Launch It! Launches

More than almost any other industry, novelty is what drives the gift market, with even small suppliers launching hundreds of SKUs every six months. And because of its comparatively low entry cost, the industry sees more than its share of kitchen-table entrepreneurs. Indeed, some of the biggest names in today’s gift business got their start in the garage or peddling products from the trunk of a car.

Unfortunately, that’s also where a lot of businesses fail — not because the ideas aren’t good, but because the owners don’t know what steps to take next. Many gift industry entrepreneurs fail because their talents lie on the “creativity” side and not on the “business” side.

Even established companies can falter when it comes to new product development, either resting on their laurels far too long or rushing to meet the market’s demand for “what’s new.”

Enter Molly Miller-Davidson and Joanne Stone-Geier, gift industry veterans with years of experience as retail store managers, buyers, sales reps, sales and marketing directors, manufacturers, and trade show managers. Along with co-author Michael Levinson, they’ve created Launch It!, a thoroughgoing guide on how to turn a new idea into a new product, and maximize its chances of success in the market.

The book’s chapters cover topics such as testing an idea’s viability, identifying the customer base, product and category trends, development and packaging, outside funding, public relations, trade show success, working with sales reps, and tips about outsourcing, importing, and exporting.

A section full of advice by industry names (from Mike Dean, president of Western Exhibitors/Universal Shows, to Leatrice Eisman, director of the Pantone Color Institute; Terrence Morris of AMC Inc.; and Susan Corwin of George Little Management) is particularly valuable.

The origin of the book is itself a prime example of its chapter on networking. Stone-Geier and Miller-Davidson had known one another for years, but became friends when they realized how many clients they had in common, including the Canadian government — both had done major market studies for it, which turned out to be top sellers.

“I bemoaned the fact that only Canadians had this information that was so applicable to the American market,” explained Miller-Davidson. So the two of them updated their research.

Asked by Gifts & Decorative Accessories what common mistakes they hope Launch It! will help reduce, Stone-Geier indicated preparation:

“Everyone has a great idea,” she said. “But people will just jump into it with no market research. They believe their idea is a magic pill that will make them a millionaire.”

Miller-Davidson concurred, citing demographics and niche marketing as indicators to watch.

Another common problem is getting one great product into a trade show and seeing that as a “magic pill.” Yet when a company lacks the inspiration, time, or funds to back it up with a broad enough line to get traction, the authors suggest selling the idea or partnering with someone who has the resources to support it.

For established manufacturers, the problem is slightly different. “We hear constantly from retailers that far too many manufacturers simply throw a new pattern on an existing product and call it new,” said Stone-Geier. “We call it sleep walking through product production. It can work for a while, but in the long run it really hurts their business, and can even take their company down.”

Other common mistakes include having a great product with terrible packaging or the opposite — putting all the money in a fancy box that contains a product that is so-so, or even worse.

Tips for packaging include using color and humor, and doing the opposite of the industry standard in order to make the product stand out. And, of course, to consider whether the final package, fancy or otherwise, will stand up to shipping and handling.

According to the authors, Launch It! is for newbies, but also for established manufacturers who’ve had some initial success and then find themselves stuck. It’s also recommended reading for sales reps, trade show organizers, and even retailers who want to know what goes into the products on their shelves.

For more information, visit www.launchit.biz.