Taking a new item to market

Post topics about the business side of magic.

Postby Josh Mandel » 06/23/09 04:58 PM

I have a concept for a utility item a gimmicked coin. It would be an ideal coin to use for numerous close-up effects, especially coins-through-table or portable hole-type effects, Twilight, and so on.

Im wondering what the best way to approach taking this idea to market would be. Should I ally myself with an interested manufacturer? Just have it produced on my own, and then shop it around direct to retailers or to wholesalers?

Any ideas, especially from people who've been there, would be terrific.

--Josh
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Postby Richard Kaufman » 06/23/09 05:28 PM

Call Joe Porper!
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Postby Jonathan Townsend » 06/23/09 06:35 PM

Sometimes there's a good deal of work to be done between having an idea or concept and getting an item working in such a way that it's useful, practical, versatile and suitable for realistic performing situations.
Mundus vult decipi
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Postby Josh Mandel » 06/23/09 07:06 PM

Richard, good suggestion, I'll do that!

Jonathan, this idea is astonishingly simple. There are no moving parts involved and no shimming, or anything like that. I can describe it in one short sentence and its uses are immediately apparent. (I do have to make sure it hasn't already been done...)

Josh
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Postby Jonathan Townsend » 06/23/09 07:09 PM

Glad to hear that Josh. I suggest Curtis Kam and/or the NYC Coin Symposium guys as a quick way to get your idea vetted safely. And best of luck.
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Postby Lou Serrano » 07/09/09 12:55 AM

Josh,

I'm chiming in a little late, but I think how you ultimately get this product to market should be determined by the ultimate goal you have set for yourself regarding this product and your business.

For instance, if all you want to do is get your name out there and make a little bit of money, then you should definitely find someone willing to manufacture it and wholesale it.

On the other hand, if your goal is to put out more products and create a business that eventually will give you maximum profit, then you should manufacture it yourself and sell it exclusively through your company with no wholesaling.

The first scenario is much easier with little profit. The second scenario requires much more work and a vast knowledge of marketing, but can ultimately create huge profits for yourself.

I'm just offering a different perspective from personal experience.

Respectfully,

Lou Serrano
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Postby magicbar » 08/20/09 12:56 AM

How about the traditional ways of using it in a great demo routine or having a well-known use it and then everyone will want one - especially if it simple to use and versatile. Mass marketing and profitability is another aspect but get a crowd to like it and create the demand. If it is an easy demo item every magic shop worker will be selling it for you.
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Postby Bill Duncan » 08/20/09 01:19 AM

Lou Serrano wrote:The second scenario requires much more work and a vast knowledge of marketing, but can ultimately create huge profits for yourself.

Just ask Steve Dusheck.
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Postby Tom Gilbert » 08/29/09 10:45 AM

First off is the crediting. There's been a lot of gimmicked coins that have come and gone. One trick coins if you will.
The other thing is that it's produced as quality.
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