FAQ  •   Login  •   Register  •   Subscribe 

Welcome to the Forum for InventorSpot.com, the most popular invention related website in the world. Read our welcome message.

Skip to content

Moderators: Michelle, Scrupulous, citizen


Product Evaluation - The Only Opinion That Truly Matters

Postby Andrew Krauss » Wed Jan 19, 2011 2:33 pm

User avatar
Andrew Krauss
White Belt
 
Posts: 20
Joined: Mon Nov 24, 2008 10:41 am
RE: Product Evaluation

I've always taught my students that the only opinion that truly matters is the opinions of the manufacturers you are trying to license to. After all, that's who will be investing in, manufacturing and marketing the idea.

Some companies may have 5, 10 or even 20 years of experience in an industry. Getting feedback from one of these maufacturer's is like gold!

I've had a few students show me ideas that I didn't think were to great. If i had told them that I thought the idea was bad and to not work on the idea, they would have never licensed the idea. Obviously, they knew the product category better than i did.

Instead I think a good evaluation involves the coach or consultant sharing with the inventor what the upsides and downsides of the idea are and some potential roadblocks the may run into. That's what I did with those students I mentioned. I made sure they had the best presentation possible, did their research and generally thought the project through and they ended up licensing their idea.

If i had given them a "Go" or "No Go", i would have done them a huge disservice.

So to summarize.....
Do your research and see what the manufacturers think.

70% of inventing is done after you contact manufacturers, not before.

Then make adjustments if necessary.
Keep Inventing,
Andrew Krauss

http://www.inventRight.com Co-Founder
10 Years and Counting

http://www.InventorsAlliance.org President
13 Years and Counting

Re: Product Evaluation - The Only Opinion That Truly Matters

Postby Roger Brown » Wed Jan 19, 2011 9:58 pm

User avatar
Roger Brown
Black Belt
 
Posts: 1179
Joined: Mon Oct 30, 2006 2:53 pm
Location: USA
Great info. It helps if the Inventors understand they need to be flexible when dealing with companies. The company may decide to make changes to their (baby) to make it more marketable to their target market.
Come visit my sites at http://www.RogerBrown.net
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.

Re: Product Evaluation - The Only Opinion That Truly Matters

Postby Tom C » Thu Jan 20, 2011 8:45 am

User avatar
Tom C
White Belt
 
Posts: 17
Joined: Mon Jan 03, 2011 11:56 am
Hi Andrew,
I want to let everyone know about the webinar you guys aired on Tuesday this week with Andy McKinley from Lenfest Media Group. It was Awesome! Andy is "The Guy" at Lenfest Media in charge of reviewing products for their DRTV program, (Direct Response TV). He spent an hour of his time reviewing everything they look for in a product before it goes to the review process and then on National TV. I learned more about the DRTV market in 1 hour than I have in the past year! I plan on listening to the webinar again and again as it was loaded with information about the industry. What an education! Andy has the formula for a successful DRTV campaign and then to top it off, he gave all of the listeners his private phone number to his office! Now that is direct access! Thanks for the knowledge and education. InventRight has a site to listen to all of their past webinars.

Re: Product Evaluation - The Only Opinion That Truly Matters

Postby Andrew Krauss » Thu Jan 20, 2011 1:30 pm

User avatar
Andrew Krauss
White Belt
 
Posts: 20
Joined: Mon Nov 24, 2008 10:41 am
Roger,
Yes, i agree. I'm always reminding my students that a good percentage of inventing is done AFTER you contact a company and get some feedback about what they like and don't like about the idea.

Tom,
Thanks saying such kind things about our last webinar on Tuesday. We try to pull out all the stops and provide the best info possible whenever we have a guest speaker.
Keep Inventing,
Andrew Krauss

http://www.inventRight.com Co-Founder
10 Years and Counting

http://www.InventorsAlliance.org President
13 Years and Counting

Re: Product Evaluation - The Only Opinion That Truly Matters

Postby JoeWaisman » Thu Jan 20, 2011 5:30 pm

User avatar
JoeWaisman
Green Belt
 
Posts: 228
Joined: Tue Dec 29, 2009 4:10 pm
Andrew Krauss wrote:If i had given them a "Go" or "No Go", i would have done them a huge disservice.

This strikes me as being obvious and true. In fact companies that are constantly bringing new products and new versions of products to market do not focus on this during the development phase.

My 2 cents:
Companies will likely want to tweak the product features if they license it. With that in mind a product must be considered to be in the development phase until it has been licensed and is on the shelves.

The focus during the development phase is not on the entire product, but rather individual features. They frequently evaluate the cost/benefit (more or less "Go" / "No Go") of each feature.

What would be much more useful, in my mind, is coaching. An individual or group who could take a clump of clay, polish it and then sell it. In other words constructive criticism, with advice on how to improve the product AND make it marketable.
___________________________________________
"The horse is here to stay but the automobile is only a novelty, a fad."
Fun links:
*http://www.scribd.com/doc/441708/Bad-Predictions-About-Great-Inventions

Re: Product Evaluation - The Only Opinion That Truly Matters

Postby Andrew Krauss » Tue Feb 01, 2011 2:29 pm

User avatar
Andrew Krauss
White Belt
 
Posts: 20
Joined: Mon Nov 24, 2008 10:41 am
Joe,

Good points.

Many Inventors believe they need an expert or that they need to hire an evaluation service to tell them if their idea is good.

Why not just ask the manufacturers (potential licensees) you are trying to license to?

After all, that's who will be investing in, manufacturing and marketing the idea. If all your potential licensees don't like the idea, you either need to fix it or move on. It doesn't matter that some so called expert tells you your idea is good or not if the manufacturers aren't interested.

Over ten years of coaching inventors, I've found that many people want to make sure everything goes perfectly at every step of the way. Business is messy and far from perfect. You just need to roll with it. Once a new Inventor realizes this, they always up their game. There is no 100% assurance of anything in business and that goes for licensing ideas as well.

If a coach can let you know about some potential problems with the idea or give you an idea of what types of questions or concerns a manufacturer may have. That's a great thing!

Don't seek a "go" or "no go" reply from anyone.

Instead.....ask good questions so the expert, coach or mentor can help you evaluate the ups and downs of the idea and potential road blocks.
Keep Inventing,
Andrew Krauss

http://www.inventRight.com Co-Founder
10 Years and Counting

http://www.InventorsAlliance.org President
13 Years and Counting

Re: Product Evaluation - The Only Opinion That Truly Matters

Postby Roger Brown » Tue Feb 01, 2011 2:54 pm

User avatar
Roger Brown
Black Belt
 
Posts: 1179
Joined: Mon Oct 30, 2006 2:53 pm
Location: USA
Andrew, you are so right. Here is a list of 10 mistakes Inventors make. One of them is being married to their idea. Inventors need to be flexible and realize they may have to compromise when dealing with companies.
Below are things Inventors need to do or understand when it comes to inventing if they want to succeed.

1. Understand that inventing is a business. Treat it like one.

2. Actually research your idea before you send it to a company. Don’t tell them “There’s nothing out there like this!” When spending 2 minutes on the web they find several items exactly like yours.

3. Understand every company has a different method and time range for reviewing submissions. Don’t send a proposal on Monday via snail mail and call them Tuesday at 8:30am wanting to know when they will be sending you a contract. It is a simple task to ask the company you are submitting material for review “What is your normal turnaround for reviewing submissions?”

4. Don’t be married to your product and totally against changes to make it marketable.

5. Put your contact information on every item you send them. Don’t make them guess who sent it.

6. Don’t send prototypes unsolicted. Let them know a prototype is available upon request. You can’t expect a company to pay shipping for every prototype they receive unsolicted.

7. Understand every idea is not a million dollar idea. Yes,there are million dollar ideas, but they are not the majority of ideas. Be realistic in your expectations

8. Realize everyone that rejects your idea is not stupid.

9. Don"t send a 20 page explanantion of your product. Be concise and clear on your sell sheet. If it takes more than two pages to explain your idea you have a problem.

10. Know who you are sending your submission to in the company. Don’t assume they will figure it out for you if you just send it in care of the company.
Come visit my sites at http://www.RogerBrown.net
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.

cron