Do your homework. Make sure that no one else is doing it in the market, or doing something similar where you could have copyright or trademark issues.
Make sure that it’s A) unique and B) something that someone will actually want, rather than something that you think will be good.
Get a prototype built and do your market research on that. Show it to friends and family before you decide to mass produce it in China because there’s a big difference between producing one, and then going to market where you’ll have to mass produce it on a big scale and invest a lot of money.
All through the year, I think about where the market is going next. I’m seeing where new inroads are being made with things like new drones companies coming up with wearable drone copters and stuff that follows you while you run. You look at it and think, ‘is that something people will like?’
For me, our voice control stuff has enjoyed a lot of interest from the media, and not just the toy media, but in places like the Metro. Voice control seems to be an area people are interested in so we’re developing products within that range.
It’s difficult to keep up with trends, it’s difficult to see where the next product will be and it’s difficult to see if someone else is already coming out with a similar product.
I know my tech and I know the market. If you’re very tech minded, you might bring out a product which may be amazing but no one wants it. What’s the point of that? Similarly, you might market a product a product saying it’s the best thing ever and the product isn’t actually very good. You’ve got to find a balance.
My process is that I bounce ideas off of my colleague John, who is very sales focused, then off of members of my PR and marketing team and then off of engineers from China who are focused on the engineering side. That way, you get a balance from everywhere. That’s key.