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Ideas are shit execution is the game!
Pitch your physical product idea on through a video and embed that video into a website (landing page). Drive traffic via Facebooks ads.
Once the video ends ask a simple question after the video, for example “would you pay $X amount for this product?” Yes or No? Why did you answer Yes/No. You will get so much insight before you start to develop your physical product idea. You should also capture their email.
Taking into consideration, the products cost and potential margins. You can find out the rough costs by looking for a similar product on Alibaba and ask potential manufactures the tooling cost of said product and the MOQ requirements to get it to the price that you want to buy it at to make the margins that you require.
We’re nimbhl an award-winning industrial design studio. We first have a PAID discovery session with you to understand what business impact our industrial design service is to achieve you and how we can maximise this and to discover other uncovered businesses goals that you want from our services. For example we want to modify our existing product so we can obtain a 20% increase in sales – but is it the product that needs modifying or your sales pipeline that needs improving or has holes?
Another example, you’re seeking an investment of $100,000. We would ask you; what requirements and what stage does your physical product need to be at to get paid $100,000 investment/funds/prototype or more importantly what does your business need to look like – maybe you need to show that you have potential customers once you launch your product.
If you don’t know what your fundee is seeking in your business and idea – ask them or a company similar to yours that has been funded. You know have a known goal or criteria that your physical product idea needs to adhere to – to get the funding you require.
There are many ideas however it’s the execution that makes an idea profitable. It’s extremely easy to go to adopt the old “build it and they will come mentality” – this use to work but not anymore you’ll likely build something that end users don’t even want -or you’ll over engineer the product with tons of features that increase the time to market and cost per product reducing your profit margins to the point where your business doesn’t make a profit.
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