Creates Millions Naira Products: If you’re the inventive sort.
This article will provide some suggestions to help you to turn your idea into million Naira products.
This article uses the real-life invention of Rust-O-Less as a successful product development.
The invention and selling pathway of which you can copy or customize to your invention.
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Creates Millions Naira Products
1. Identify a problem.
Is there something out there that is wasting someone’s time?
Or causing someone to spend unnecessary money?
- Example: Shaving cream cans rust – while many enjoy shaving in the shower as it helps exfoliate the skin, when water mixes with the metal of the shaving cream can, rust rings foam which are very difficult to clean.
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2. Make sure there is not already a solution out there and understand why there is not a solution.
To make sure there is not a solution for the product, search: Google, Amazon and relevant companies.
- Visit some of the top retailers in your area
3. Understand why there is not a solution.
For example: In the case of Rust-O-Less, the shaving cream companies do not want to admit their products leave rust rings.
Thus they are not able to create nor endorse a solution to a problem that in their mind does not exit.
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Creates Millions Naira Products
4. Invent the product if the gap in the market exists.
Draft some designs and built a prototype. The prototype does not need to be perfect.
But you must commit both time and resources.
This is arguably the most difficult step.
If you do build a prototype, then you are already in the top 10 percent of innovators in the world.
- For example: For Rust-O-Less, a prototype was created with silicone putty from an arts and craft store and made into the first mould pictured above. It cost about $20 and a Saturday afternoon, but now there is something tangible to share with friends and family.
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5. Conduct preliminary research.
While many inventors are afraid to share their ideas.
The truth is probably no one is passionate about your idea to steal it.
So you might as well get other people’s opinions.
Talk to friends and family about your idea.
- Leverage online tools like SurveyMonkey to find out whether or not people would actual use the product and what colors, sizes and price points are most desired (where relevant).
Creates Millions Naira Products
6. Get the product manufactured.
This is the biggest leap of faith, as you will most likely need to commit serious Naira to get a mold created.
Understand what you are building and try for local manufacturers.
Dealing with people locally makes it easier to communicate in the same language and you are able to meet in person/visit the production facilities.
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7. Creates Millions Naira Products
Be willing to use manufacturers abroad (search using Google Shopping for Suppliers or Alibaba).
Pay more per unit in order to keep your investment low as you can always go back and increase your order runs that will help drive higher profitability later
Example: For Rust-O-Less, it was not able to be made by a local manufacture, so it went to Alibaba, a website that helps inventors to find quality manufacturers, suppliers, and products. While many of the individuals speak / write broken English, if you do the right due diligence, you will be able to find the right manufacturer.
In addition, unless you want to pay an arm and a leg for air, allow time for shipping by sea.
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8. Build a website/web store.
There are many good site builders from GoDaddy to Squarespace to Amazon Webstore.
Make sure there is enough text and a handful of pages which can help with SEO (Search Engine Optimization)
- If you do have a web store from any of the sites mentioned below, it is also recommended to have a Seller Account on Amazon.
Creates Millions Naira Products
9. Develop marketing materials and packaging.
Start simple – a poly bag, like the one’s on Uline, can work if you are only selling online.
- Make the product retail friendly. As sales pick up, look to add a header card so the product can be displayed in retail
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10. Do test marketing.
Market in such places as:
- Facebook – create a page and encourage your friends to ‘like’.
- Blog – this creates fresh content that can help with SEO.
- Google – experiment often and frequently with Adwords.
- You can usually get a $100 credit.
- Start with a budget of $5-$10 / day until you know what is working / not working.
- Amazon – advertise where you product is being sold… helps with the impulse purchase.
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11. Find champions.
If someone likes your product, ask him/her to write a review.
- Send thank you emails
- Offer discounts for future orders. The easiest consumer to convert is a current consumer.
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12. More tips
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Always be iterating: new marketing, new packaging, new sizes… new, new, new.
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Have thick skin… you will hear a lot of ‘no’s.
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Develop a product that commands repurchases (e.g., bottled drinks, soap, makeup).
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The product should solve the problem.
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Be passionate about the idea. There will be many ups and downs.