What do you do when you’ve spent months, or even years, developing a new product – only to see it fail? Ask Ivelin Demirov, a Bulgarian-Canadian Industrial Designer, with more than 240 (!) products launches under this belt.
And, he designed them all, including these:
- Enigmaze Secure Password Journal
- Clever Kebab
- Radiance Planner
Ivelin is one of our readers, and in this article, he explains his framework for finding the right product idea, and how you can test it out on Kickstarter – before spending too much time and money on a product concept that will not sit well with the marketplace.
Please tell us a bit about yourself and what you did before starting your current business
In 2001 I was working as a graphic and web designer while doing my master’s degree in Industrial Design Engineering. I was very interested in marketing and online sales at the same time. It felt naturally to combine both worlds and my first product was born “10 fingers typing system”.
It did well enough to spark my interest in developing custom designed products and sell them through different channels.
16 years later, I designed, developed and manufactured over 240 products, successfully funded and delivered 9 Kickstarter projects and was an “American Dreams” guest on HSN TV.
How did you decide which products to launch?
Most of my early products failed because i was going after my gut feeling about the ideas i had. Some did okay. I wanted to know why some product sell well some don’t.
They were all brilliant to me. This first thing i learned is that I need to understand the market very well and the product should Solve a problem.
I came up with a S.E.X. formula which i use to this day.
Every product should: Solve a problem. Elevate status. eXcite.
The Solving a problem criteria is the most important but not always enough. If i had the 3 in a product that i was sourcing or developing, i had a winner.
Now, every time i go for a new product, I follow a passion of mine (guarantees that i know the market) and I check for my S.E.X. formula. Continue Reading →