SOWPub Small Business Forums  
 

Click Here to see the latest posts!

Ask any questions related to business / entrepreneurship / money-making / life
or share your success stories (and educational "failures")...

Get the report on Harvey Brody's Answers to a Question-Oriented-Person

NO BLATANT ADS PLEASE
Also, please no insults or personal attacks.
Feel free to link to your web site though at the end of your posts.

Stay up to date! Get email notifications or
get "new thread" feeds here

 

Go Back   SOWPub Small Business Forums > Main Category > SOWPub Business Forum
Register FAQ Members List Calendar Search Today's Posts Mark Forums Read

SOWPub Business Forum Seeds of Wisdom Forum

 
 
Thread Tools Display Modes
Prev Previous Post   Next Post Next
  #3  
Old December 9, 2017, 10:49 AM
GordonJ's Avatar
GordonJ GordonJ is offline
Administrator
 
Join Date: Aug 2006
Location: West Palm Beach, FL
Posts: 1,921
Default Scott McCoskery and the fidget spinner.

Quote:
Originally Posted by Dien Rice View Post
Hi Gordon,

Another important factor (of course) is the cost of getting that customer...

If you have a $25 report you're selling, but it costs you $30 to get each customer, then of course you're losing money...

(If you have a second product to sell them, or sell some consulting as a follow-up, then you might have a profitable business...)

For me, this is what it often boils down to. I know who the customer is, but how much is it going to cost to get him or her?

As you know, I've dealt in the area of business ideas... It can be a very expensive area to be in if you advertise directly on Google Adwords, for example. Why? Because you're directly competing with businesses like franchises... They have a $25,000, or $100,000, or $250,000 "product"... So they can afford to spend a lot more on advertising!

Of course, there are other ways, too... But they're more work...


I found a great article on the Pet Rock...

Here's a great report of an interview with Gary Dahl...

"Pet Rock mastermind doesn't want to talk about it. Much"
http://cjonline.com/stories/121299/bus_petrock.shtml

What I like about that interview is it doesn't just show the rosy side, but it shows many of the problems too... And it also talks about all the work behind the scenes.

He didn't just come up with an idea for a pet rock. He wrote a funny manual (a big selling point, I think without this, it would have failed)! He put a lot of work into the packaging, making it look like it was a real pet, with air holes, and a bed of straw in the box...!

He then took it to a gift show in San Francisco (in 1975). Gary Dahl was an advertising man, so he knew how to do press releases. He sent press releases to every major media outlet. A couple of months later, Newsweek picked up the story, and Neiman Marcus ordered 500 Pet Rocks! The story spread like crazy, and everyone was talking about it.

I read elsewhere that at one stage, he was selling 10,000 pet rocks a day! This was in the run-up to Christmas. Eventually, the fad died. It only lasted 4 months...! But he sold 1.3 million pet rocks, at just under $4 each!

So... He didn't just think of the idea of a pet rock, and that was it. The packaging, the funny manual, the presentation at a major gift show, and flooding the media with his press releases... That was all an important part of it too...

Another funny thing in the article is he mentions how people would bring him their "ingenious" new ideas... Like a pet stick. Or pet poop. Or pet gravel. Funny thing is, none of those ideas took his fancy...

Gary Dahl passed away a couple of years ago (I only just realized this now). From that article, it sounds like the Pet Rock brought him both happiness and also some pain too... Well worth a read...

Best wishes,

Dien

P.S. Here's where you can find the original Pet Rock training manual...! Quite funny... (PDF)

http://csinvesting.org/wp-content/up...-Gary-Dahl.pdf

A good case study in modern FADS, the fidget spinner. Scott McCoskery probably won't do as well as Gary Dahl did, he let the knock offs run rampant before he built a wall of protection. As any inventor knows, your patent is only good for DEFENSE, and at a very high cost.

Gary Dahl was the offense, scoring quick and fast, as I believe FADS must do. The jury is still out on the fidget spinner, but let's keep an eye on it.

If you are going to do a FAD, and I am, then you must spend the time behind the scenes getting it perfected and then strike quickly BEFORE anyone has time to catch it and steal it. Lots of PREP time goes into a a quick fad.

But some serious coin can come out of it. Hopefully?!!

Gordon
Reply With Quote
 


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Seeds of Wisdom Publishing (front page) | Seeds of Wisdom Business forum | Seeds of Wisdom Original Business Forum (Archive) | Hidden Unusual Business Ideas Newsletter | The Great Ideas Letter on CD | Hotsheet Profits | The Art of Leverage | The Success Report | Persuade via Remote Influence | Iftin Australia | Writer's Friend (software) | The Entrepreneur's Hotsheet | The SeedZine (Entrepreneurial Ezine) | The Fly Low Collect Dough Update Hotline

All times are GMT -4. The time now is 01:51 PM.


Powered by vBulletin Version 3.6.0
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.