Forums: Discussions for entrepreneurs and small business.

Hello,

We have developed a model for a new consumer product. This has the potential to sell by the thousands. We want to land sales, have the expensive tooling made, then do production runs. Most companies want a letter describing the product you have to offer. Then you have to do a follow up call if you dont hear from them. What kind of sales strategies would you pursue to sell companies on your new product?

Are you going to approach them prior to a production run ?   If so, make sure you have as much information as possible to compenstate:  costs, retail sales projections, distribution, sales/product advantages over competition, packaging, a working prototype, design options, adaptability (can it morph into something else later), anything useful.

Is it protected (patent pending, patented). Additionally,  do not assume that your prospect will understand "anything," beyond what you`ve "passionately" explained in detail. It is up to you to "drive home" even what you consider too obvious. Trust me, they`re not "all that" when it comes to seeing anything not laid out for them - especially what you believe to be obvious!

I suggest getting at least a provisional patent then test your prototypes in the field so you will have data from your primary market research to show the "fantasticness" of your product (and that it really works like you think it will). Do you want to start a buiness or license your product?

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Leslie
Founder and President
Charmed Life Products LLC
Grill Charms™… The MUST HAVE grilling accessory that is revolutionizing the American Cook-out AND The perfect gift for any occasion!
Grill Charms
                                                                                                    

You will need to do a test run with them providing a 30 - 90 day finance agreement. This is appealing to them because they want to see you report good results to DUNs and creditors. Win win for both of you. You need dealer contracts.

SUN,

We plan to sell ourselves at this point. I have licensed a product already and have a patent pending. It is still in the works. This product is simple in design and a design patent may be a possibility. Probably not a product for a utility patent.

Before deciding a sales strategy I`d decide what markets you`re going to approach first. The strategy you use is going to vary depending on your customer. Once you`ve determined your market (independent stores, small chains, mass market, etc.), it will be a lot easier to figure out a sales strategy.

Good luck,
RF