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Pricing?

zookiebeyerdorf's Avatar

After checking out the search button, I am still very confused when it comes to pricing my ideas for EN. Are we saying what our product would sell off the shelf? Wholesale?
Any advice on where to start? I’ve been giving my best guess all this time and I have a product I think would cost pennies per piece to manufacture. Sold in sets of 10 to 20, I would sure like to get an accurate price for once.
Please, HELP!

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zookiebeyerdorf's Avatar

Thanks Frank. So I am assuming, I’m guessing what it would cost the consumer?

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zookiebeyerdorf's Avatar

Makes sense…
Thanks, again.

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davepole's Avatar

I know that on the whole over all scale, that they (EN) make way more not putting ideas though, collecting dues and submissions. the few ideas that have “made it” were nothing with any real research and design. this is based on some of the ridiculous feedback I recieved, they compared an idea a teenager might use as opposed to one a professioal would use. for example the big pong thing I have been to many many stores and never seen one, (not trying to be mean to the inventor) but just off the top of my head I can come up with several ideas for childrens games that parents would love to see them play, but chances are if you submit that the response might be: well the ball, and stick exist and there is card games what else could kid possibly want to play with. The response I recieved was a sophmoric one at best.

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williamj's Avatargold

David,

I would like to know how you figure EN makes money on membership (Insider) and submission fees. Current (as of 05/2014) federal minimum wage is $7.25/hour US. But the scale varies from state to state, the lowest being the federal minimum wage and the highest (I believe) is Connecticut at $8.75/hour US.

So, at $25.00 (non Insider submission fee), according to the federal minimum wage scale, you are entitled to just south 3.5 hours worth of consideration. I can’t speak from actual knowledge of EN’s pay scale but I’m pretty sure it is somewhere north of the current minimum wage scale.

So please tell me and everyone else just how EN makes a profit off of membership and submission fees.

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funfam4's Avatar

Tannis…I usually fill that price section in as a “best guess” of what that retail price might be and compare this to similar types of items. Hmm. I notice that more often than not, I aim for that $9.95 or $14.95 range! Some of the LPS’…that would be impractical. I’d rather under-estimate a tad than over-estimate it, though.

Nice thing is that EN doesn’t weigh our submission too heavily on what we “guesstimate” that price point to be…they know best!!

David, forgive me if this sounds sarcastic…but believe me that Edison Nation would much prefer we all just submit in our G7 (presentable) ideas only!!

The more due diligence you put into your submissions…the more liklihood you’ll be selected to be presented to a sponsor and/or chosen for licensing deal(s).

A teenage version of an idea vs. a professional one wouldn’t matter if the I.P claims are too similar and the concept is basically the “same”. EN needs innovative, highly marketable and patentable/patented ideas. This combination is what makes it a challenge.

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davepole's Avatar

Well they sent a picture of an E-bay product that didn’t even come close to what the idea was, then on another the response was almost exactly the same not even any consideration to the actual idea improvements to anything on the market, and if I come up with an idea it would be only something that if I seen it in the store I’d have to get one. Furthermore if you multpy the number of paid submissions by the couple of seconds for a few mouse clicks it took not to even include or mention member resubmissions then my point is rather obvious.

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funfam4's Avatar

David…sometimes that other product they are referencing in the feedback is something that IS different..but performs a similar function, is less expensive, and/or better than what we are approaching them with. Or, our innovation is just not something that, in EN’s expert opinion…a consumer would typically replace with what common, readily available product they are already using/have to solve the issue. Maybe the problem is simply not a big enough problem that many people would face.

When you’re an Insider and re-submit (free!) to another search…if your feedback was negative you usually need to fix that problem before you see a different result. Always make a note at this at the top of your written description…in all caps or in a way that EN knows you have edited and addressed whatever the issue was. If it’s not possible to change/fix the idea or that you attempt to and it still isn’t “flying”…put it on the “backburner” and move on to the next idea.

Start with that next idea by researching what’s out there in the market and what ways consumers are already using to solve the problem. Be true to yourself when you ask the question…“Is my product idea better than the competitor’s….cheaper, works better to solve a commonly faced problem and most consumers would likely buy it instead of what they have or what is out there already???”

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psinventor's Avatargold

@David,
Regarding paid submissions vs (EN) = $200 Million+ Sold at Retail. Lets do the math?

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davepole's Avatar

Well if that were true I’d buy into it but it isn’t and wasn’t, and if ideas can’t be improved upon then why are ther so many variations of the wheel, when I was young I had an Idea that I spent the money for the market researh and it came back extremely positive but the firm wanted money I couldn’t afford because we were poor, eventually there it was on the shelf, so I know I’m not crazy or foolish, I do know what’s out there for the most part but again what I think doesn’t matter because based on the response which did not address the actual idea or improvements wasn’t really addressed. Pay me to shoot down ideas what William was touting I’ll take the left over even typing what I typed and I’m slow typing. I’m just saying. and that is a small number globally, i think in those terms

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funfam4's Avatar

As far as costs go ($20? $25?)…Heck, If Edison Nation was like “those other” invention submission companies that charged for each one of their “professional” services “a la carte”-like…I’d never be able submit here.

If they sent me a bill tomorrow for all the work (“a la carte” per submission) they have done for me (and partner(s), where applicable) over the years…I’d be deep, deep in the “red” with them for sure….not just on my dashboard. I’d be in some pretty deep “doo-doo” with my other half, too! lol

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zookiebeyerdorf's Avatar

Thanks Sherri…
David, I know it can be somewhat frustrating as we try to figure out how all this works.
I can only attest to my own EN experience. I can give you an example.
My first time to reach G7 was with Fisher Price. This was back when you got feedback only when you got X’d after presentation.
This was their exact feedback: Bedtime characters of any sort are not new. Storytellers, lights, etc, are not new themes, features or unique.
Ouch!!
I was new to this site and of course was so excited to get to presentation. I was also new to the process and had very unrealistic expectations. Of course, I felt very let down.
I knew in my idea there were a couple of original sub ideas. Namely the way my ‘Character’ powered up and linked to a computer. Not how it plugged into the computer, but what form (how it played to the character). More importantly, I had figured out a (probably patentable) way to attach foam pieces together, which could be use for lots of variations/products.
Fisher Price was looking for finished products, not new foam/plastic coupling concepts.
If we ever have a specific search for foam/plastic coupling ideas, I’m ready, lol.
I submitted to a few more searches and went to another presentation and was ultimately knocked out. ‘Darn you Molly!’ I then took a break submitting and just watched the forums from afar, learning from others experiences. Compared to some of these members I’m still in pre-school and I know it. Of course there are those that have hit the ball out of the park on the first try. That’s the way the ball bounces, right idea for the right search and all that.
I’m now submitting because the right searches have come along. As I go along, I know I am getting better at how I present my ideas. And I know, I know a heck of a lot more about the inventing game than when I began. That alone is worth the price of admission.
Good fortunes, David.

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davepole's Avatar

But I did pay for a market research and It came back better than 200mil retail that much I remember if only 1% of 1% sold then I stood to make over 100k a year, and as I said before many years later (it was actually my wife) spotted it in a store, let’s say for example my pet idea, look up right now how many dog owners there are, then cats, then every other species of pet there is, globally. Now Lets’s say I’m wrong 90% of the time concerning the fun loving nature of pet owners and the money they’re willing to spend on them. what knid of number did you get, bet it’s more than 200million not muliplied by the price

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davepole's Avatar

Tannis, when I submit an idea to a INVENTION company I’d expect the person on the other end to have a little imagination themselves, you shouldn’t have to make a presentation or seel sheet unless it to hard to explain with words, and I get that, and I made an isometric drawing for one idea (be it a rough one) the other end of this has to say is he right is there nothing to fill the void he explaining to us? sending me a picture of something that was more toy like (what your kid might use) didn’t explain the lack of further persuit, or lack of addressing what the improvement was.

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funfam4's Avatar

David…fun and helpful dog/cat products are a huge, mass market! What we wouldn’t buy for our furry loved ones, eh??? Problem is…passing the “wow” AND “uniqueness” factor to what is already taking up shelf-space. When you’re improving on something… it not only has to stand “taller” than all the other similar products…but it can’t infringe on any patents either.

Market research and patent searching…two separate and distinct “obstacles” that can both put us for a tailspin right at stage 4 if we don’t do our “homework” well enough.

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hunco007's Avatar

Hello (T), I remember reading in Room 5 , the answer , I send you what I read in your inbox, since we are both insiders , and I can’t say on forums what is said in room 5.

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davepole's Avatar

Well that’s wasn’t \isn’t an issue, If you were here I would be more then happy to explain it to you and you can then go shopping with me at the biggest pet store on the planet (the internet) or any other store you wish, and if you pay for rights inclusions or implementation of other ideas is legal and is not infringement.

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davepole's Avatar

My bet is if your a pet owner you’d want one, i do, both my daughters do, brother not sure, but his wife yep. Take the numbers I spoke of before a little further say out of 100, 99 don’t want it, what’s the answer, I’ll bet you can’t even do that math, or find on a planetary scale how many pet owners there are (and that’s all species included, spider too!) go on do it don’t just come up with a text response. Actually see if you can find those numbers, they’re big really big. Anyhow I have to get stuff ready for work tomarrow so have a good night to everybody and I from the bottom of my heart hope I didn’t hurt any feeling and if I did I’m very sorry for that. Ispeak better than I type Bye

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funfam4's Avatar

David…it sounds like you are very passionate about this idea. Try to look deeper into it and see what/if anything you can (or should) change to give you a better result. Consider re-submitting to another viable search and trying again. Maybe you need to clarify your description a bit more if you think EN just “didn’t get it”??? Explain the problem it solves and its benefits, better…address the competitor section and tell EN why yours is different and an improvement to theirs, etc. Why is your product idea unique? Tell them exactly what makes it novel and different than anything out there. Try adding a quick 2 min. video to the media section? Adding some interesting new twist or edge to it?

Should you choose to give it another go…mark “EDITED ON THIS DATE WITH CHANGES TO WHATEVER SECTION” at the top where they can easily spot it. Good luck with whatever you decide to do!!

P.S. Join up with Insider’s again to get feedback/free opt-ins!

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davepole's Avatar

Sherri, again I’d expect a little thought on their part, not alot just a little, if a child “gets it” and they don’t…

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funfam4's Avatar

David…sometimes writing things out and even adding an illustration might not get the points across as accurate as say…a verbal explanation/demonstration from its creator…You? I know some of my submissions have been waaayyyy too long, drawn out and confusing and I have to work hard at this every time to try to explain things as clearly, concisely and quickly as possible! And not use too many exclamation points as this has become a habit for me.

Maybe your family can help you by looking over your write-up and giving you some honest feedback on its clarity. Or… help you make a short video where you can quickly show/explain your idea and discuss why it’s the best way to solve the issue it does.

You’re able to show/tell your family (in person) about it so they easily understand it…adding this 2 minute (private,non-public) video might be that extra push this needs if you think that EN missed some important details?

Getting upset at EN is counter-productive, though. Best of luck to you!!

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chicagoinventor's Avatarg8_badge

It would be nice if under the price box their was another box for why you feel that is the correct price. In that box you could enter links to items you think would have a similar manufacturing cost, or whatever. Also, sometimes you sell multiple units at one price (you get two Bacon Bowls for ten bucks), that would give you a place to enter in suggested number of units for that price.

BTW, the standard retail price is four times the manufacturing cost, and for ASOTV it is five times the manufacturing cost.

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zookiebeyerdorf's Avatar

With these Plaid searches, it’s been confusing. Price would depend on how my products were sold. As a set(More than one) As a kit. One… Arg!!
Yes Daniel, another option where we could state variables would be helpful.

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funfam4's Avatar

Tannis…what about adding a short note at the end of your written description such as:

*Please note that the price suggested is for optional “convenience” kit or set consisting of..blankity, blank, blank…but price per unit would be less.

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zookiebeyerdorf's Avatar

Thanks Sherri, I will…
:)

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jkp's Avatar

Very professional how everyone keeps their cool to help each other when frustration is is full speed.
I enjoyed reading and this has helped me. Thanks .

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