Episode #23 – Inventor Questions for February
In this episode, we answer questions from inventors all over the country! We talk about patents, licensing, product design, sourcing, and so much more! Tune in to see if we answered your question!
Podcast #8 – Q&A With Inventors
In this episode, we answer 10 questions that were sent in to us from inventors all over the country! We talk about patents, licensing, product design, sourcing, and so much more! Tune in to see if we answered your question!
The Importance of a Product Video
Hello, inventors! Nathan here! I handle the Sales and Marketing for Source Direct.
When your invention has been manufactured and it comes time to sell, a photo of your product will only go so far in the eyes of a buyer. What does your product do? What does it look like while it’s performing it’s primary function. Does it look good? If a picture is worth a thousand words, a video is worth a billion!
I am huge about videos. I encourage all of our clients to get a professionally produced video as soon as their product is ready so they can utilize it in sales pitches. When your product is one of 1,000 on the desk of a buyer, a video may set you apart from the other applicants.
Here’s a few examples of some videos that we love, and that our inventors have created.
Gotta Potty
This video was created for the Gotta Potty Dog Training System, and it happens to be my favorite. It clearly shows what the product does, and features instruction from the actual inventor himself! We have been able to sell a lot of product by showing this video.
Shape and Bake
I enjoy this video because it shows the whimsy of this awesome product, the Shape and Bake. In it’s very infomercial style, it captures the primary function of the product and shows the multiple uses and designs that anyone can make.
Club Clean Floor Protector
Product demonstration videos and “tests” of durability are incredibly important to buyers. For a product such as this floor protector, it’s vital to show exactly what it does and in a clear and concise way.
Final Thoughts
As an inventor, you owe it to yourself and your product to get a high quality video created. One of the biggest reasons why people don’t follow through with a video – they think it’s more expensive than it actually is! Contact us today at 888-373-3876 x.213 and ask about videos – mention this blog and you’ll get our preferred inventor rate. A video could make ALL the difference when it comes to pitching your product to buyers and big box retailers.
Episode #7 – Source Direct Podcast
Episode 7: Shipping and Logistics for your Product!
In this episode of the Source Direct podcast, we speak with Krista Mauro – she’s responsible for shipping and logistics for all new inventions that come in from overseas and beyond. We divulge some very important information when it comes to fees, timetables, regulations, and more! This episode is NOT one to miss if you’re about to begin manufacturing of a product!
So, you want to license your product, eh?
We get phone calls from inventors every day – and about 60% of them say “well, I just want to license my idea. Will you buy it from me?” A majority of the time, we say no. There are a few reasons:
- Selling an idea isn’t as easy as it seems. Potential buyers aren’t interested in purchasing thoughts. They could hire teams of people to do that.
- Investors will not purchase something with no chance of return. Of course, as the inventor, you’ll have the thought process of “my product is the best”, but until an investor has seen the sales numbers, they won’t believe you.
- It’s difficult to license something without a prototype. Do you have a fully functioning prototype? The likeliness of an inventor selling some notes on a sheet of paper and a drawing to an investor is incredibly low.
- Has it been tested? Is there marketability? Will people buy this product? It’s difficult to tell unless your product has been soft-launched!
This short and sweet blog is intended to usher in some realism with new inventors. You probably won’t sell your idea unless it’s been introduced to the marketplace in some way. We suggest that you invest, yourself, into producing a small order of your product and then show investors the potential.
When you watch Shark Tank, you’ll hear the Sharks ask “how many of these have you sold so far?” Even they agree with us – buyers want to see previous milestones met before they license anything. We can help put you in the position to attract potential buyers down the road.
Interested in taking the next step? Email Nathan at Marketing@TheSourceDirect.net today and let him know you found about us on our blog!
Patience in Inventing….is a virtue!
The inventing process does take a while. Most inventors are shocked to find out that their product may take months, if not years, to get to completion (and eventually the store shelves). There are many factors involved:
- The complexity of the product – does it take extra engineering/design?
- Changes – there will ALWAYS be changes to a final product’s design and function. During the production process, you (the inventor) may notice something that needs to be changed, or your invention support company may notice things that should be enhanced or fixed. Changes are inevitable.
- Manufacturing Process – once the design and development is done, the product has to actually be manufactured.
- Packaging and Shipping – upon completion of production, the product must be packaged and shipped to your fulfillment center.
It’s not an overnight thing! But, with proper marketing plans and sales strategies, the “waiting” time is incredibly valuable. You want to make sure your product is ready to be sold when it finally makes it to your warehouse! Be smart!
I Invented a Product…do I have to spend money?
Okay, so picture this: you just came up with the greatest idea ever. It solves a problem, is economical, and you’ve done testing to see if consumers will purchase this product on the market. That’s fantastic! Now, the next question that usually comes up is: will this cost me any money to make?
The answer is simple: yes, it will. Most inventors will go right into the development process with the mindset of “someone will just buy my idea and I’ll just get a percentage of the profits”. That is very rare and incredibly unlikely. There are many things to keep in mind:
- As an inventor (and the creator of this idea), it’s your responsibility to get this product to market, if you so choose.
- Work with reputable companies who can put your idea on paper, into the factories, and onto the store shelves.
- Have realistic goals set in place for the development of your product, and in the correct chronological order.
Licensing is something we hear about every day. “Just take my idea and send me money later.” Unfortunately, that’s not how this works! If that was the case, every inventor who ever lived would want to go this direction – it appears to be the easiest way. It may be easy, but it’s not probable.
To get high quality CADS, prototypes, samples, sourcing, manufacturing, and more – you’ll need to pay for it. It’s not uncommon. Just be careful when you do pay! Make sure the company you’re working with is not going to scam you.
