It can be intimidating to enter the market in competition with GIANT corporations that have bottomless pockets to bankroll their latest and greatest ideas.Then there’s you, who has this great product that you believe in and maybe a slightly smaller budget to work with. So, how do you compete? Well, for me, it was with trash.
LEGO was at the top of their game. Everyone was drinking the Kool-Aid, including me. It’s a great product line! There’s a reason why LEGO world exists.
However, after witnessing the disappointment on my son’s face after he saved up for a LEGO hang glider, only to discover it didn’t actually fly, I was inspired to invent Uberstix: a construction toy, where kids can build things that fly, float, and sail by up-cycling items around them which are normally thrown away (AKA trash).
I knew my competitor was LEGO, the biggest toy company in the world. I could have thrown in the towel and said, “Ah, how could I ever compete?” but, I didn’t. This is what I did instead...
1) I looked at their weaknesses
Thanks to my son, I realized one of their weaknesses (I could capitalize on) is that their models quickly fall apart after any amount of intense play. For the most part, LEGOs are meant to be statues on the shelf, keeping families in the build/buy cycle. When designing UberStix, I combined the math and geometry of strut and hub (think of K’nex) and block systems (think LEGO) to have the best of both worlds.
To shore up your faith and get ready to compete in your arena, ask yourself: what are the weaknesses of my competitors? How can I design something that capitalizes on this?
2) Listen to their customers (or yours)
You’re probably just starting out with your product. Maybe you have a small circle of people who have tested out your prototype, that’s great! Listen to what they say about it and make tweaks based on their feedback. You can also look at the giants in your industry and see what people are saying about similar product lines.
What are the customers frustrations? What are they asking for? What are their complaints?
For me, my son being a consumer of LEGO easily voiced his frustration, he wanted something that flies and is more interactive. And I came up with a solution for that.
After researching the construction toy market, I realized accessibility was an issue. Simply put, LEGOs and similar products can be very expensive. I addressed this problem by designing pieces that can be integrated with trash. The idea is simple, if a kid had only a couple of dollars, he could look around his environment to add to his build. His creativity is not limited by a lack of money. In the world of UberStix: straws, paper cups, water bottles, popsicle sticks, paper clips, etc. all become building materials in the eyes of kid armed with UberStix.
You will also find inspiration after a deep dive into your own industry. Think what value can I add? What’s missing from the industry? What problems are companies not addressing?
4) Evaluate: What do you have to offer?
The final step that allowed me to go toe to toe with the giants is by not just focusing on them, but reflecting on what value I bring to the table. My strengths are creativity and kick-ass math skills. The math came in handy when designing the pieces that could be built into 8’ foot tall buildings that come with blueprints, flying birds, sailing pirate ships, slingshots, catapults, Ferris wheels, and more.
I utilized my creativity when designing Uberstix so kids have the opportunity to build beyond the basic instructions. This open-ended design inspires kids to see the world through the lens of possibilities. Asking questions such as how can my Uberstix pieces connect to this pen, or that motor from another toy to build a new monster for the game I’m playing?
You too have strengths that will allow you to compete in your chosen field. You are well equipped to enter the arena. Mark Twain said it best, “There is no such thing as a new idea. It is impossible. We simply take a lot of old ideas and put them into a sort of mental kaleidoscope. We give them a turn and they make new and curious combinations.”
What new and curious combination will you bring to the market?
Follow me on Facebook for more inspiration and tips to get your idea to market @ www.facebook.com/inventordane
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