Master Plan
If you want to see your product get on store shelves, you'd better have more than one plan in place.
URL:
http://www.entrepreneur.com/magazine/entrepreneursstartupsmagazine/2000/december/34228.html
Kevin Ridolfi figured he had a million-dollar idea: a product
called the T Mate that would help new and high-handicap golfers
with their errant golf shots. Unfortunately, success didn't
come quite as easily as he had hoped. What Ridolfi learned during
Plan A-selling the idea himself-was a lesson that speaks to all
inventors, high handicap or not: "No one will hear about a
great idea if isn't marketed with the right promotion,"
cautions the 29-year-old Centereach, New York, resident.
Still, the slow start didn't faze Ridolfi, who quickly moved
on to Plan B: licensing his product to another marketer of golf
products. Well, Ridolfi isn't counting his money just yet, but
he still believes in his idea, and he's prepared to move on to
Plan C-distributing the product through instructional activities
for young golfers-if his current licensing agreement doesn't
work out. In a nutshell, he's not stuck on just one option for
his product. And that could be the key to getting it on the
shelves.
The Initial Stages of Development
One reason Ridolfi decided to move ahead with the T Mate was the
minimal cost involved: He was able to make the prototypes and do
the packaging himself. His first models, for instance, were simply
tongue depressors. And it was easy to test the product: He had
several friends try out his model-as well as his fiancée, who
had never played golf and yet was able to crack some big drives
down the fairway.
Convinced the product would succeed, Ridolfi decided a patent
was in order before he could sell the product. He sought the help
of a patent agent (vs. a higher-cost patent attorney). Including
the time for the patent search, it was a year before Ridolfi's
patent application was accepted by the U.S. Patent and Trademark
Office. That acceptance was what he needed to declare his product
patent-pending and begin sales.
That year wasn't wasted: Ridolfi spent the time looking for
products that he could use as a model for packaging and pricing his
product. Using a device called Skycopter (a plastic X-shaped tool
used in convenience stores), he put together a model, took it in to
a local Golf USA store and piqued the interest of the manager, who
told Ridolfi to come back when the product was ready. From there,
he experimented with the best way to gain attention for his
product.
Plan A: Selling on His Own
Once Ridolfi had patent-pending status for his product and he
was ready to sell, he placed a display in the Golf USA store. He
also got four or five other stores on Long Island to carry his
product. "When I could, I'd go out and visit the stores
and see how the product was doing," he says. The product was
selling, but not as fast as he'd hoped. "I was doing
everything myself and holding a full-time job; I didn't have
time to get the product off the ground."
Ridolfi's initial efforts gathered him local publicity, and
he was contacted by Vista Pro Inc., the manufacturer of Shaggy Jr.,
a golf ball dispenser. Vista Pro proposed selling the two products
together for $29.95 in a major direct-response TV campaign in the
New York area, so Ridolfi signed an exclusive licensing agreement
with the company, and the TV campaign launched in December 1999 for
the holiday season. The ads ran on stations throughout New York,
New Jersey and Connecticut. Sales came in from the ads but not
enough to generate enough revenue for either Vista Pro or Ridolfi.
Vista Pro started putting together a distribution program in early
2000 to get the products in stores, but it's still too early to
determine exactly how successful that program will be.
Small Stuff
Most inventors look to large companies to license their
products. But, in fact, large companies rarely license new
products. You are much more likely to get a license from a small to
midsized company that is trying to build a product line. Watch for
other small companies in stores, in trade magazines and at trade
shows; you probably won't find them in big directories like the
Thomas Register of American Manufacturers. You might also want to
consider offering small marketers a private-label agreement, where
you supply the product to the marketer to be sold under its name.
This kind of agreement requires much less investment for the
selling party than a license, and it also allows the inventor to
maintain more control over the product.
Plan C: New Golfers
Ridolfi is still hopeful that Vista Pro will work out. He has
now realized that his customers are new golfers, who are not likely
to visit the big golf stores because they cater to better golfers.
If necessary, Ridolfi will tap into the market for new golfers,
which includes golf schools at local golf courses, golf leagues for
junior golfers and lessons at driving ranges. Ridolfi isn't
sure how he will put plan three into action yet, but he sure
isn't ready to give up. He has a piece of advice for inventors:
"If you think an idea is going to make you rich quick, you can
forget about it."
While it's difficult to know Ridolfi's eventual fate,
virtually every inventor goes through the same ups and downs that
Ridolfi has experienced. Recently, I talked to a local
inventors' club with the aim of offering insight into why
inventors succeed. I highlighted many of the successful inventors
I've talked to over the years, and the two common elements in
all the success stories were bulldog determination and an
unwillingness to accept defeat. If your first efforts don't
succeed, just open the next door-it might be the door to your
success. What's important is to follow Ridolfi's example:
Learn from each experience, and keep on trying until you find the
winning combination for taking your product to market.
Be a Pro
Kevin Ridolfi held down his patent expenses by using a patent
agent, but that still cost $3,500, and he will have another bill
once the patent is issued. If you want a patent but don't have
tons of money, you might want to consider PatentPro software from
Kernel Creations. PatentPro asks you questions about your idea and
then converts that information into a finished patent. At $329, the
software is not cheap, and you'll still need to send about
$1,000 to the Patent and Trademark Office (PTO), but the result is
still a whole lot cheaper than using a patent agent or
attorney.
PatentPro, compatible with Windows 95/98/00, includes forms,
checklists and the full text of the Manual of Patent Examining
Procedure from the PTO. Go to www.4patpro.com or call (888) 472-8776 for more
information.
Don Debelak is a
new-business marketing consultant who has been introducing new
products for more than 20 years. He is the author of Bringing Your Product to Market (John Wiley
& Sons).
Copyright ©
2009 Entrepreneur.com, Inc. All rights reserved.
Privacy Policy