Quote:
Originally Posted by IR_Efrem
you could throw us a bone duke - product service? related to what?
somethin heh - i dont wanna know exactly what it does or what its for =P
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For obvious reasons I can't really go into what it is I'm working on but suffice to say, there are about 6 products in various stages of evolution with two products fully realized from design to manufacture. One of these two products is consumer based and targeted for a large audience that is willing to spend a few extra dollars for a superior product not exactly new to the market place. This product has been running around the back of my mind for close to 13 years now (as my daughter pointed out) and meeting with my future business partner helped streamline the product to a much more "manufacture friendly" and cost effective end result.
This product (we'll call it Product#1) is now in costing stages and it looks as if we'll be assembling between 4 - 6 samples in the months of Feb - March. Once we've worked out the complete manufacturing process, we'll see if we can find anyone who wants to carry the product locally (which shouldn't be a problem) and in the meantime find suppliers to manufacture portions of the raw products with assembly being done by my partner and me for the short term.
Product#1 is module based so in theory, the consumer can customize their end product in any fashion that suits them best. We'll also have an online presence (at a company level) with interactive webforum for each product we offer. This site will have blog and photo gallery integration as well so consumers can help us tweak our products in a fashion that works better for them.
Product#2 was an idea I came up with years ago when I worked as a salesperson. For whatever reason, the place I worked at never took on the project even though excitement was high; I guess their more comfortable within the confines of "me too" instead of leading the way.
The company has not endeavored to do anything with the idea and since it's sit idle for 6 or 7 years, I'm going to market it. Cold calling for this product 7 years ago met with approx. 80% approval rate and I even had one of the VP's of Marketing for John Deere calling me at home asking for pricing and product launch.
A funny story about one of the phone conversations with John Deere; I got a call from this guy one night and he was really pushing for details because they were doing a North American Tour with a few Tractor Trailers and he really wanted the product for the Tour. He was really pushing for unit (ea.) pricing and I simply couldn't give him an accurate number so I guesstimated based off generous markup on non-quantity-break pricing. The number I gave him was between $3000.00 - $5000.00 / unit and his reaction was hilarious, he simply went silent.
After a lengthy pause (I started to wonder if the line was dead) he asked how I could possibly charge that outrageous sum for the product I was offering. Of course I was ready for this and gave him the costs of this product measured against similar products that give half the exposure (at best) and we both came away with the feeling it was not only a fair price, it's a bargain.
This product is highly technical in both design and implementation so it'll require a lot of hands on attention from myself in the early stages to ensure reliability. This of course will mean traveling substantially in year one so I'll need a lot of capital for product launch and Customer BETA.
Product#2 is aimed at the Class 8 Trucking Industry and specifically targeted toward fleets with the main goal being this product being offered as an option on Class 8 Trucks (and possibly trailers) at a factory level.
Both Product#1 and Product#2 have received positive feedback from more than one source and sources that I don't know and have no friendship, affiliation, or influence over (strangers). I believe this to be a fair measure of marketing viability but moreover, I just want to actually try and market one of my endless stream of product ideas. To not take one of these products to manufacture is really robbing myself of the "what if?" which will haunt me the older I get (it's haunting me now).
Theoretically, if the products only sell a low to mid range figure, it may potentially translate into millions of dollars over a 2 - 5 year lifespan. The fact that we're building modularity, expandability and upgradeability into each design may double or even triple the life expectancy of each and every product meaning the sky is really the limit.
Even if Product#1 fails (which is always a possibility), it will have only cost me roughly $500 - $1000 total and will finally answer the burning question of "what if?".
We'll see.