HIT PRODUCTS INNOVATION COACHING
Advisory and coaching services for product innovators
Bringing a new product to market is an incredibly rewarding journey, but it's no easy ride! Industry estimates suggest that only 10% may get their product to market, up to 5% will build a profitable business from their idea, whilst around 1% might deliver a large financial return. But this isn’t the luck of the draw. Other than financial constraints and technical feasiblity, products typically fail owing to flaws in 1) understanding the scale of the commercial opportunity, 2) the execution of the development and/or 3) the go-to-market strategy and implementation.
Product and industrial designers are often a would-be-innovator's first port of call to kick-start their product journey after conducting some initial research. However, they are not ususally mandated or experienced to provide broader commercial advice on the product briefs they are presented with, which is a reality check worth keeping in mind. Indeed, some may be motivated by the fee-earning potential of a new project with complete diregard to its commercial potential, whilst others may have screening processes in place but ultimately prioritise funding commitments over product substance.
We specialize in guiding creators, inventors, and entrepreneurs through the complex journey of turning product ideas into market-ready products to maximise your chances of commercial success. In practice, this means staying laser-focused on the commercial viability of your product throughout its development (including knowing when it is time to move on or pivot from an idea) through to formulating a robust commercial strategy. We acheive this by empowering founders and product teams with the right tools, guidance and strategy to mitigate the risks attached to new product development, saving you time, money - and your sanity - along the way!
COACHING MODULES
Concept
Validation
Evaluate product demand
Products must solve a high intensity and/or high frequency problem, and/or fulfil a strong desire
Learn how to:
- Define the problem your product solves and outline key assumptions
- Evaluate product demand through user research e.g. interviews and surveys
- Understand the market landscape, barriers to entry and trends to determine the size of opportunity
- Identify competitors, research existing pain-points and carry out a SWOT analysis
Product
Market Fit
Identify your target customer
Products must resonate with the target audience’s preferences, lifestyle, and expectations
Learn how to:
- Identify customer profiles of users who would buy your product
- Gather insights on their demographics, interests, and behaviours
- Familiarise yourself with the products and brands they are currently purchasing
- Use these learnings to inform the design+development and go-to-market strategy for your product
Product
Specification
Produce a product design brief
Utilise the learnings from your research to create a product specification
Learn how to:
- Write a specification that details the Unique Selling Points (USPs) and benefits that your products aims to deliver and prioritise the feature sets underpinning these claims.
- Structure your brief to include all necessary critera covering the user, form, function, branding, packaging, pricing, materials, manufacturing, environmental, safety and compliance requirements.
Pricing
Strategy
Price smartly to grow profitably
Explore pricing strategies that align with your cost base, customers and financial targets
Learn how to:
- Determine how much your target audience is willing to pay for your product
- Research competitor price points and consider your value proposition within this range
- Set pricing that supports margins through your distribution channels
- Create pricing models to evaluate margins/profits and forecasts/breakeven
- Undertake sensitivity analysis to understand how variations in assumptions impact profitabilty
- 'Design for profit' by mastering the cost implications of your design and manufacturing choices
Production & Supply Chain Support
Build your product with reliable manufacturing partners
Master the art of sourcing and production
Learn how to:
- Vet and compare manufacturers using tried and tested methods
- Equip yourself with with the questions, checklists, and red flags to watch out for
- Learn how to negotiate and manage costs without compromising on your product or profit
- Understand the importance of quality control and how to mitigate risks
D2C Strategy and Promotion
Develop Direct-to-Consumer (D2C) marketing and sales channels
Map out when, where, and how to reach your ideal customers
Learn how to:
- Develop an online D2C sales strategy with an online store and social media presence
- Understand the differences and opportunities between 'Paid', 'Earned' and 'Owned' marketing
- Understand performance metrics like 'CPA' and 'ROAS' and how they impact your profitability
- Consider the benefits of offline marketing e.g. exhibiting at consumer and trade shows
Retail Sales
Advisory
Launch your products into the retail market
Sell to domestic retailers and international clients
Learn how to:
- Develop a strategy to align with the retail channels you want to prioritise
- Understand their requirements to create the perfect pitch and secure new business
- Negotiate price and other Vendor Agreement terms with confidence
- Learn how using agents and distributors can lead to domestic and export retail sucesss
Amazon Sales
Sell on the world's No. 1 marketplace
Learn how to navigate selling on Amazon and avoid the many pitfalls
Learn how to:
- Set up shop on Amazon UK and begin selling to millions of customers
- Expand your product's reach via Amazon's international marketplaces
- Understand the complexities of the platform to ensure its a profitable sales channel
MY JOURNEY
I established Hit Products in 2015 as a launchpad to develop a range of innovative products designed to solve everyday problems. The brand is best known for its anti-spill cup holders, CouchCoaster and TableCoaster, which pioneered a new retail category in drinkware accessories.
From appearing on the prime-time ITV business show ‘Give it a Year’ fronted by Baroness Karren Brady - who was sceptical of the demand for the coasters - Hit Products has now been trading for 10 years and has sold over $10,000,000 in retail sales value in more than 50 countries, through a network of distributors, retailers, direct-to-consumer channels and marketplaces.
Follow-up products have included phone gadgets, baby accessories, and gardening innovations, and the products have been sold by some of the world’s highest profile retailers (e.g. QVC), featured in leading business publications (e.g. Forbes) and covered by some of the biggest names in media and entertainment (e.g. The Today Show).