Promo Product Development can be a long and difficult process. Marketing Managers are always looking for really unique gimmicky products to wow their market. ODM is inviting some of our key partners around the world for a major Crowdsourcing & Crowdfunding project to develop the next best Promo Gift. Take Ownership.
Product Development Costs
With crowdfunding, you get a chance to take ownership of ideas and products with a group of like minded people. Product development does not come cheap, but we are targeting to build a range of items where the initial cost could be anywhere from US$ 5,000 to US$ 30,000. Spreading the costs means that buy in might be as low as US$ 500 for each company.
Why should I get involved in Promotional Product Development
- Offer your clients a unique product for which you have exclusive rights
- Royalty Payments from Sales Worldwide.
- Grow your International Business Connections
- Make More Profits
- Innovation is a reason to call clients
- It is Fun & Educational & Empowering…
Send us an e-mail. We will send you a NDA (Non Disclosure Agreement) which will allow you to have details of the Promotional Products we are looking to develop. This will also put you on the list, with option for involvement for this and future product development.
Selecting the right Promo Gift
ODM have already made some advances on a great Trial Product. We feel that it is important to start this process with a custom high visibility & portable product. Most importantly, there is a substantial print area allowing companies to customise this with their logo for long term exposure and advertising. For the first product, we selected a product that can be used at the beach and has multiple functions. Future Product development Ideation & direction will be CrowdSourced from our group of promotional products partners around the world. We are looking forward to sharing some of our ideas with you.
Transparency in Product Development
All costs and expenses will be budgeted and explained before any investments are made by Promotional Products Agencies around the world. Agencies are welcome to be involved in the Factory Selection and all other Processes.
Product Development – Budgeting
All product development will be coordinated from the Zhuhai offices of the ODM Group. The Product Development budget will take into account all the major costs that will go into making this product a success. Each product is different, so we will be making a separate budget for each product we develop:
- Identifying and qualifying manufacturers
- Licensing Costs
- Design & IP registration costs
- Design & Prototyping
- Mould Development
- Sampling Costs
- Marketing Costs
Profit Share Mechanism
Companies have 2 ways to make money from the sales of Marketing Gifts we develop. This means you will earn some profit on each unit sold globally and high profits on items you sell in your market.
- Global Sales: Each investor will take a share in the profits for each unit sold. 5-10 % margin will be taken on the China Factory Ex-Works price to pay for this.
- Local Sales: You may sell in your country and earn good profits since our products will be unique and have global marketing appeal.
Ideation & Origination
Companies who are active in bringing the group an original idea or creation for development will be awarded a special Licensing Cost which allows them a greater share in Global Profits. Check out some of our other unique promo gifts. This means we want to hear your ideas – This is Crowdsourcing.
Given that we wish to have Smart Money investment from the Promotional Products Industry, part of the payback is the unique IP that will be granted to each company who invests. Granting IP rights to Promotional Products companies mean that they will be the only promotional products agency to carry our product in their market. This means we can only accept 1 partner per country.
5% inspiration – 95% perspiration
With all new inventions and Product development, the idea is nothing without strong commitment from our friends in the industry. Get in contact today & let us know your thoughts so we can start our wonderful journey. Our team can’t wait to get started on this project.
If you are an individual inventor reading this page, then I would recommend speaking with our Mindsparkz Invention Incubator team.