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The Retail Jungle…where vision become real( part1)

Written by: Anthony Testa

Article Overview: Information for about what to do if your planning to launch a product in Retail

The Retail Jungle…where vision become real( part1)

The Retail Jungle…where vision become real
(Part 1)




So you’ve got a great Idea …

…and believe that it’s the next best thing since sliced bread!



One question…


What do we do now?


Welcome to the retail Jungle!


We need a compass and an idea of which direction to go first. How do you get your Vision to become real?

Let’s find out how much about our product we really know?

We need to fully understand our product, as well how it stacks up to the competition. We need to gather the right knowledge that will better equip us to prepare a business plan for the life of our product or product line.

A systematic approach is very important;
You need to maintain a degree of separation from your idea/product.

I have worked with clients that have become so attached with a concept of where they think their product lives, that they become “pregnant” with that idea to the exclusion of all else and lose the big picture. They are literally so singularly focused that they have tunnel vision. “I see my product as such and such…” but after exploring the market you may find that your product may fit better in another totally different market! We must remember to remain flexible.

You have to retain an objective point of view.

It’s time to educate ourselves about products and how they measure up in the Retail Jungle. You will be surprised at what you’ll learn.

When we’re looking at the big picture, we first need to think about is a viability report, this will help decide the direction to take, when to put the breaks on and when to go full steam ahead! This will help us get a birds eye view of the landscape, see what’s already out there, who are our competitors, is the market saturated with similar products or are we the only one. What are the market price points? How will we fit in? How is our product similar, or dissimilar, in what ways does it stand out? Can we compete, or are we out of their league! What makes our product so different that people will want to buy? What magical quality does our concept have?

Now I am not talking about just visiting a store, we need to compile as much information as possible so that when we read it we have a great snapshot of our product and the market which we are about to play in.

Whichever firm you chose to work with, your report needs to be concise and as thorough as possible, and then we can begin the process of moving (you) the stakeholder from the Idea stage through to building a prototype right through to manufacturing. We need to have the strategic suppliers in position that can be on board from the moment pencil hits paper.
Otherwise more often than not we will have a design concept that looks great, but will be unmarketable because manufacturing cannot produce at a reasonable cost, if they can produce at all. Now we’re back at the beginning asking ourselves what do we do now!

There is nothing worse than have a great looking concept, but no one who can produce it at a profit making price point.
This is worse than having no design at all.

You need answers about your target market, your promotional plan, as well as time line to shelf.
We need to develop a working prototype for presentation, feasibility, and manufacturing sourcing.
We need to assemble a comprehensive business plan to target our retail outlets.
Don’t forget about packaging we also need to develop a plan for packaging. This also needs to meet all the previous criteria, and should be developed in parallel. The look and style of our packaging needs to fit in the target market to communicate our message effectively. Size in ratio to competition needs to be factored in so as to offer a higher than perceived market value!

Create,innovate; products and packaging that sells!

Next time …. What the Retail Jungle eats for breakfast!

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Article Tags: best thing since sliced bread, big picture, birds eye view, business plan, compass, degree of separation, different market, jungle, landscape, objective point, point of view, right knowledge, similar products, stacks, steam, systematic approach, tunnel vision, viability report



Related Forum Posts
Happy Worker as of Dec 31 2007 - Here's mine... I'm now off to make an offering to the business planning gods for their help in getting to these goals & beyond. To the combined success of Prophets 2 Profits! ----------------------------------------- 1) Corporate a) Retail - Sales reps covering all major markets (1M or more) - Retail product launch plan - 1 more retail release (TBD) b) The Toy Agency - Systems for: o Creative process o Pricing o Manufacturing o Logistics - Marketing agency strategy in place - 1 new customer every 2nd month (5 new customers); 1 of which will be rev of >= 500K/year c) Business - Creative talent pool management strategy & process - Outsourced and/or weekly bookkeeping - Monthly budgeting & forecasting - Better banking organization (Line of Credit, CCs, automate billing for appropriate vendors) - Team total of 5 - Larger office d) Web site - Daily updates - Start of separation of Blog/TTA/Retail 2) Personal - Most weekends “off”! - Entirely separate personal finances; basic personal financing plan - Family….?
Re: What I Enjoyed Reading This Week - Oct 14 - I really enjoyed the Improve your vision with an app article in the New Scientist. I don't wear glasses and think a lot of people cripple their vision by wearing specs from an early age instead of exercising their eyes... Nice to see someone has developed an ap that will help.
Depends on the conditions - If for example I give up ownership, but the owners commit to pursuing my vision with my product, then I will certainly considering giving up ownership. Contingent on my being able to buy back ownership in the event of incompetence or if the new owners fail to follow through with my vision.
Hello from the Midwest USA - Hello - I just joined this forum, because I am looking to network with other like minded individuals all over the world, open to new entrepreneurial ideas and not afraid on being on their own. My favourite motto about any business is that "If it was easy, anyone would do it." It takes a special person with determination and vision to make it out there. I have been in real estate a long time, through good and bad, but I follow my passion for the business and my instinct, and that is how I have moved forward and I could not imagine doing anything else.
Re: Invest in Real Estate or Stocks? - I would say real estate. I've recently attended a real estate buyer's workshop (which are available in many many cities!- Look in Craigslist or major real estate company events) because my partner and I are thinking of investing in a income property. I am not so sure about the U.S now, but in Canada the value of real estate is rising- depending on locations of course. On top of that, Canadian Banks are offering excellent interest rates. With the way the economy has been, one can say that trust in stocks has diminished a lot..


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