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TIPS FOR BRINGING YOUR PRODUCT TO MARKET by DEB DE SHERBININ, president, Perk Consulting, WIT Empowerment co-chair WIT EMPOWERMENT DAY PROVIDES unique access to pitch Walmart buyers and toy manufacturers, and opportunities to learn about the best practices in developing and launching a product through speakers, panels, and one-on-one sessions with experienced mentors. The fifth WIT Empowerment Day falls on Oct. 1, right before Fall Toy Preview in Dallas. Dozens of industry thought leaders will volunteer their time and talent— and in many cases open up their rolodex—to help women entrepreneurs and startups from across the country take products or concepts to the next level. Here are 15 tips on how to bring your product or concept to market, from some of the mentors who have helped hundreds of women: Consider the competition. Visit stores and look at what is and isn’t working on competitors’ packaging. Read all forms of media and stay informed; keep your ear to the ground and know what’s going on around you. Allow yourself and your employees to try new things to explore different opportunities and gain learning experiences. —Maureen McHale, president, McHale Design Develop a brand promise. It shows what you stand for and differentiates you from your competitors. Everything you develop must ladder back up to your brand promise, including product, marketing, messaging, website, communication, etc. —Stacy Lellos, VP & general manager, Klutz Know your audience. Know the specific demographic of those who will use your product. Know your product. Know what makes it different, and what is sitting on the shelf next to it. Know your price points and understand the complete landscape of your product. —Veronica Walters, director of sales, Funko Be prepared when talking to your buyer. Show them you know what you’re doing, that you understand the competitive landscape, and that you have a media plan. If you believe in your plan, your buyer will, too. —David Becker, CEO, Blue Plate Media
Design your product with safety in mind. The U.S. CPSC Small Business Ombudsman Office can help steer you in the right direction for things such as testing labs, sourcing materials, freight forwarding, and more. Call (301) 504-7945, and you’ll actually get a real person at a government agency. —Shelby Mathis, small business ombudsman, U.S. CPSC If you are a female founder, get certified as a women-owned business. Becoming certified through WBENC gives you access to helpful resources, connections, education, and mentoring, and you can use the logo on your packaging and in your marketing. —Jill Sasso, senior director human resources, WBENC Manage your business. Don’t let it manage you. Each morning, think about the most important things you have to do, then do them without getting distracted by emails, employee issues, etc. —Jeff Pinsker, CEO, Amigo Games Inc. Figure out what you want to be. Know whether you want to be an inventor or if you want to get your product licensed. If you choose to create/invent, find a company that will license your product for you. —John Lee, co-founder & general partner, Bambini Partners LLC Know the buyer. Demonstrate that you know the buyer’s product category, volume, margin rates, and how your product fits into that category from standpoints of merchandising, financial, and competition. Ask for feedback and ask for the sale. —Leila Nosrati, consultant, Master Toy Advisors Do your research. Before going into a meeting, know the answer to any question before it’s asked. Be smart, on point, and prepared for anything that might come up. Surround yourself with brilliant people. Have supportive people who can help you and boost you. —Lisa Shamus, president, Lisa Shamus & Partners A picture is worth a thousand words. Customers make online and mobile buying decisions simply by looking at the pictures,
52 THE TOY BOOK | JULY/AUGUST 2018 | toybook.com
reviews, and the title. When selling online, take control of and manage your brand content, image, copy, etc. —Matt Phillips, executive director, Tier 1 Visit uspto.gov. It’s a fount of incredible resources—both online and in regional offices around the country—whether you’re an inventor or you have questions about trademark or copyright. Document everything you do. Documentation provides a good record, and in negotiating an agreement, it helps you build good relationships. —Michele Martell, Esq., principal, Martell Media House Create a relationship with a production company and create a descriptive creative brief. Include the different product features; the environment of the media content, such as a house or a three-wall set; the talent you envision, such as kids or a mom; and your budget. —Pablo Garrahan, founder & executive producer, Fiction Films Ask yourself three questions. For the most effective public relations campaign, ask yourself these three questions before you begin: What is your objective? Who is your target audience? What distinguishes your brand from the competition? —Stephanie Azzarone, president, Child’s Play Communications Listen to the experts. There are two types of researchers: academic researchers and kids. Never ever introduce a product without testing it out on kids. Watch how kids play with your product and learn from it. —Wendy Smolen, Founder, WendySmolen.com »
Deb de Sherbinin, WIT Board member and co-chair of WIT Empowerment Day, is president of Perk Consulting and KidSmart. With more than 25 years’ experience in the toy industry, she offers innovative thinking, marketplace savvy, and strategic direction to entrepreneurs and companies to grow their consumer product lines.