Product Idea to Product Success:
A Complete Step-by-Step Guide to Making Money from Your Idea
Paperback by Matt Yubas
"Inventors tend to either be wheeler-dealers or careful and systematic. If you're the latter, the perfect book for you is Product Idea to Product Success: A Complete Step-by-Step Guide to Making Money from Your Idea (Broadword Publishing) by Matthew Yubas. It can help you flesh out and evaluate your idea in the startup phase to make sure it has moneymaking potential. Yubas, an engineer, provides product development advice and a useful analysis of how to determine whether your product meets customers' needs."
— Entrepreneur Magazine
"Perhaps you're looking for constructive assistance. Do you have innovative ideas for products you believe can change the world, make our lives a little easier, or entertain the masses? Don't let another year go by without testing the inventor's waters. Let Matthew Yubas help you transform your brainstorms into marketable products. With his new book, Product Idea to Product Success, as well as through informative articles at his website (www.ProductCoach.com), Matthew Yubas leads you on a step-by-step path to success. Yubas's techniques will show you how to avoid costly mistakes and test your product's marketability before production."
— Five Star Reviews
"Expertly written by Certified Product Marketing Consultant Matthew Yubas, Product Idea to Product Success: A Complete Step-by-Step Guide to Making Money from Your Idea is a handy financial and business guide to determining if an idea is commercially marketable; protecting rights; getting a competitive advantage; finding investors; making prototypes; establishing pricing strategies, and more. Emphasizing tested methods that work, Product Idea to Product Success is a superb guide for non-specialist general readers looking to profit off their own creativity, up to and including the desire to go into business for themselves."
— Midwest Book Reviews
Dear Mr. Yubas:
I am glad I purchased your book Product Idea to Product Success. It is a must read for anyone considering marketing a product. Thank you for sharing your expertise with the world. I never imagined how much research is necessary prior to marketing an idea or product. Your book is definitely the roadmap for getting started.
I will stay in touch.
Marilyn P. Mills
Dear Mr. Yubas,
I have read many books on the invention process. This book has to be one of the best ones out there. The book is very organized, well written and easy to understand. You did a great job not only covering certain topics, but really went into detail and applied some examples. As an inventor, I found this very useful. I wish I would have read this book first. I would highly recommend this book. Great job!
Hello Mr. Yubas,
I received your book last week. Thanks for sending
it so quickly. It is very useful so far. I have been keeping a notebook of my
idea's and contacts I have made. Your book is the step by step guide I need, to
help me stay on track and get me from product idea to realization.
Learn the Step-by-Step Procedures to Bring Your Invention to Market
Suppose somebody handed you a proven step-by-step guide that showed you how to turn your ideas into successful products. If you had this guide not only would your ideas become reality, you could earn extra money.
Is it possible? Why not! You're clever and have ideas for products that people want to buy. Maybe all you need is information and practical advice.
A Unique Source of Information
The book Product Idea to Product Success was written to help people who have ideas but are frustrated in not knowing what to do with them. Based on my twenty years developing and bringing products to the market, this book reveals the essential real-world methods to take you from concept to market launch. The method I developed is called the Market-Step™ process. This unique step-by-step process combines marketing, sales, and development in one complete guide.
With Product Idea to Product Success, you'll learn the steps to get to market, how to protect and evaluate your ideas, make a prototype, get your product manufactured, self-market or license your idea, and much, much more.
You'll learn the same methods used by successful people and companies. The difference is that now for the first time Product Idea to Product Success brings all the key information together into one easy to read book.
- Find free market research sources and how to use them.
- Know what market research questions to ask and how to get the answers.
- How to flesh out your idea in terms of benefits, features, and advantages the product offers the customer.
- Determine your invention's profit potential, to guide development, influence investors, and gather supporters.
- Conduct free concept survey research to identify who will buy your product.
- Obtain more free research to identify what people really want in your product.
- Create a prototype how it should look, how it should function, where to get it made, how to make sure it will turn out the way you want it.
- Find out new prototype techniques and advantages of advanced rapid prototyping technologies.
- Get free feedback on your prototype to validate features and functions.
- The entire product development process from design, testing, production to launching your product.
- How to work with designers and manufacturers to keep your costs low and make sure you're getting the product built the way you want it.
- To create product requirements to clarify what your product should have from the customer's point of view.
- How to uncover roadblocks before they happen such as the need to pass regulations or obtain certifications before you get to the market.
- To form a launch plan and timeline to keep you organized and on track.
- The steps to create attractive packaging working with a designer and packaging company to create the right look at the lowest cost.
- To organize a beta test with potential customers to get any of the bugs out before final production.
- How to get into retailers and distributors knowing what they want, how to approach them, how to make them love your product and come back for more.
- How to price your product considering competition, distribution channels, and generating the most revenue for you.
- How customers think and buy, and how to target your marketing messages to appeal to them.
- Take advantage of free publicity to generate awareness in your city, nationwide and even worldwide.
- How to make the most from direct mail and advertising for the greatest returns.
How this Book is Different
You'll benefit from Mr. Yubas' 24 years of experience bringing products to the market. He's worked on both sides of product development development as an engineer, and marketing and sales as an MBA. It's fun to be creative and develop products. It's even more fun to be rewarded for your efforts. And isn't that what you want to sell your idea or product? You'll learn each step of the way as you formulate, create, produce, and sell your invention.
Keep in mind that no invention or product development book is complete unless it tells you how to get funding for your idea. You'll learn the different types of funding, how to work with banks, angel investors, and venture capitalists. I also uncover the facts about getting SBA loans. And to get funding you need to show a plan.
You'll see the sections of a business plan that investors want to see and the details a product plan must contain. And if you decide to create a business around your invention, you'll see the differences, advantages, and disadvantages between a sole proprietorship, general partnership, corporation, limited liability companies (LLC), and limited liability partnerships (LLP). You'll learn which is best for product liability, taxes, and growth.
Product Idea to Product Success has been adopted as a textbook and supplement by schools including:
- University of Arizona, Don Piper, ENTR 481-581, "Assessing Early Stage Technologies for Commercial Potential"
- University of Oklahoma, Jim Wheeler, ENT 5083, "Entrepreneur Field Studies"
- University of Southern California, Stephen Lu, ISC 545, "Technology Development and Implementation"
- University of Texas, Barbara Fossum, STC 395, "The Art and Science of Market-Driven Entrepreneurship"
- College of St. Scholastica, David Anstett, MKT 3350, "Designing Successful New Products"
Product Idea to Product Success is an educational and thought-provoking mix of quizzes, surveys, and marketing plans to help the student. The book includes diagrams and checklists to facilitate learning and guide the student through the entire process.
Instructor's Guide to help plan a semester.
Title: Product Idea to Product Success
Paperback: 320 pages
Publisher: Broadword Publishing
Author: Matthew Yubas
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Table of Contents
Who This Book Is For xii
Organization of the Book xii
PART ONE: GETTING STARTED 15
CHAPTER 1: NEW PRODUCT IDEAS 17
Three Approaches to New Ideas 17
Creative Thinking 20
Keep It Simple 22
Market-Step Enhancement 22
CHAPTER 2: YOUR ROADMAP TO SUCCESS 24
The Steps from Product Idea to Product Success 25
Getting Started 26
Market Research and Evaluation 26
Path A: Self-Market Development 27
Path B: Licensing 28
Going Forward 28
CHAPTER 3: PRODUCT FAILURE AND SUCCESS 29
What Is a Product? 29
Why Do Products Fail? 29
Why Do Products Succeed? 31
CHAPTER 4: PROTECTING YOUR IDEA 32
The First to Conceive Wins 34
The One-Year Rule 35
Your Idea Notebook 35
Disclosure Document Program 36
Types of Patents 37
Costs of Patents 39
Provisional Patents 40
Preliminary Patent Search 41
Where to Find Patent Attorneys 42
International Patents 42
Trademark Protection 43
Copyright Protection 45
CHAPTER 5: LICENSING YOUR IDEA 47
The Licensing Process 48
What Do Companies Want? 49
Where to Find Companies to License Your Idea 50
Write a Licensing Proposal 51
Elements of a License Agreement 53
Let Someone Else License the Idea for You 54
Where to Find Agents to License Your Idea 56
Sell Rather Than License 56
PART TWO: MARKETABILITY 59
CHAPTER 6: THE ROLE OF PRODUCT MARKETING 61
What Market Data Are You Looking For? 62
Market Research Sources 63
How Much Market Research Is Needed? 65
CHAPTER 7: AT WHAT STAGE IS YOUR IDEA? 66
Idea Assessment 66
CHAPTER 8: SIMPLIFIED NEW IDEA PROCESS 69
Decision Paths 70
How Long Does It Take? 70
The Market-Step Process Diagram 71
Product Evolution 72
CHAPTER 9: STEP ONE - FLESH OUT YOUR IDEA 74
What's Your Moneymaking Idea? 75
Step One - Flesh Out Your Idea Flowchart 76
Find Similar Products 76
Uncover the Benefits 78
Advantages Beat the Competition 82
What's the Profit Potential? 83
Decision Path One 90
CHAPTER 10: HOW YOUR CUSTOMER THINKS 91
Customer Problems, Needs, and Wants 91
The Many Faces of a Customer 92
I've Got to Have It First 93
Know the Customer's Buying Process 95
CHAPTER 11: STEP TWO - TEST THE NEED 98
Who Is Your Future Customer? 99
Step Two - Concept Evaluation Flowchart 100
Create a Concept Survey 104
Get More Details with Informal Interviews 107
Decision Path Two 110
CHAPTER 12: STEP THREE - REFINE AND VALIDATE 111
Step Three - Prototype Evaluation Flowchart 113
User Scenarios 114
Prototype Requirements 116
Prototype Development 117
Prototype Interview Plan 126
Recruit Attendees 128
Ask Prepared Questions 129
Feedback Summary 131
Decision Path Three 133
CHAPTER 13: PATENT REVIEW 134
What to Look For 136
Patent Search Methods 136
Search Periodicals 139
Patents That Match Your Invention 139
CHAPTER 14: SELF-MARKET OR LICENSE 140
Self-Marketing vs. Licensing Example 140
Is Self-Marketing for You? 142
Is Licensing for You? 142
Decision Path A or B 143
PART THREE: DEVELOPMENT & LAUNCH 145
CHAPTER 15: STEP FOUR - PLAN IT 147
Product Positioning 148
Step Four - Development Planning Flowchart 149
Pricing for Profit 152
Marketing Communications Plan 157
Getting into Retailers and Distributors 161
Regulations and Certifications 164
Product Requirements 167
Manufacturing Your Product 168
Project Plan 172
Launch Checklist 175
Budget Setting 177
CHAPTER 16: STEP FIVE - DEVELOP IT 179
Convert Requirements into Specifications 180
Step Five - Development Flowchart 181
Bill of Materials 185
Test Cases 186
User Documentation 187
Product Production 187
Beta Recruitment 191
Beta Feedback 191
From Beta to Final Development 193
Branding Your Product 194
Product Naming 195
Marketing Theme 195
Packaging Your Product 197
CHAPTER 17: STEP SIX - LAUNCH IT 205
Launch Strategy 206
Step Six - Product Launch Flowchart 207
Finalize Your Product 209
Announce the Launch with a Press Release 210
Supply Product Information 214
Advertising Builds Trust 216
Effective Direct Mail 219
Personal Selling 229
Launch Conclusion 230
CHAPTER 18: POST-LAUNCH PROGRESS CHECK 231
Marketing and Sales Analysis 231
Sales Losses 232
Customer Satisfaction 233
Competition Review 233
Product Review 234
APPENDIX A: INVESTIGATE YOUR COMPETITION 237
List Competitors 237
Collect Detailed Data 238
Organize Data 239
Evaluate the Competitive Environment 240
Combat Competitors 241
APPENDIX B: SELECT YOUR TARGET MARKET 245
Target Market Factors 246
Methods to Select a Target Market 247
Your Target Market 252
Other Targeting Methods 254
APPENDIX C: THE MARKET-STEP PRODUCT PLAN 255
Market-Step Product Plan Contents 255
Market-Step Product Plan Sections 257
Product Plan Notes 273
APPENDIX D: PRODUCT MATH 275
Profit and Loss 275
Return on Investment 276
Break Even 277
Margins and Discounts 278
APPENDIX E: FUNDING YOUR IDEA 283
The Need for Money 283
Types of Funding 284
The Investors 285
Stages of Funding 287
What Type of Funding Do You Go After? 288
To Receive You Must First Give It Up 288
Prepare for Funding 290
Steps to Get Funding 291
When Do You Seek Funding? 291
The Investor's Process 292
How Investors Evaluate You and Your Idea 292
Funding Rejection 295
SBA Loans 296
Other Funding Possibilities 297
Additional Funding Tips 298
Funding Resources 298
APPENDIX F: BUSINESS STARTUP 301
Business Entity Advantages and Disadvantages 301
Business Entity Considerations 306
Business Startup Checklist 308
Further Startup Guidance 309
APPENDIX G: NON-DISCLOSURE AGREEMENT 311