Lori Greiner has tips for fellow entrepreneurs. The “queen of QVC” is one of the most successful people to show up on the home shopping channel, having also invested in ABC’s Shark Tank.
Few have ever simply appeared on the channel and sold so much in so little time. QVC is one place where you can advertise to an audience of 300 million, outpacing such rivals as the Home Shopping Network and Evine.
Greiner claims no magic solution to being a bestselling inventor. It’s all common sense and knowing your consumer.
“The products that do the best solve a problem – there’s a need for them.
“You get to show people within minutes what your product is, and you can sell thousands of units within minutes.”
According to ABC News, Greiner even sold an item she hadn’t made past the prototype phase yet. She marketed a plastic jewelry organizer for earrings in 1996. After finalizing deals with the Home Shopping Network and J.C. Penney Co., she then started making the product.
The first of Lori Greiner’s tips is to market your product to a mass advertisement firm. Once you have a place to advertise, you can start actually producing units. You might still want to have the item on hand though.
— Iftekhar inan (@inantweets) May 7, 2015
Then you find a way to show the product off to potential buyers at consumer shows such as the National Hardware Show in Las Vegas.
Know how to sell items effectively. Television advertisements are good for things like kitchen gadgets and clothing, while toasters might not do so well in the spotlight, and should be left on a website for casual browsing.
Probably the most important factor is to know what the consumer really wants, says Greiner.
“I went up to people in all different types of neighborhoods. They answered basic questions: Do you like this? What would you pay for this?”
Lori Greiner’s tips have helped such sellers as Byron Young, whose bean bag chairs were initially a failure. With her advice and help, they gained an audience and a workable consumer base in 2013.
This brings up probably one of the best ways to sell your invention: Ask Lori Greiner for help.
[Image via Alberto E. Rodriguez / Getty Images]