Inventions help make our lives easier. However, some of the best products never make it to market. If you’ve invented a product that you’re anxious to introduce to the world, one of your toughest challenges will be finding a vehicle for promotion and distribution.
The Cheat Sheet spoke with Joanne Domeniconi, co-founder and chief discovery officer at The Grommet, for tips on how to pitch a new product. The Grommet, launched in 2008, has had plenty of inventor success stories. Some inventors have seen their business take off after selling their wares on the site. The Grommet team worked with James Park during the early stages of Fitbit, as well as Debbie Sterling, inventor of GoldieBlox.
While Domeniconi offers tips for pitching products to The Grommet, these nuggets of wisdom can be used as a general guideline for how to successfully market a new product. Here are four tips for perfecting your pitch.
1. Have a complete product
Before you market your product, make sure it is finished and ready for distribution. Generally, an idea is not enough to secure a distribution deal.
“One of the things you need to have is a market-ready product. A lot of people pitch ideas to us, but that is not really our business. Our business is to help grow a business that is already formed. Your product must be manufactured and ready. If you haven’t figured out your manufacturing and you don’t have any inventory in your warehouse, we are not going to be able to help you. We get paid by selling your product. That’s a wonderful thing, because we are very much aligned. We are going to create a wonderful story about your product and tease out why it’s important, why it’s distinctive, and why a consumer may be interested in purchasing it,” said Domeniconi.