An introduction to commercialising new Kitchen product ideas.
Selling is the final stage of the overall development process where you need to ensure product quality, proper packaging, and shipping whether selling to either retailers or distributors. Your customers may belong to both domestic as well as commercial sectors, so you need to serve them accordingly keeping in mind their actual needs.
Once you are successfully done with all the development stages of your new kitchen idea, you will be in a position to approach different retailers in different regions. The next thing you would need to proceed further is, good presentation and sound commercial case. They are likely to need multiple samples for review with different parties. The best option is to show them your samples rather than displaying prototypes. If you haven’t got any samples and there is no chance to get them prepared from anywhere, you can present the prototype that is quite close to your actual product. Once retailers feel satisfied and consider your products to display in their stores, this will help you give your new kitchen product a strong boost.
After convincing retailers, you need to sign an agreement between both parties with invoicing and general terms and conditions. Everything must be carefully and accurately documented in order to avoid any sort of future disagreements. You need to consider the cost of manufacturing, packaging, and shipping, and based on that you can decide how much you want to sell your product to the retailer for.
You should decide it in a way that the deal should give you a reasonable return within a reasonable timeframe. All these parameters contribute to deciding the final selling price. The suggestion is not to expect that everything will be going smoothly throughout the journey or that you will make that much money from the first orders. Your intention must be to sell as many products as you can and let consumers know about your goods and services. The revenue will rise if the marketing works but gradually.
In parallel to presenting your new kitchen design ideas and other products, you must be confident enough to create a good first impression of yourself. This will help you gain the retailers’ trust to maintain a good long-term working relationship. You can find a number of training services available on how to pitch effectively. You can get them to deliver your message in the most appropriate manner to get the maximum out of that. Most of the time, you only get one opportunity to successfully make your pitch, particularly with a big retailer.
Licensing Your New Kitchen Product Idea
There are two major routes that are quite helpful in generating profits from new kitchen products.
License your new kitchen product design idea to an organization or a company that is willing to take all the responsibilities for the production, distribution, and intensive marketing. When it comes to licensing, it is basically a right that allows another party or a person to use your intellectual property as per the agreement. Being an intellectual property holder, you can charge a fee from the user to use your idea. Strong Intellectual property protecting your exclusive rights on the concept before negotiating a license agreement is essential. You can get exclusive intellectual property rights through granting of design registration, a trademark, or a patent.
Another option is to find your own manufacturing facility and start handling manufacturing, distribution, and selling areas. Comparing route 1, this is expensive and often requires investment. If you establish your own company, it will give you a sense of ownership and increase your responsibilities, but the potential returns are higher as well.