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Launching a New Product - Back of the Napkin and Back

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We take you through the process of ideation to realization when launching a new product. See the steps necessary to take to make sure you launch on-time and not go over budget.

The presentation was to the Undergraduate and Graduate level classes at The University of Tampa Entrepreneurship Program.

For more information, please visit our website https://www.baysourceglobal.com

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Launching a New Product - Back of the Napkin and Back

  1. 1. Launching a New Product UT John P Lowth Entrepreneurship Center Back of the Napkin and Back
  2. 2. Back of the Napkin and back Great ideas • Every great product started as an idea • Thousands of ideas and concepts are still sitting on a shelf • Lack of resources, confidence and follow through = lost opportunities • Lack of Experience • Lack of resources and Capital . . .
  3. 3. Back of the Napkin and back Reasons people don’t follow through with their ideas • Lack of resources—time, contacts, CAPITAL • Lack of know how—market research, IP protection, patent process, manufacturing • Lack of a business plan—go to market strategy, distribution, sales forecast • Fear of failure
  4. 4. Proper Planning and Research
  5. 5. What’s The Plan?
  6. 6. Product development, also called new product management, is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services. The objective of product development is to cultivate, maintain and increase a company's market share by satisfying a consumer demand. Not every product will appeal to every customer or client base, so defining the target market for a product is a critical component that must take place early in the product development process. Quantitative market research should be conducted at all phases of the process, including design, pricing, and market potential before the product or service is conceived, while the product is being designed and after the product has been launched.
  7. 7. Market potential
  8. 8. Patent search www.uspto.gov
  9. 9. Break Even Analysis
  10. 10.  Develop a Minimal Viable Product (MVP)  Design for manufacturability or scalability  Proof of Concept  Don’t let patent delays stop progress  Be “First to Brand!”
  11. 11. Selling your product
  12. 12. PricingCost of Goods Freight, Duties, Taxes, Insurance and Inventory! Broker, Distributor/Wholesaler, Direct? Margin $SRP
  13. 13. Pricing Legal, research, marketing, office, web, travel, tradeshows SGA, Product design Tooling (molds) Samples, shipping, travel Minimum Order Requirements & Inventory Costs $TLC Startup Costs
  14. 14. Back of the Napkin and back Marketing Strategy • Opportunity analysis • B2C or B2B? • Best go-to-market strategy (e-commerce? Brick and mortar? Specialty retail?) • Merchandising and packaging recommendations • Distribution channel strategy • Highly successful creative campaigns—DRTV, SEM, SEO & Media Buying • Direct link to major CPG companies; LICENSING? • Production assets (demo videos, infomercials) • HSN, QVC and other distribution channels Retail Channels
  15. 15. Back of the Napkin and back • Proven model for direct response • Direct link to major CPG companies • Production assets (infomercials) • HSN, QVC, and other distribution channels • Build consumer awareness and brand equity Direct Response Marketing (DRTV)
  16. 16. Back of the Napkin and back Develop a Product Deck • Narrative about the product; some business plan info, what makes your product fill a void / The Opportunity • Should have professional 3D drawings • Material specifications • Finishes • Packaging—primary and secondary • Fit and function requirements—QC • Volumes—initial run and annual
  17. 17. How to first approach a supplier
  18. 18. How not to communicate your project
  19. 19. Back of the Napkin and back Finding the right Manufacturing Partner • Identify a direct link to qualified, fully audited suppliers • Boots on the ground • Tooling, sample coordination, manufacturing, quality control and logistics • Complete, bi-lingual support staff in place • Lowest total cost solution • End to end China Project Management • Ask for references
  20. 20. Back of the Napkin and back Finding the right Manufacturing Partner • Keep good records • Initial inquiry date, response dates • Contact info, address, phone, emails, web site, etc • Broker or Manufacturer • Current products produced and markets served • Number of employees, year established • Notes • NDA signed √ • Build a map
  21. 21. Back of the Napkin and back Idea Marketing Plan Manufacturing
  • MonikaGoyal25

    May. 28, 2020
  • AditiPattnaik2

    Dec. 26, 2018

We take you through the process of ideation to realization when launching a new product. See the steps necessary to take to make sure you launch on-time and not go over budget. The presentation was to the Undergraduate and Graduate level classes at The University of Tampa Entrepreneurship Program. For more information, please visit our website https://www.baysourceglobal.com

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