Taking a new item to market

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Josh Mandel
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Taking a new item to market

Postby Josh Mandel » June 23rd, 2009, 4:58 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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Richard Kaufman
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Re: Taking a new item to market

Postby Richard Kaufman » June 23rd, 2009, 5:28 pm

Call Joe Porper!
Subscribe today to Genii Magazine

Jonathan Townsend
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Re: Taking a new item to market

Postby Jonathan Townsend » June 23rd, 2009, 6:35 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 -per Caleb Carr's story Killing Time

Josh Mandel
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Re: Taking a new item to market

Postby Josh Mandel » June 23rd, 2009, 7:06 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

Jonathan Townsend
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Re: Taking a new item to market

Postby Jonathan Townsend » June 23rd, 2009, 7:09 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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Lou Serrano
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Re: Taking a new item to market

Postby Lou Serrano » July 9th, 2009, 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

magicbar
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Re: Taking a new item to market

Postby magicbar » August 20th, 2009, 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.

Bill Duncan
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Re: Taking a new item to market

Postby Bill Duncan » August 20th, 2009, 1:19 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.

Tom Gilbert
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Re: Taking a new item to market

Postby Tom Gilbert » August 29th, 2009, 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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