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"As [my dad and I] look forward to taking our ideas to the next level and maximizing the impact of our media campaign, we'll always remember the 2006 ERA Show as a major milestone in the road to success for the Brooklyn Bagel Slicer.
We met so many interesting people and generated some fantastic buzz and I'm really pleased that we chose to participate in this amazing event. I had a great time at the show and I would love to do this again withother innovations in the very near future."
Michael D. Moss
Brooklyn Bagel Slicer, winner of ERA's 2006 Invention of the Year Award
Frequently Asked Questions About the New Product Hot Spot
1. What is ERA's New Product Hot Spot?
The Invention Showcase was started in 1999 in an effort to provide inventors with a forum to showcase their products to the direct response industry. Additionally, the Hot Spot also seeks to:
- Create a place where education meets opportunity for inventors.
- Create a safe forum for inventors to showcase their products and/or inventions.
- Bring qualified products to ERA members at ERA's Annual Convention.
- Enlighten the invention community on how to utilize direct response marketing to build brand awareness and launch products into the competitive marketplace.
- Close the circle by introducing DR-intelligent inventors to marketing savvy ERA member companies, creating a win-win situation for all!
2. How do you get involved? How does the process work?
You can get involved in the Hot Spot in one of two ways. You may choose to attend one of ERA's educational seminars or download the New Product Hot Spot entry form. Products are reviewed at the end of each educational seminar by experts and general entry forms are handed out to the individuals at that time as an invitation to attend the New Product Hot Spot at ERA's Annual Convention held in Las Vegas October 1-2, 2007, at the Venetian Hotel.
You can also submit an entry form via fax or email. PLEASE REMEMBER TO SUBMIT PICTURES, VIDEOS or any visual aid that will allow our experts to make an intelligent and fair decision. To submit an entry form, click here to download the form and fax it to 703.841.1860 or email smalphurs@retailing.org. The same experts will review your product submission and will let you know if your product qualifies. Please note that we go through this qualifying process because we do not want to waste your money or your time and we only want to showcase products that we believe will have a good chance of being brought to market. You may have a product/invention that does not qualify for one or many reasons but usually it will be because your product does not suit what our member companies are looking for in a product. You will receive a decision within two to three weeks of your submission.
In order to qualify you must:
- Have a patent, patent pending or trade secret.
- Not have a license deal or be negotiating a deal with any entity. Your product must be free and clear of any liens.
- You must have all the rights to the product/invention or have permission to negotiate on behalf of the party that holds the rights.
- In order to increase an inventor's chances of being accepted, the product, invention or intellectual property should be:
- A consumer product that is demonstrable and solves a common everyday problem.
- A consumer product that is marketable to the masses (niche products are less likely to be accepted).
- A product that will be able to have FTC acceptable substantiation for all claims. Example: "The SuperABWizard works the lower abs better than anything else on the market." You must be able to prove the claim with qualified testing and studies in order to say it.
- The manufacturing cost of goods should allow for a 6 times mark up for long form and short form TV commercials; a 3.5 times mark up for live shopping venues (i.e. QVC, HSN, ShopNBC) print and catalog; or 2.5 times mark up for web only sales.
- The following categories seem to work best: fitness, health and beauty, housewares, financial programs, weight loss/ personal care and innovative technology. Golf is also a good category, but limited.
3. How are products ultimately chosen for the New Product Hot Spot?
All products/inventions and intellectual property that are submitted are reviewed by the experts on the New Product Hot Spot Task Force. They look to see if the product matches the items listed above and where it best fits in the following categories:
- Long form television commercial (28:30 time)
- Short form television commercial (:60, :120 in length) - this format is usually used as a drive to the retail shelf
- E-commerce and affiliates
- Catalog, print and free standing inserts
- Radio - both long form and short form
- Live shopping
Awards are given out to Hot Spot participants based upon these categories.
Since each year there are hundreds of products submitted, unfortunately we only have space available for 45-65 Products at the ERA Annual Convention in Las Vegas. We want the individuals that are invited to the convention to have the best chance of walking away with several offers and to be on their way to launching their product. Our membership depends on the New Product Hot Spot Task Force to bring unique, compelling consumer products to the convention each year. Since our membership is diversified (i.e., QVC, HSN, radio marketers, TV marketers, e-commerce and web marketers), the individual is put in a position to meet one on one with all of them!
Tips for a great presentation are:
- Pitch your product in two minutes or less.
- The person waiting in the wings to talk to you may be the president of a big marketing company, so don't make idle conversation.
- Have a video presentation of your product if it is demonstrable.
- Presentation is everything - make your product look like the king it is!
- Bring take-aways.
- Ask them as many questions as they ask you.
- Know your cost of goods - that is the most important question and the first one they will ask you. You don't need to have a price point, a good DR marketer will know by your cost of goods what the price point needs to be. If your COGS are too high, then so is your price point - so don't lie - that could blow your deal right on the spot.
4. What kinds of products are usually in the Hot Spot? What works best?
5. What can individuals gain by participation? Is there a contest with winners?
The Participants do not attend to win a competition, they attend in order to get closer to their dream of their product becoming a household item. There is nowhere else where a person can be educated on how an industry as complicated direct response works, on how to make a deal, and on how to pitch their product so that know exactly what to say, how to say it and get effective results. This is an opportunity of a lifetime to get in front of the best of the best of a $200 billion a year industry.
The Invention Showcase was first created in order to give an inventor a safe forum to showcase their product while gaining the knowledge it takes to know and negotiate an equitable deal. The New Product Hot Spot is truly a place that puts an individual in the driver's seat. ERA's membership is comprised of the most notable marketers in the world and each and every inventor will be front and center with their product.
6. Which products have been picked up and considered a success?
Demonstrable products usually leaning towards the fitness, housewares and beauty segments.
In the past few years we have seen products gross millions of dollars that first were introduced via the Invention Showcase.
- Easy Crown Molding, James Christopher Design - Won Best Live Shopping Product in ERA's 2005 Annual Awards.
- The Portable Towel Holder, Joe Simonson - Nominated for Best Live Shopping Product in ERA's 2005 Annual Awards.
- Security Alarm, Linda Sosa - aired on QVC.
- Tools Away, Dave Uddy - Currently negotiating with HSN/Product Partners.