An introduction to commercialising new golf product ideas.
You made it! This is the last stage of this exciting journey. Your new golf product is manufactured and ready to start being sold and used by consumers, maybe even customers all over the world!
Selling your product is not going to be an easy task. There are many aspects that need to be taken into account. How are you going to market the product? How will it be packaged? How are you going to distribute it? These are all important things that you have to figure out before you can start selling new golf products.
There are a few options that you may consider when it comes to selling new golf products. You can choose to work with an established company in some kind of joint venture or licensing deal or you can sell to customers and retailers yourself, by setting up your own company.
If you decide to work with a company, often they will insist on being in charge of producing, distributing and selling your product. This means that you will only have to sit down, put your feet up and receive your royalty fee.
But of course that means that the company will have permission to use your IP (Intellectual Property) in whatever way they deem necessary and permitted by the contract you sign. Effectively you lose control.
Of course, to be able to work with a company you have to own the exclusive IP rights of the new golf product you’ve designed. These rights are granted by a patent, trademark or by registering the design of the product. This is something that our team at D2M or our trusted partners can advise you on during the development process.
A different option to sell new golf products is to set up your own company. With this option, you will be responsible for every aspect of the production, such as finding and negotiating with retailers, the marketing strategy, the communication with customers, etc. But you will gain control and perceive higher benefits because the profit will go directly to you.
If you’re going to be responsible for contacting retailers to sell new golf products, you will have to consider several things but none as important as the price of your product.
This is a tricky thing because you need to think about the production costs, the packaging and delivery costs, plus the VAT and then mark it up so you can actually make a profit out of selling your product.
Once you have a product sample (not a prototype) of high enough quality you can start contacting and negotiating with retailers. Retailers are interested in the production sample because they will get a more accurate idea of the quality and finish of the final product they will be purchasing from you.
Learn more about manufacturing new golf products clicking here.
Another important thing, besides having a good new golf product to sell, is preparing a good pitch for retailers. In order to convince them, you need to sell your new golf product to them first. You can find many courses online and on site where you can learn how to best prepare for this kind of meetings, if you don’t have much experience.