Launch Your Product: Will Your Product Actually Sell? Here’s How to Find Out
How do you know if people will actually buy your product before you invest heavily in launching it?
In this episode of Licensing Playbook LIVE, inventRight cofounders Stephen Key and Andrew Krauss break down what Stephen learned while building Hot Picks, his guitar pick business that eventually made its way into major retailers like Walmart.
Stephen shares how his first designs failed, how he tested new ideas directly with customers, and how real-world feedback helped shape everything from the product itself to its pricing, packaging, manufacturing, and sales strategy.
You’ll learn:
• Why you shouldn’t assume customers will want your product
• Simple ways to test demand before investing heavily
• Why competition can actually be a good sign
• How to think about pricing and profitability from the beginning
• Why your sales channel should fit your product
• What Stephen learned selling through music stores, convenience stores, and major retailers
• Why creating demand can be one of the hardest parts of launching a product
• How listening to the market can help you make better decisions as both an inventor and entrepreneur
Whether you plan to venture your product yourself or pursue licensing, the lesson is the same: Before spending significant time and money, find out whether the market actually wants what you’re creating.
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Chapters:
0:00 Introduction: Testing Demand Before Launch
1:12 Stephen's Hot Pix Journey: From Idea to Walmart
5:48 The Reality of Venturing vs. Licensing
9:00 How to Know If Your Product Will Really Sell
11:45 First Design Failure: Learning from the Market
14:03 Testing Designs with Real Customers
15:02 Finding Your Point of Difference
17:01 The Path to Walmart: Building Through 1,000 Other Stores
18:55 Why Competition Is Actually Good News
20:02 Sales vs. Profit: Understanding Real Numbers
24:46 Pricing Strategy: Work Backward from Retail
27:05 Packaging Iteration & Design Evolution
29:27 Manufacturing Strategy & Quality Control
31:41 Scaling with Licensed Brands: Disney, Taylor Swift, More
34:08 Distribution Channels: Retail vs. Online Economics
36:01 Consignment Strategy & Building Retailer Relationships
37:02 Testing Methods: Surveys, Retailers, Pre-Sales
38:01 The Hardest Part: Creating Demand
39:35 MySpace Marketing Strategy: Building a Community
42:14 The Time Commitment & Team Requirements
44:02 Cash Flow Reality: The Walmart Float Game
46:34 Confidence Gained from Venturing Experience
47:26 Knowing Your Customer & Market Position
50:01 Product Life Cycles & Staying Fresh
51:38 What Buyers Really Purchase: Marketing, Not Just the Widget
52:22 Meeting Taylor Swift & Licensing Deals
54:00 The Importance of Mindset & Overcoming Obstacles
55:01 Gateway Program Overview & Contact Information
56:01 Q&A: Licensing vs. Venturing, Manufacturing Decisions
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