Tuesday, December 16

Free money for inventors....

Sorry - Just kidding, but now that I have your attention, I have something very important to tell you. This is not some sermon about how to license a product, or warning about taking things to market without knowing what you're doing.

No, this is much simpler, much more primal to the process of inventing.
This bit of wisdom you should put in your wallet and carry with you everywhere you go for the rest of your natural life. It's the ultimate fortune cookie advice that every inventor should have at the forefront of their thought process.

This very simple reality guides everything you will ever do in the world of inventing retail products. So here it is:

"A retail product is simply a wrapper for a solution to a consumer problem" 

WOW! That's really cool! This one simple statement sums up the entire process you have tried so hard to wrap your mind around.

But what does it mean? 

Let me explain - We are all consumers, and as our daily lives unfold we experience problems we need solved. If you strip away the fancy logo and catchy jingle you will see that retailers are just the place we (as people with problems) go to find ready-made solutions.

Retailers are the repositories of the solutions to everyday problems such as: I'm hungry, I have no way to get home, my clothes stink, my room is a mess, and so on. 

When we have those problems, but the retailer doesn't have the solution, we use our natural tendencies as inventors to find a new solution. When we find that solution, we take it to the manufacturers who will place it in their repository so the next time someone has the problem they can buy the solution. 

We as retail product inventors are simply the ones that keep the repository full of new solutions that apply to the broadest group of people experiencing those problems.

The larger the group of people having the problems the more value the solution has - simple as that.

So, spend some time thinking about this statement "A retail product is simply a wrapper for a solution to a consumer problem" don't over analyze it. Just take it for what it is, and apply it to the consumer invention you are working on. Figure out what the problem is your invention solves, and be honest about how many people it really helps.

You will be amazed at how well these simple words can guide you closer to success.

Now get back out to the shed and find me a solution!

Mark Reyland

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