won’t be very helpful. However, hearing from doctors who would be using the device, and hospitals that would be purchasing it, could give you valuable insights.
To get in touch with specialized groups like this, you can contact trade associations, conferences, or other industry organizations. You can also go with the modern version of going door-to-door: Contact doctors and hospitals in your local area, and ask them directly if they’d be willing to talk with you about your product.
If appropriate, use your crowdsourcing strategy as a marketing opportunity.
Hundreds of companies use crowdsourcing for not just product development, but marketing, too.
Doritos, the Frito-Lay company behind the bright orange chip, is a pro at this. From 2006 to 2016, Doritos held the Crash the Superbowl contest – they asked fans to submit commercials. The winning commercial was aired during the Superbowl, with the creator winning $1 million.
The Crash the Superbowl contest gave Doritos hundreds of new advertising ideas – for free – but it also worked as a massive marketing campaign in the months leading up to the Superbowl.
Your crowdsourcing campaign doesn’t have to be nearly as large in order to serve as a marketing opportunity. Thanks to social media, you can run all kinds of marketing campaigns with little to no financial investment.
For example, you could invite people who offer feedback on your product to submit selfies on Instagram tagged with your brand’s hashtag. Or you could take pictures of your product in different settings and ask your followers to supply captions for each photo.
Crowdsourcing can be a great way to get in touch with your potential customers, gain ideas for improving your product, and generate buzz for your product before it hits shelves.
But if you decide you need some professional assistance, contact us at Pivot International. We can help you put those fresh new crowdsourced ideas into practice.
How To Tell If Your Product Is Good Enough To Make It
So you’ve got your million-dollar idea. And it isn’t just another pie-in-the-sky scheme you thought up while in the shower. This is a genuinely good idea for a product that you’ve spent some serious time on. There’s just one thing you’d really like to know—is this idea good enough to make it? You really can’t be 100% certain until you make the leap and actually develop, manufacture, and sell your product, but there are some ways that you can at least get a good idea about whether your product idea has what it takes.
Does It Solve A Problem?
There are a few variations to this question that you should ask about your product. Does it make your customer’s life easier? Does it make them feel or look better? Basically, does it improve greatly upon something, or does it solve an issue that people have? Just because it’s a really cool idea, that doesn’t mean people are actually going to buy it.
Test It
Yes, even though the product works flawlessly in your head and on paper, without a working prototype, you’re not going to know for sure that it does what you claim. It doesn’t have to be perfect when you test it for the first time, but you’ll realize quickly whether or not it’s possible to work out the kinks.
Talk To Customers
You should have a fairly good idea of who is going to be buying this product. It’s probably not so life changing that you can answer, “Everyone.” So once you know who your target consumers are—talk to them. Find out if this is actually a product they could see themselves buying. It’s possible that your product fixes a problem that isn’t really a big issue for your target group. Or maybe they’re excited to hear about your product and want to know when they can get their hands on it. Either way, talking to customers will leave you with a good idea about whether or not your product will make it.
More Research
Customers aren’t the only ones you should be researching. Look at your potential competition or other similar products. Do research on the market and what the current trends are. Basically, find out as much as possible about things that are outside of your control, but will still affect how your product performs. You may find that there are significant barriers to entry in the market you’re looking at.
Get Professional Help
Another option is to take your idea to professionals. At Pivot, we work with inventors and businesses around the world, helping them turn their ideas into reality. You may have an excellent idea, but do you have the experience and resources to bring it to market? If that’s what’s holding you back, then contact Pivot International today. Our design and development experts will work with you every step of the way, so that your product idea becomes reality.
Biggest Product Failures—And How To Avoid Being One
No one begins developing an idea for a product that they think will fail. Why would you? Unfortunately, no matter how great you believe your product idea is during the development and manufacturing phases, there’s always a chance that it won’t sell. There are plenty of ways you can prevent a flop, but first let’s take a look at a few of the biggest product failures in history. Maybe we can all learn something from their mistakes.
Pepsi AM
By now everyone knows the infamous story of New Coke, but do you remember Pepsi AM? Maybe not, because it didn’t last very long either. Pepsi assumed that because the soft drink had caffeine, they could make a variation that would become a substitute for coffee in the morning. We’re guessing almost everyone reading this just grimaced at the idea of Pepsi at breakfast, and that’s pretty much how America responded. It was not successful, and neither was their second attempt, Crystal Pepsi.
Clairol Touch of Yogurt Shampoo
You’re probably already confused by this name. Don’t worry, so was everyone else at the time. Touch of yogurt? Why would anyone put yogurt in their hair? What about yogurt appeals when you’re in the shower? These are just a couple basic questions that consumers had, and Clairol couldn’t answer. In their defense, the shampoo was supposed to be part of a “back to nature” movement going on at the time, but they just swung and missed. Badly.
Zune
Remember how lame and annoying your iPod was in the mid-2000s? No? Oh yeah, that’s right, iPods were about the hottest thing you could possibly have at that time. So it does kind of make sense that Microsoft would want to muscle in on the market with their own product. The problem was that the Zune didn’t really do anything better than the iPod, and it was never going to be as cool. Microsoft lost billions on the Zune, but you can still buy them on eBay!
The Arch Deluxe
In 1996, McDonald’s apparently felt like they needed to class up the joint. They debuted the Arch Deluxe as quarter-pound burger made specifically for adults. Much more sophisticated. The problem was that people don’t go to McDonald’s to feel sophisticated. It’s hard to feel better than someone when you’re ordering food at the same place that gives away toys with certain meals. Oh, and the Arch Deluxe cost about $.40 more than the Big Mac at the time. It was not a winner.
All of these companies were convinced that these ideas would take off, but they ended up flopping. Big companies may have millions to lose, but you probably don’t. So it might be a good idea to partner with some experts in product design, development, and manufacturing. At Pivot, our experienced team knows exactly what it takes to get your product from idea to reality—and make it a success. Contact us today for more information about how we can help you avoid a product flop.
How To Tap Into International Markets With Your New Product
When your product-based business starts doing well and expanding, it’s natural to begin looking towards new markets to keep that expansion and growth going. Tapping into international markets can seem like a massive undertaking, but it can also lead to huge opportunities for you and your business. That’s why it’s imperative that you know what you’re getting into when you begin, and choose the option that’s right for you.
First, your business should have a strong domestic track record. You’re trying to time your expansion just right, and to do that you need to have a successful record at home. If you reach out too soon, you could place too much strain on your resources and end up hurting your domestic market, as well.
You’ll also need to look into any necessary alterations to your product. That’s because many countries outside the U.S. have different regulations that your product will need to conform to. You might also find that different countries and cultures like different features, and your product would sell better if you added or cut some features before manufacturing it for foreign markets. That means you’ll need to do additional market research. Plenty of companies have made the mistake of thinking their product would sell in international markets simply because it sold in the U.S. You might also need to alter your price point in different countries. This is a lot to consider, and that’s why it’s important not to move too quickly, as we said before.
You also have to assume that you’re going to spend more money tapping into these markets than you did in the U.S. Some businesses give up too soon because they get discouraged by the time and cost associated with the move, but if you’ve done your due diligence and truly believe your product will make it, then the potential ROI is too big to give up quickly. It’s a tough proposition—failure could be disastrous, but success could lead to unheard of growth for your company.
Even if you’ve done all your homework, you believe this is the time to move, and you’re financially ready, there’s something else you can do to take some of the pressure off yourself. Consider a partnership with a global manufacturing and distribution firm that can ease your transition into international markets.
If you choose Pivot as a partner, what you get is access to our global manufacturing resources, combined with our industry expertise and experience. Reliable quality and on-time delivery will ensure that your product reaches markets just as you planned it would.
So if you’re looking for a way to tap into international markets, then Pivot International is your answer. Our manufacturing capabilities range from small, complex prototype runs to high-volume electrical assemblies, and our global presence allows us to meet whatever production needs your organization requires. Contact us today to find out exactly how we can help your business enter and thrive in new markets around the globe.
Marketing Tips For Your Product Based Business
Starting your own business, developing a product, and then launching it seems like a daunting list of things to accomplish. But there’s another equally important piece that you can’t forget about if you really want your product—and your business—to be a success. Successfully marketing your product is crucial to your sales and the future of your business. It’s easy to let marketing take a back seat, though, when you’re working as hard as you can to launch your product on time. Still, you don’t want to get caught without a clear and strong marketing strategy. So here are some tips for marketing your product based business, even if you feel like you don’t have the time.
Know Your Customer Base
The more specific you can get here, the better. You’re not just marketing your product to women in general, you’re marketing it to a certain demographic contained within “women.” Maybe it’s women who are married with children, or maybe it’s young professionals living in an urban area. Whatever the case, you need to do some market research and dig down into who exactly will be buying your product. The more specific you can get, the easier it will be to tailor your marketing efforts.
Focus On Benefits
Maybe your product has some features that you’re really excited about. You feel like they’re game changers, and you can’t imagine that people won’t love it. Here’s the thing—not everyone gets excited when they hear about new features. Most of us miss out on things our phones can do every day and it doesn’t really bother us all that much. Focus on what benefits those features will bring to your customers’ lives. Translate your product’s capabilities into tangible benefits for your average customer.
Reach Out
This means getting in touch with thought leaders and influencers in your industry. There are blogs and social media groups for just about every industry and market segment you can imagine. If you don’t already read and interact with leaders in your industry, now’s the time to get started. Let them know what you’re doing, get feedback from them, and even give them an early look at your product. These people can be invaluable when you’re launching a product and need to get noticed. If there isn’t a community around your industry already, then build it. You’re in the perfect position to do so with your new product.
Keep Up With Your Customers
It’s important not to take it for granted that past customers will come back to your business when you launch a new product. The internet provides people with countless options for most products and services. Keep in touch with your customers through social media and email. Personalize your interactions and make them feel like part of a community. Give your best customers early notification and allow them to pre-order if it’s possible.
Don’t let the marketing side of your business overwhelm you. Contact Pivot today to see how we make product development and manufacturing easy.
Developing A Business Growth Strategy For Your Product-Based Business
Whether you’re a startup with a new product that you want to get to market as soon as possible, or an established business that’s looking to grow and become something more, you should have a strategy in place for accomplishing that growth. You can’t just hope that you’ll begin selling more of your product, or that the initial launch will be a hit that sends you on an endless upward trend. That would be fantastic, but it’s not realistic. No, what you need is a growth strategy. Here are a few things to think about when developing that strategy.
Measure It
It’s easy to think that your growth strategy is working when you see an uptick in sales, but there are plenty of other variables that could cause that. When you start working on part of your strategy for growth, be sure you measure it against what you were doing earlier, and look at what variables affect growth the most. Then work on them.
Customers
Who are your ideal customers, and is that who you’re selling to? If not, then who are you attracting? Part of your strategy for growth will involve selling more of your product to existing customers, but that’s not always a viable option depending on the product. So if you need more customers, you can work on your marketing to try to attract them, or you can begin looking for new markets.
Market Development
This could mean targeting customers in another city or state. Selling online is easier than ever, and you can reach different markets that open up huge opportunities for growth. You may have trouble initially penetrating new markets, but if you want to grow your business, you can’t pass up the potential that market development offers.
Employees
Hiring the most talented employees is well worth the salary you’ll pay to attract them. Investing in smart, hardworking employees will be key to achieving sustainable growth for your business. Reward your employees well, and you’ll have a dedicated team that will give their best effort for your business.
Product Development
Developing new products can end up growing your business not just by selling to new customers, but by selling your new product to old customers that bought your original product. This can work well if the products complement each other and buying one will introduce customers to your brand. You may have made your initial money with a single product, but new product development is a critical component to your growth strategy.
Don’t be afraid to look at what your competition is doing, or get help from an outside firm when you begin developing your new product. At Pivot, we specialize in helping businesses like yours develop new products, and then market and manufacture them. If you think your growth strategy could use some work, then contact us today and find out what it’s like to work with an company that’s invested in your success.
