Momentum...

The last few weeks have been rather hectic both in and out of work...

In the middle of the summer, I had a chat with my business buddy and he had been slightly deflated about his business plans.  Nothing had blocked his way.  No big  questions had been asked.  Just lethargy.  Perhaps even a bit of confidence taking a knock.

So to help him out, I offered to help him by taking some of the workload off him.  I thought this would generate some momentum and get him closer to his goal.  I offered to go 50:50 with him on selling 100 units by Christmas, to share the load for those first 100 units.  We made a plan for selling the units in different routes to market to see what was the most effective.  We also made a plan to produce the 100 units.  Christ!  I might as well run the business...

And the first meeting with a customer went well and we were off and running towards our target well before Christmas.

And then a funny thing happened... my business buddy had a thought.  A thought based on the experience he had with these first customers.  I think what happened (as I'm not really sure!) was that he saw how he could improve on what these customers were doing and how "easy" it was.  It wasn't revolutionary.  It was evolutionary.

What he saw was that that all the potential customers were offering a "functional" proposition, one that was based on what the product category was called and what it did.  It didn't communicate how the entire category solved the main underlying need.  And that was his idea...

So we got cracking on it... building a e-commerce site, looking at appropriate need based domain names, incorporating a business company with two directors, starting a business bank account and sourcing the products.  And I feel confident about it.  It feels right.  It's simple and incremental.  We know the category has appeal.  We're just doing it better!

But here is the weird bit!  I've not done one bit of analysis.  I've not done a single spreadsheet or business plan.  I feel exposed but I feel comfortable.  I feel exposed as I have no idea how big or small this could be.  I don't know what the cash flow forecast is.  I don't have a clue what the capital requirements are.  I don't know what the KPI's are.  But I feel confident.  I know this will work and I completely trust my business buddy, and I'm in for half the costs (and potentially half the profits!).

And all of this has confirmed a couple of things... The first is opportunities.   We wouldn't be looking at this by just sitting around feeling bad about the idea.  It came about by driving forward and by having the confidence to give up the things you started upon and seeing how to realise the opportunity.  It's all about opening doors...

The second thing is instinct.  I really know there is something in this and I don't need numbers to prove it.

Jerry Maguire

Tonight I came close to writing my Jerry Maguire memo...

I was out with colleagues from a separate business division and we got talking about work and the underlying issues.

There was a big positive moment and also a big wake up call too.

The big positive moment was about uniting the team around one individual goal. A singular and focused initiative that was all encompassing and had customer and consumer appeal.  Namely gifting.  Encouraging the consideration of gifting by all consumers in this particular business was an audacious customer proposition.  Gaining the conversion of all those consumers who thought gifting was important into a specific category represented £37bn of incremental sales value.  If they bought a gift twice per trip it would double to £74bn.

Now we're not in a position to make this happen as in a number of occasion we can't even get the stock there in time and in full (and there's more than that problem with this business unit).   But uniting behind this one goal would make ALL the other things actually happen.  The team currently have 34 business priorities right now.  The thinking tonight was to say forget the 34 and focus on this one because we can actually deliver all the 34 through this one, and probably deliver more than that, because to deliver this one big goal means we have to deliver the simple stuff too...

But the bad thing about all of this was that fact that 8 of my colleagues could only talk about this and a number of other issues with the help of a glass of wine and not be upfront about the need for change and how to make the change happen for the benefit of the business and the benefit for the individuals.

I was left with a feeling of my colleagues use language and behaviours to manage their careers rather than using all the tools at their disposal to manage the business performance. 

Tonight I could feel a revolution in the air.  I could feel energy and determination to change.  But I know it won't last.  I know nobody will write their Jerry Maguire memo saying what is wrong with the current culture and how to change that culture to offer benefit both to our customers but also to the shareholders.

I need to write my own Jerry Maguire memo soon to help me paint the picture of what I want from taking on this challenge...

A Crap Juggling Act

Looks like the voyage is taking shape...

I am growing more and more confident about leaving Shawshank, although I am prone to the odd bit of self doubt about how I'll cope and what my life will look like.

 

My plan is a bit like a crap juggling act... start juggling THREE balls, and then drop at least one of them, if not two of them depending upon how it goes.

Ball 1 - Interim management.

 

Ball 2 - Small Business Coaching.

 

Ball 3 - Develop & nurture my own business ideas.

 

Interim Management - is that not just going back into Corporate life? I see Interim Management as a way for me to wean myself off the corporate lifestyle that I've become accustomed to and also to become more financially secure as I can charge myself out at a higher daily rate than my current salary, and accept that I won't work everyday (I'll be amazed if I can get 50% of my weeks filled).  It's really appealing as it's what I essentially did in Japan and that was massively rewarding to me professionally as I was able to deliver a short term objective free from the politics (mostly free from the BIG politics), so I'm hoping for more of the same...  Over time I would like to drop this as the other two elements take off and as my need for corporate succour diminishes.  I'm assuming that Innovation, trade marketing and trade terms would be the main elements here.

Small Business Coaching is something that excites & interests me.  I would help out management of small companies (circa 100 employees) by asking questions, provoking thoughts & options and giving them the structure to decide & act upon their own options, and hold them to account.  I'd hopefully instill a guidance & leadership discipline that they may not have already.  I feel it needs to bridge the gap between lifestyle coaching & management consulting, as I don't want to do either, nor do I think that is my forte.  I'm kind of already doing this with my business buddy and also a collection of others.  My corporate training will help me structure the thinking and my functional skills will help me pose the questions & layout the options.  I'm not sure how I will really make money from this, so I really need to research this further by contacting some friends of friends who do a similar but different type of job. Will this bring me the lifestyle I want?  I see it as being rewarding me "spiritually" by helping others and I hope it will give me a full & financially strong  way of life, though I'll be no millionaire. I already have a marketing position which is to offer "training" for free based on being able to receive grants from Business Link in return for the small company recommending me to 5 other companies.

 

The third ball is my own business.  I know that the first & the second ball will not fill up my time and I know I have a tendency when there's not a lot on to become lazy and I want to avoid that.  So I'm hoping that I can balance my "downtime" from either of the above with the other one and if there is still time remaining then work at my own things.  I'm really motivated about having my won thing on several fronts:  it seems like "destiny" in that it fits everything I've done thus far; it could financially reward me in a significant way; it would fit with the my ideal lifestyle (lots of time mulling about, then an idea, lots of energy, lots of late nights...); and I would feel a great deal of pride in what I do.  My ideal would that the other two balls would drop as this ball becomes bigger & bigger...

 

So that's the plan, but I need to get some of the details clarified to make sure that the three balls are things I want to do and that I have the necessary skills to juggle all three balls at once and make sure I don't drop the one I want to keep up!

Relevancy

Over a beer last night with a friend we got talking about my idea.  I had told him some months earlier, and as normal, he said that was a great idea and I told him my dilemmas, and as we talked he thought he would give it a try.

So last night was the first time I'd seen him since he'd used my product and he said it was useful as there was at least two occasion where he definitely would have needed

Is this relevant to the user?  We saw two barriers to it being relevant. 

 

The first is infalability - people just don't believe they are like the average person, and two thirds of people could have a need for my product.  It's a bit like being a good driver - people are asked if they are a better driver than the average and 80% of drivers think they are better than the average, which is statistically impossible. People just don't believe the y will need this product, because they're not like everybody else.

The second is impunity - people don't see the costs or consequences of NOT using my product.

So now it's just down to breaking these barriers...

The Journey Continues

The other week I caught up with an old colleague to pick his brains about what my issue following my test was and also to help me research on a budget any potential solutions.

The main thought that came from our discussions was one that has worried me before...

... my product is irrelevant to people.

When introducing my idea to people they have all unanimously said "That's a great idea" and start to give me their builds on the idea (most of which I have already considered before they amde them so I smile and say interesting thought!).

But the crunch comes when I find out they are perfect target audience - they don't see it being relevant to them!

From that I think I have to focus on the "Reason To Believe" along with the Emotional Benefits and communicating both of those in a truly compelling & engaging way. To some degree my target consumers needs to be informed about what happens if they don't take my product, which is obviously negative and I'd love to spin that around into a positive & up beat message.

So working on that basis, I need to get in contact with some experts in the field of my product and then bounce my ideas around some consumers until I find a motivating & clear proposition.

My old colleague gave me some ideas on how I can do this on a budget, and here they are...

Find a "Group" on facebook and contact them asking for feedback on my idea
Find a professional "expert" who knows everything there is to know about my problem

Find a market research company who wants to work in my industry and see if they would provide some additional questions in their background questionnaires.

Pay for an omnibus research study to see the scope of the challenge of relevancy

A New Hope?

Its funny.... I look back on so many things that have happened to me before, and just when I've given up hope, low and behold something comes & along to re-ignite it...

Today is one of those days...

Following the disaster that was my test, I emailed the retailer that I would no longer be supporting the test either with additional products or in the form of the income guarantee i had offered. Before I sent the email I asked my business buddy to comment on it and he said "its clear, objective and unemotional" which was completely different to how I was feeling as I just wanted to say "What have you been doing??? You're screwing up all my dreams!!!". But I'm now so grateful for having some restraint in my email...

He replied today saying he would like to have another shot at it, to which I said yes although I would no longer offer a guarantee on his income and I wanted to come & see him and discuss what could be improved.

So tomorrow we live again to fight another day... perhaps my dreams can come true!

At least some people survived the Titanic

My test seems to go from bad to worse...


So far after 6 days, I have sold the grand sum of ZERO! That's right nothing, nada, niente, sweet f-all!


So all my posturing about what I would do if it sold only a bit or a lot was not really worth anything...


But I still don't know why I've not sold a sausage... some thoughts...



a) Nobody knows about it - awareness is limited to the POS I have in the shop window & on the counter, and whatever the retailer decides to tell the customer when he is in the shop.

b) Staff might not know about it - I got the feeling at the training that the retailer's staff (well one in particular!) weren't that interested in it or actually understood it, so if they're not confident about it they won't sell it.

c) Staff don't see the value in it - may be they just can't see how much cash there is to be made here and even if they do why should they care...

d) Takes time to build awareness / desire to buy - I often think my idea works in a similar way to a Big Mac meal at McDonald's. You go in there to buy one thing, and they ask if you want to "Go Large", i.e. a large drink & large fries instead of the standard serving sizes. Now that has become something we all know and perhaps are now so aware of it we might even ask now for a large before we are prompted for it. Perhaps it takes time for people to see this product, to be prompted for it, see its relevance in their day to day life and then later to actually decide they need it and buy it.

e) Incorrect processing of the sales - perhaps the staff have been selling it, but not actually logging any of the sales, so I think we've not sold a thing but instead have sold quite a bit. Doubt it...

f) Price is too high - this has always been some concern to me. The price is now related more to the cost base than an actual desirable price point and is at the top end of my own price expectations.

h) Doesn't meet a widespread need - have I really nailed the consumer insight about why somebody would want this product and part with cash in the midst of a recession? Have I been able to communicate that insight clearly?

i) Wrong type of market - my retailer is in a relatively poorer area of West London and perhaps this only has appeal to younger, more affluent consumers than exist in his locality...

So what interventions can I make?

There's little more visibility I can gain in the outlet, given POS is already in place and opportunities for more are limited by the outlet themselves. Its well known that people pay little attention to outlets (there was a voxpops I once saw of a man outside a petrol station who was a regular and had just bought something and he was being asked to name the brand of forecourt and he didn't know). Awareness from driving visibility seems limited. Awareness from having trusted staff telling you about this service is as yet unproven as to whether or not its happening....

I really need to get under the skin of the staff. What are they saying and how are they feeling about my product. Perhaps do some role plays. Listen to their worries. Show them the benefits. Take the time with them...


So, lets assume the staff are telling people about the service, then that leaves a couple of other options... Either people don't see a need for it or its too expensive. If its they don't see a need, I would struggle with that as almost everybody I've spoken with about this idea has said its a good idea. But is this people just being nice or is it a limited opportunity to white, anglo-saxon, 30-somethings that have an infrequent purchase cycle in this particular category? Perhaps its a bit like Dilbert...


If its price, then we can do somethings with that. I think I would test it for free, just to check the levels of potential demand, and then try it at several price points over the course of a couple of weeks to "gauge" the right price, rather than the other option of doing claimed purchase at different prices.

So what's next?

I need to do two things... first of all is conduct a mystery shop on the outlet and my business buddy has volunteered to do that for me. That should let me know what is happening there, but it won't answer why its happening and for that I'll need to meet the retailer and discuss with him what's happening and get his feedback on the test, and that might only give me a glimpse into why, rather than a categorical answer.

So all in all, I have only really learnt one thing so far ... its not going to be as easy as I thought!

Not a sausage...

Ok... its now getting a joke... We haven't sold a single thing. Not even a sausage.

I went to see him yesterday, delivering some additional point of sale and then talked to him about engaging with the customers about the product as nobody knows about it and he's trusted by his customers.

But it doesn't seem to have worked...

Never in my most self reflective, hyper realist thoughts did I think I would sell ZERO! I thought it might be in the tens at worst, not even in the single digits.

I'm now worried about the future... what have I done? I've told people. I've started a blog. I've spent my own money. I've made commitments about my job. For what? Jeez!

Perhaps its not a great idea. Perhaps it wasn't the right retailer. Need a bit of space to think about this...

Bing Sings, Walt Disney

Today I used a technique with my life coach which is attributed to Walt Disney, and colloquely called the Walt Disney Technique.

We were using this technique to help me be clearer on my goal, develop a plan and gain clarity about all the things in between.

From what I experienced, there seems to be four main areas of the Walt Disney technique... the "dreamer"; the "realist", the "critic" and a review phase. And it really worked for me...

Supposedly this is the technique that Walt Disney would use when creating his films, and in fact he would have different rooms for each different role.

Doing my Improvisation really helped in this, as each area had its own role, and I developed a characteristic for each one. The Dreamer became energetic and passionate; the Realist was my dad, questioning, doubting, provoking me; and the Sceptic was more objective, overlooking the whole thing, a kind of guardian angel, taking on board both the passion and also the challenges and giving a broad reaction, picking up on elements of both. To some degree I thought of my mum in this role.

We started with a simple example fo the technique, using an example of a plan for attending two weddings in one weekend at opposite ends of the country. In the Dreamer phase, what did I want to do? How would I feel? What did I need to do? How was I going to achieve it?

In the Realist phase, what was wrong with that plan? What else could be done? How would others feel about it?

In the Sceptic phase, ask the Realist why be so negative about the plan, yet challenge the Dreamer about having a contingency by taking on board some of the criticisms of the Realist.

We then spent some time re-focussing on the goal for me, which helped me dramatically bring myself back into the "zone" of kind of knowing what I wanted but not being really clear for my life, which was the reason for doing this in the first place...

So in the Dreamer phase, I got really passionate and excited about my dream although I felt I couldn't nail the exact "Character" of what this person was doing. Contrary to my previous thoughts, the things that got me massively excited were not the material items like a house, car or cash, but more the creativity, challenge, inspiring others and developing a tangible reality. I talked with passion about bring an idea to life, about involing a small group of people behind my idea, of taking it a customer and from making money from it. I also talked passionately about being at a dinner party, and somebody asking me what I do, and explaining I develop ideas, and them telling me they had always had this great idea, and I agreed to meet them the next day for them to share their idea with me and for me to help them nurutre this idea to life in return for shares in the idea or cash itself. I wasn't a Dragon from Dragon's Den as that involved saying "No", but rather I was saying "Yes, and what could we do with that??" (I started to see things from Impro coming to life).

I actually realised that I had started to do this already with friends. I wasn't making judgements about their ideas, just helping them out, and letting the market be the judge.

I was exhausted. It was a great session with a number of ideas coming from it, especially those bring my ideas much more into focus.  However, some ideas (especially the characteristics and the plan to bring it to life) were still vague and somewhat frustratingly vague.  I need to sepnd some time on that...

Give me strength...

One evening this week I went to see one of my test retailers to help train his staff in the product and to pass on the point of sale.

I was quite nervous before I went to see him as it feels that "everything" rides on the success of this test.

Anyways, I managed to subdue my nerves and despite some slight technical difficulties upfront, I took his two staff through what the product was, what to do and provide a Q&A sheet I'd produced.

I was very impressed by the young girl, who I think was the niece of the owner. She was switched on and seemed genuinely excited by the idea of the product. The other guy just seemed a bit of a thicko, really. And more worryingly was the fact that the owner had "empowered" this thicko to be in charge of the test. He just seemed to freeze when going through what to say and I don't think has the confidence to "upsell" to any of the customers coming in the store. I left with the owner saying he would start and felt it would be a success...

I on the other hand didn't. Partly to do with my insecurities, and partly to down with the numpty that he'd left in charge. I really didn't feel confident about this guy.

Well a few days later, and I seem vindicated as not a single thing has been sold. So I'm going to go back & intervene tomorrow. I'm pretending to visit with some additional Point of Sale, but I will be polite & direct about his obligations, and I'm considering implementing a staff incentive, as I can't afford this to fail.

I'm really hacked off about this and feeling that the last year plus has been a complete waste of time. I genuinely had faith in my product, and so did others, but for some reason nothing is happening. May be he's not trying... May be its not even started yet... May be its the whole darkest hour before the dawn again...

Nothing's Really Happening

Its been a bit weird for a few weeks.



Things have been relatively quiet since the end of January, since I talked over my systems with a family member of my business buddy, tinkered with my pricing and visited another retailer. I've been really focussing my energy with my business buddy and coming up with more daft ideas for businesses... this time something to do with flirting...



Its been quiet because my test is now the critical element to my forward progression and I want to focus on making that happen. BTW, I've got a training session with my retailers in evening this, so we should be "go" on by later on this week...



I've known for a while just how much is at stake here with the test. It will define how much more work I put into this. It will define whether or not I take a career break. It will define whether in fact I could leave my current job. It will define all my hope & expectation for the future. It will justify my faith & thinking over the past 2 years.



I wonder what I'll do if it doesn't meet my expectations. Am I emotionally married to this idea or will I see the reality? Will I tinker with it or will I kill it outright? I have set some criteria so when the results come in I can be clear & honest with myself.



And that's really why I've not pushed forward on a number of fronts: my systems, incorporating the company, finalising pricing, finalising source of supply, developing my marketing plan to name a few from my list of things to do... They're all been put on hold because I need to know how much I've got to play with, how big an idea is this, if anything at all.


I kind of feel I'm hedging my emotional bets, waiting for the payout in a couple of weeks.

Frustrating Fatherly Feedback

I had brunch with my dad last Sunday in a lovely gastro pub in Walton Street. Very nice sausages & mash, washed down with some Rioja.


As I've previously indicated in my blog, my dad is a big emotional driver in my life. He represents my hero and my antithesis in many forms.


He was born just before the start of the Second World War in Scotland in a working class family. He was brought up during the war in Ireland, and got into an equivalent of a grammar school in Glasgow upon his return. Although he never went to University he became a Civil Engineer (though some would say he is rarely civil!!), and after a stint working in a large multinational construction company building large capital projects like oil refineries, motorways and power stations. After that he set up his own construction company which he sold 13 years later and has been effectively retired since he was in his 40's. He has a lifestyle that many are deeply jealous of and that frankly I aspire to in some ways, but in others I want to completely avoid. I aspire to the success he has been able to drive in his business life but not necessarily the lifestyle that he leads or some of the types of personal relationships he has.


My dreams of being like him started when I was a kid - he still owned the company and I dreamt of working with him at some stage, taking over the company, and building it further. And straight after school my first ever job was working for the old company (although he had sold it 7 years before I started work) and it was too emotional for me as everybody treated me as some kind of prodigal son. At that point I knew I had to find my own stride...


And that stride doesn't necessarily fit with his own sense of what my stride should be... He didn't understand why I wanted to work for the old company and I think he thought I might embarrass him, so he went a bit ballastic. And his "ballistic" nature didn't stop there... When I went to Uni he thought I should be studying PPE or Finance or something like that. I wasn't interested in that kind of thing (can you imagine me as an accountant!!!!!) and my subject choice at University infuriated him and I recall endless rows on the phone about my choice of subjects. But low and behold on graduation day, and subsequently, he's never questioned my degree ever again. I think he was just proud I got a degree. It was exactly the same when I started playing American football... "why don't you play rugby and get a blue". But he has been proud to introduce me to people as an American footballer, especially if they are American. It lends some credibility to his time living in America. So it seems the choices I make are not alwyas the choices he himself would make, and he struggles to understand why I would make those choices. That's my perception of the past, and also my way of rationalising his views onto me.


Its not just in the past - throughout my new business adventures, he has at times shown that classical negativity. Before I told him my business plans, I asked him how he knew it was the right time to start his own business. From memory he just saw the opportunity to make money. It sounded very matter of fact and simplistic, nothing like my roller coaster of emotions behind why I want to start my own business. Perhaps we have a very different gait to our strides...


When I told him my business plans his first thought was about intellectual property and that anybody could copy it the minute after I launched it -it took me several months to change that record. Then it was him joking that I needed x millions to get it started. Now its about giving up a settled and secure job to start something risky at the riskiest time of the economic cycle. He also asks me why I don't do something similar to what I do now in my corporate job but out on my own...



And I don't know what he really thinks of the idea. But it is the thing he asks me about first. I think he is genuinely intrigued by the idea, just conveying all his worries on to me.


And despite all the "negativity" I still very much value his opinion. He has made me think about things in different ways, sometimes leading me to change my thoughts and sometimes entrenching my thoughts. My desire would be for a little more positivity, a little more support, a little more "yes, and...". That's something I need to make sure I offer to others who are trying to start out too...

Born In A Storm

Being from Scotland I do enjoy the odd bit of Tartan Rock, and the title of this entry comes from a line in Deacon Blue's first song on their debut album Raintown, and it was the first thing that popped into my head when I was thinking about my dilemma.

I think about and am asked constantly if starting a new business in a recession is actually a good idea. Times are definitely tough as any self respecting reader of Robert Peston's blog will no doubt attest. Its tough for companies and individuals who have been purveying or using debt and their associated partners that use debt as a marketing tool to actually sell their goods like car companies, carpet & curtain shops. Even yesterday with the announcement of US job figures these stories are no longer just economic data - they're real people with families and mortgages, with hope easing out the door with every other day they don't have a job.

I remember a recent study into long term happiness, and it indicating that no matter life's events, people return to an equilibrium of happiness. Time it seems does heal. Except for one thing... long term unemployment...

And the thought of redundancy and unemployment is beginning to enter my world. A friend in the States' job has been made redundant, my company has announced a future cost saving initiative which indicates job losses at some stage, so its all becoming more real.

So how could I ever think about establishing a business in the wilds of a global economic storm?

Actually what better time to start? Have I gone completely mental - here's some thoughts...

Demand will be weaker in a downturn, so any sales during this part of the cycle show that this idea really does work. And if it doesn't work, I haven't built up a false luxury of success just because people have loads of cash spilling about.

The reward is actually greater - Reading blogs & articles on recession, it all seems to be about keeping lean and being keen. Keeping costs right down to the minimum - and I mean the minimum! How can we get away with what we need? Literally questioning and challenging every single pence in the proposed budget. And then fighting hard for every single pound earned - fighting to get it and fighting to keep it! And we all know that winning hard has a better feeling than winning easy.

Investment dries up - Investment will be harder to find, but that actually may be a good thing. If investment was plentiful, as it was 2 years ago when I first had one of these ideas, then my business plan reflected that with spend, spend, spend to build awareness and get scale quickly. Now with money tighter I've worked hard to understand what I can do myself to build small and build up. I'm more likely to sort out all the problems first when its small and not risk losing a fortune, and then once the problems are ironed out make money in the short term, prove that it works, and then once its working & making money then look to scale it up (only if the numbers fit!).

And there's evidence to support the idea that recessions can be a good time to start - Microsoft & Oracle both started in recessions, and both were "revolutionary" companies, bucking the established way of making money in their sectors, finding new, better & more efficient ways to make their businesses work versus the more conservative companies. But that doesn't necessarily prove the rule. Nobody ever celebrates the failures, they just get buried without the fanfare...

Any old iron

The other week, I accompanied my business buddy to a Trade Fair where his competitors exhibit and where he would exhibit in the future.


I went with hope rather than expectation as I really wasn't sure what would come of the visit. I think my business buddy was in the same frame of mind.


But it was good to see. Good to see all the junk that people sell. Jeez! You name it, this place had people punting it... candles, lingerie, swords, pot pourri, picture frames, garden furniture...

And while we were there we talked to the competitors and gleamed a great deal of information just from idle chat - their levels of distribution (about 1,000 independents and also some nationals); their levels of margin they offer on their products(50%, i.e. double the wholesale price + VAT); their promotions & support (some "show specials" with specific off shelf display point of sale).

So it was quite a good visit just from learning about the competition point of view but also about the clear level of expectation has now been set if he was to exhibit there next year.

We left the exhibition, not buzzing about the opportunity for his idea but for a completely different idea, born from seeing so many other crappy products that other people are trying to sell!

Three for Three

A Couple of weeks ago I took my test proposition to one more retailer just in case my test retailers declined to take the test forward after the delay I've had.

My delivery was confident, perhpas too brief and too polished as it brought a relatively non-plus response at first. Niether positive nor negative, just a "I don't know what to make of this".

But that was just my perception really, as he accepted the test and was keen to progress.

So I've pushed some buttons and made some POS. I've tried to sort out my systems but I don't think its going to happen in time for this renewed test.

Immediatley following my meeting with the retailer, I was worrying about what needed to be done, and it wasn't until I met up with my business buddy did I realise that I had a 100% record of gaining test partners. Now that is something to celebrate.

Of course, I started to ask why is it 100%. Is it the cash guarantee? Well to some degree it must have an impact but its probably not all down to that, as if the idea was crap they still wouldn't take it on. I think the idea, the proposition and the clarity all combine together to make it relatively compelling.

So in a few weeks time I should have the results...

Action Man

Last week I met with my business buddy for the first time this year, with New Year resolutions ringing in my ears as loudly as the bells themselves on New Year's Eve.

Following on from my life coach session, I knew I had to gain the momentum back and my solution was to develop a list of actions and make my commitment to my business buddy to achieve them.

My list of things to do was...

• Finalise my launch budget
• Contact my test retailers
• Chat through my systems needs with my business buddy's contact
• Research Companies House for details on my competitors
• Develop my pricing structure
• Buy some of my competitors product & test them

And after my weekly catch up with business buddy today, I'm happy to report... actions done!!

The inertia has been broken and the momentum is beginning to build...

Is The Price Right?

Perhaps before I need to, I finished my pricing structure today for my customers who in turn will sell it on to consumers.

I looked at my pricing in two ways - one where the retailer could just buy a bundle now and again, whenever they felt the need (like Pay As You Go with mobile phones) and the other a longer-term assured price built on a contract with a minimum spend per month. With the PAYG option a discount would be offered for the size of the bundle which is bought each time. For contract customers, a similar type of discount would be offered, though with the contract the discount is applied to the annual spend of the retailer.

And depending upon a number of variables that the retailer is willing to accept, a further discount would be offered. I thought of the key things that I think will drive sales for this product but might need additional incentive for the retailer and have offered fixed levels of discount in return for these elements.