eSign Product Evaluation Made Easy

Esign product evaluation

hey Stevie kit here thanks for watching and I want to talk about evaluating your idea I get this all the time people want to know hey do I have a good idea and just the other night a lot of really smart people had showed me all these different things to evaluate your idea I thought was pretty pretty great to see it but the only thing I don't like about it is that even though you can go through all these questions you're asking yourself do you really know if you've got a good idea decide those questions gonna give you an answer to determine if you have a really good idea no it might guide you to think a little differently a mic it might guide you to question maybe what you're doing but they're gonna say yes or no you got a great idea no no one can do that and no question here's going to do that and no friend is going to do that and no one's going to do even a company cannot do that the only way that's ever going to happen is that you're going to show it to a company because that opinion does matter right because most of these guys that are running these companies know their customers pretty darn well at this point if they're successful and they know enough enough about what works and what doesn't work and so they're willing to take a chance but at the end of the day it comes down to the consumer it really does I've seen a lot of ideas including my own that I get licensed it gets they put it on the shelf but the consumer doesn't like it we thought I thought was a great idea they thought was a great idea but that's another day the consumer didn't go by and didn't purchase it now the real kicker is you want them to come back maybe purchase another one those repeat orders are precious now who knows for sure no one does right so you can ask yourself a few simple questions and this is what I do I keep it pretty basic number one can I describe my idea into one juicy sentence that's right can I describe it in such a way that that someone if I described it to someone one juicy sentence they go hey I want to know what that is or or can you show me that okay I want that it's really important to be able to do that and guess what it's not easy to do you have to practice that and you have to realize it has to be somewhat emotional it has to get people to jump out of their chair open their wallet and say hey I want that now like I said it's not easy I'll give you two examples of brilliant one-line benefit statements that just grab your attention the first one was Steve Jobs when he came out with the iPod when he said got up there on stage and he just loved to simplify everything and said look how would you like a thousand songs in your pocket that was the iPod Wow he didn't explain how it was made he didn't talk about some of the features the big benefit was hey how would you like to walk with the walk around with a thousand songs in your pocket that was huge that's what you need to do you need to make sure your one leg benefit statement is is is that strong now the watch what is it now forty million is that forty million songs er I know something crazy he's they're doing it again was the one Lang benefit statement and then they're explaining it a little bit differently but they're still going for that emotional there you go that emotional hey I want it so that's the first thing can you describe your idea in one sentence that's people say hey I want to know more hey I want that or you solve that problem hey I want to know more about that number two can you do a quick demo right can you kind of show hey that's how it works or do I have to educate do I have to re-educate you and how this works we have to do this you do that no no you got to do this before you know it if you have to educate you've got an idea that's so new and you're changing the game up for everybody and it requires education requires a commercial it requires all that stuff it's too complicated I can tell you right now I'm walking away I'm out I'm not going to do it just like they say on Shark Tank I'm out it's too much it's gonna cost too much money number three it needs to be a big market reason why if you're going to license an idea to a company they're gonna want to sell a lot of product they want to make sure a lot of people want it if it's really small only a small group is gonna want it big companies or mid-sized companies it doesn't matter what size companies that license ideas from you and me they're not gonna love it you guys are just not so those are the three things that I do also if you want to add one more to this because I know a lot of guys want more detail especially engineers out there how do you make it right if I had a little information on knowing that my product could be made who could be made you don't have to determine that most of the ideas I see people do not know if it's going to be made or not but if you want to go one step further and have your your idea maybe get some CAD drawings and show it to a contract manufacturer go hey can you make this that's even better do you have to do that no you don't have to do that eventually someone will do that I would rather do the three things first to determine it up a good idea but at the bottom line so it's got to make it it's got to make it a price point where they can sell it so those are the four things that you can do and also here's that here's number five make sure that if you're gonna if you're trying to license that idea and my intent right TVs all about licensing you know that make sure that it's a category right that has a lot of potential licensees a lot of companies looking for ideas low so if you've got one product there's like three major companies that are doing it and they're really super makeup big companies I'm gonna tell you I go I would go the other direction big companies don't innovate they don't do that they wait to some smaller company innovates and then they go ahead and do something some variation of it and then they because they have shelf space then they do it there there there a market taker that's what they do but they don't innovate they don't have to they're too big to it's risk so don't go out to those big companies so make sure number five that there's a lot of companies that are midsize that you can submit it to and before you even make a prototype or make a sell sheet or do any of that stuff why don't you determine how many companies are are in that space and if they're user-friendly that's right so I have an idea yeah you can demo it yeah I've got a one-line Bigfoot statement that's pretty good yes it can't be manufactured and yes there's there's 25 companies that could I could send this to reach out to a couple of the companies first and see if their inventor friendly there you go and if they are go for it those are some of the things that I would do it's never a guarantee the only guarantee when it gets on a store shelf and someone pulls out their wallet buys it that's the only guarantee there is out here you guys thanks for watching Steven key here woo subscribe down below tell your friends keep those questions coming thanks bye hi this is Steven key and I just want to thank you for watching and fit right TV we're here to save you time save you money and show you how you can bring your products to market through licensing so please subscribe down below click on the button and tell your friends thank you