Once upon a time, I became a Disney licensee so I could sell my guitar picks with images of their brands on them. I met with the Disney team to discuss future plans for the product.
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After our meeting, I showed them a product featuring the Spinformation rotating label, one of my older inventions.
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They absolutely loved it and had a project they felt would be perfect for my label.
“At Disney, we tell stories, and your label will help us tell our stories,” they told me.
The timing was perfect. I signed a licensing agreement with American Beverage Corporation to use my “storytelling label” on a new juice beverage for kids with two of Disney’s properties – Cars and Hannah Montana!
After working hard to insert a new labeling machine within ABC’s manufacturing facility, designing the label, and preparing the packaging, we were ready to launch.
It was a dream come true for me!
But unfortunately, once it hit retail, it didn’t sell. This was because the product had a large percentage of “real juice,” making its retail price expensive when compared to similar products. It was 2009, we were still in the recession, and consumers were extremely frugal.
I was heartbroken.
This is what I learned.
1. Timing is everything
Even with great intentions, things can go wrong. That’s why you want to continue inventing and working on multiple ideas. Avoid putting all of your eggs in one basket.
2. Retail price point is very important
Make sure not to over-design your product. Focus on making your product the best that it can be at the most efficient price. The price must be competitive!
Thank you for reading and keep inventing!
– inventRight Cofounder