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Podcast Notes

1You Tube Transcription
s
give it up everyone this is Carmine
0:03
disco here on the inventors Launchpad
0:06
Network I have our show today is getting
0:10
ready for retail with my co-host mr. Jim
0:13
the betta hey Jim you over there we're
0:16
here just getting ready for the major
0:18
Eclipse event that's about to happen
0:21
here yeah yeah for any of you listeners
0:24
who are viewing or listening to the show
0:28
after August 21st we may not be here
0:32
we're getting ready for the first major
0:36
Eclipse since 1979 so we are ready for
0:39
that we're gonna get this show done
0:40
before the eclipse happens you never
0:44
know what could happen right Jim try to
0:49
get in before things yeah yeah Jim
0:53
called me said hey let's get this let's
0:55
get this show done because we don't know
0:57
what's gonna happen during the Eclipse
0:58
you might be the last thing hey Jim just
1:05
before the Eclipse happens you're gonna
1:07
get the biggest pio you ever got
1:16
[Laughter]
1:18
everything goes down everything is lost
1:23
do you think there's gonna be any mess
1:25
up in Wi-Fi or cellular or anything you
1:28
know I I always say it's like it's a
1:30
natural event so I guess anything's
1:32
possible right that you know you could
1:34
lose communication Joe I think people
1:35
more people panic I think then then
1:37
things actually happen so you know who
1:40
knows and I'm sure people clearing out
1:42
the supermarkets you know the milk and
1:43
bread and eggs and all that and
1:44
hunkering down but you know hopefully
1:47
nothing bad too bad goes wrong and you
1:49
know a few hours from now everybody goes
1:51
back to doing what they're doing but I
1:53
know people are driving all over they're
1:54
driving hundreds of miles I mean we're
1:56
right in the path so I'm sure there are
1:58
people you know kind of converging on
2:00
Atlanta to some degree but you know
2:02
we'll go outside we'll check it out and
2:03
I think it's more cool that it's gets
2:05
dark
2:06
like almost completely here than it is
2:08
to look through the glasses and I'm
2:09
afraid it's all these knockoff glasses
2:11
and
2:12
the school's actually sent an email this
2:14
morning telling us that the glasses they
2:16
gave out to our kids they can't even
2:19
verify that they're safe so my kids like
2:22
might one of my boys is like yeah I'm
2:23
gonna go I'm gonna use them anyway I'm
2:24
like whoa hold up you know oh my golly
2:27
you look through for like a couple
2:28
seconds but I'm gonna let you stare at
2:30
it you know you go boy you will feel it
2:32
and then you go blind like a month later
2:34
or whatever it is nothing not worth it
2:37
yeah no no and that's gonna bring me to
2:39
I think what we can get into on our show
2:42
today but it was funny that you
2:43
mentioned that because here at our
2:44
studio this is here to guard he's also a
2:47
police officer and he doubles as
2:50
security on his days off and he said the
2:52
biggest thing that they were trained for
2:54
was that there's gonna be so many car
2:56
accidents because people were gonna be
2:58
looking up while they're driving to see
3:01
if they can see something I thought that
3:02
was crazy because about it's crazy so
3:11
you know you mentioned the glasses and
3:12
there's a few other things that brings
3:15
me if you want to talk about this on the
3:17
show today like like people that take
3:19
advantage of upcoming events in the
3:21
market the fidgets spinners the glasses
3:25
for for this crazy solar eclipse and and
3:28
it's funny because I actually mentioned
3:30
a few days ago to my partner Rick
3:32
I said hey Rick you know I wish I had
3:34
thought about this like 6 months ago
3:37
because I would have created an app that
3:39
you can use on your phone to watch the
3:41
Eclipse yeah and there is one actually
3:43
one of my kids showed me this morning
3:45
and it's the number one downloaded app
3:47
but like you said these glasses and
3:49
there's a lot of industries whether it's
3:50
solar eclipses or any other like event
3:54
that's not a regular event where smart
3:57
inventors will see it coming and of
4:00
course it's a risk because let's say you
4:03
went out and you said I'm gonna you know
4:05
make my own glasses the solar glasses or
4:08
whatever and obviously you have to be
4:10
certified there's things you have to do
4:12
but let's just assume you had the
4:13
ability to do it and you said you know
4:15
who cares I'm not gonna do it
4:16
there were people I'm sure making you
4:19
know a nice chunk of change and have
4:21
been over the last month or so promoting
4:24
these things I mean
4:25
who's to say you could make a year's
4:26
worth of income in a matter of weeks
4:29
selling glass I mean there's a cold
4:31
thing going on into I mean everyone's
4:33
looking for them and they're not just
4:34
paying five and ten dollars people
4:36
paying 20 bucks 50 bucks hundred bucks
4:37
for glasses and I wouldn't pay that but
4:41
there's a lot of people who would now I
4:43
I'm very familiar with the telescope and
4:46
binocular business that's the business I
4:47
came from originally and obviously this
4:49
is this is like a Super Bowl for that
4:53
business and they were planning for this
4:55
like a year ago and introducing special
4:58
product lines I mean they were taking
5:00
their basic products and kind of making
5:02
them a different color but you know they
5:04
have to add solar filters to the
5:05
telescope's but the smart companies were
5:08
getting those products prepared and then
5:09
selling them to the major chains and
5:11
websites so that a few months before
5:14
those retailers could be offering them
5:16
to the customers so that's like an added
5:18
extra sale a lot of sales for existing
5:21
companies but had you been you know with
5:24
the thought that hey you know I could do
5:25
this and make up something it doesn't
5:27
have to be glass it could be just
5:28
something else that goes along with
5:30
solar eclipses I don't know what other
5:32
products I haven't looked but there's
5:35
always things to the left and right of
5:36
the main product you'd say well I could
5:38
also sell this I can also sell that for
5:40
this event and then it's over but you
5:43
know a lot of opportunities for things
5:46
like that well you hit a right on the
5:49
head I mean then you get the people out
5:50
of camping you have t-shirts and water
5:52
bottles all kinds of stuff that goes
5:55
along with the event you know because
5:58
there's I suppose that you know that
5:59
there's people camping all along the
6:01
sun's path and and they're selling all
6:04
kinds of things and it's just that thing
6:06
where you like you said it's a risk but
6:08
you know how do you go about choosing
6:11
you know I'm gonna you know the next
6:15
Super Bowl I mean when do you start
6:16
preparing for some like this like you
6:17
said a year ago but I mean what if it
6:20
gets can't I mean it's a risk it could
6:21
get cancelled or something could happen
6:22
or yeah I mean that you know there are
6:26
events like that like there were again
6:27
being from that you know the telescope
6:29
of binocular business you know during
6:30
the year there's always like these
6:31
celestial events you know and it could
6:33
be an eclipse or it could be you know
6:36
meteor showers and just things like that
6:39
there are times when they're calling for
6:41
things to happen and they either don't
6:43
happen or they don't happen to the
6:44
magnitude that you think so okay maybe I
6:48
mean I don't know if an eclipse is
6:50
something that could not be what it's
6:51
going to be but let's just say it was
6:54
and you spent you know whatever dollars
6:56
you know manufacturing and or developing
7:00
a product for this event and then it was
7:02
like a total like just a fizz out and
7:05
now you know so there's the risk right
7:07
you could do that and it's the same
7:09
thing combine with when you get with
7:11
seasonal products and this is kind of on
7:12
that same discussion where there's a
7:14
huge market for Halloween obviously you
7:18
know Christmas time you know Easter
7:21
fourth of July all those holidays and
7:24
more people well in advance you know
7:27
easy a year or more are planning for
7:29
them and they're trying to figure out
7:30
what can we offer people and there are
7:32
people that are in business just for
7:33
those holidays like they just make stuff
7:36
for Halloween and they have their moment
7:38
for just a few weeks make a year's worth
7:42
of living in during that time but the
7:45
retailer's look at that stuff a full
7:46
year in advance if it's that seasonal so
7:48
for Halloween okay so you know with the
7:50
Halloween's the next big one coming up
7:52
right September October so Halloween
7:54
assortment was done a long time ago so
7:56
now right after Halloween they're gonna
7:58
be looking for Halloween 2018 like in
8:01
November December all the products gonna
8:04
be chosen it may it may be December
8:06
January but it'll be done for the most
8:08
part unless you come up with something
8:09
that's really cool that they you know we
8:11
gotta have that we haven't seen anything
8:12
like that and it could be like May or
8:14
June and they want to kind of get it
8:16
into the stores but that takes a lot of
8:18
planning and it's all done very far in
8:19
advance and believe me this eclipse
8:21
stuff was it thought about a few weeks
8:23
ago it was months and months ago Wow
8:26
well you know like you were saying I
8:27
could see this as such an add-on for the
8:29
stores like so you were saying like the
8:31
telescope filters but but people come in
8:34
and they say hey do you have a pair of
8:35
binoculars wherever that can look at the
8:37
at the Eclipse with not only they buying
8:40
this filter but they're also buying the
8:42
telescope or the binoculars which is a
8:44
huge add-on obviously yeah it's like you
8:47
know when you go to Costco and you think
8:49
you're going in just for like you know
8:50
paper towels or something and you come
8:51
out with you know
8:52
$180 most of the works you would have
8:55
bought anyway but that's it things like
8:58
this drive traffic whether it's into a
9:00
real store right where you walk in or
9:03
online it's the same mentality right if
9:05
you go online to get glasses and you're
9:08
like oh and some pops up on the screen
9:10
or there's just other things up there
9:12
now you know what I'll get that I'll get
9:14
that so that you know $10 item that you
9:17
went on there becomes a thirty or fifty
9:19
or hundred I'll purchase the retailer's
9:21
know that they love that and there's a
9:24
whole business in that so you're right
9:25
you know - retail store thinking oh I'm
9:27
just gonna get something for the Eclipse
9:29
but you're buying things have nothing to
9:31
do with the Eclipse cuz you're there so
9:32
they try it so they make you something
9:35
they call these things lost leaders
9:36
sometimes so you don't this is a good
9:38
thing for inventors to hear cuz I get a
9:40
lot of inventors that say Jim you know I
9:41
have a product I want it to be on the
9:43
end cap near the end of the aisle so you
9:45
know when you go to like a any chain
9:47
store and they have aisles aisle one two
9:48
three four but at the end of the aisle
9:50
there's always a display and it could be
9:53
something special
9:54
first of all to get those spots is very
9:56
difficult but you can get them but a lot
9:59
of times the retailers will offer
10:00
something there that they don't really
10:02
make much money on or they don't make
10:03
money on it at all to get you to walk
10:05
down the rest of the aisle know where
10:07
the more profitable things are so that's
10:10
called a loss leader and a lot of
10:12
inventors don't realize that that a lot
10:14
of times the the retail will want them
10:16
to really cut their price a lot so they
10:18
can offer a great price to you and I
10:20
when we walk in to get them to the other
10:23
stuff it's kind of like you know the
10:24
lead-in item so yeah yeah and and I know
10:29
and we'll get back to this because it's
10:32
pretty interesting I have some other
10:33
questions on I know that when they do
10:35
these shells when they design these
10:37
things I mean like you said they do this
10:39
way ahead of time right I mean not like
10:41
you could just say oh I have a new
10:42
product let me throw it on the shelf
10:43
right and like anything in the store
10:46
it's called planograms what these
10:48
retailers do is they basically have a
10:49
blueprint and it looks like a like a map
10:52
of every square inch of that store Wow
10:54
and this is what a lot of inventors
10:57
don't understand and this is very
10:58
especially true for seasonal stuff which
11:00
is what we're talking about today like
11:01
event-driven things if there's an event
11:04
okay like college football right it's
11:06
about the store
11:06
big deal for you know everybody the
11:09
whole country a lot of people love it so
11:11
the retailers aren't saying now just a
11:13
couple of weeks before the first game
11:15
first week starting oh yeah let's think
11:17
about what we're gonna put in the stores
11:18
where we're gonna put it these decisions
11:20
we made months and months ago so when
11:22
the planner is when the retailer is the
11:24
buyers sit down and look at their map of
11:26
the store they've got to allocate space
11:29
for these events right so it's not just
11:30
alright if you're you know whatever
11:33
store Target it's they've got toys and
11:35
they've got clothing and they've got
11:36
food but they allocate spots and leave
11:39
them open for opportunities and again it
11:42
could be a seasonal thing it could be an
11:44
eclipse who knows I mean there's always
11:46
something that happens you know
11:49
throughout the year that's not on their
11:51
calendar and they've gotta allow for
11:53
that but they also know what's coming
11:54
cuz it's I mean this eclipse isn't like
11:56
a surprise Wow
11:58
well I think it's been I don't know how
12:00
far I mean maybe you know I know how far
12:01
back they knew when it was gonna happen
12:03
today maybe it was it like 20 years ago
12:06
they go the next one is in on this date
12:08
you know I don't know how that works
12:10
yeah yeah well actually I in 1979 when
12:14
the last one they said if you don't see
12:15
this the next one is not till 2017 I'm
12:26
pretty sure a year ago they knew what it
12:28
was gonna be and the retailer was the
12:31
planning for that they know that they
12:34
need to allow space in their stores for
12:38
these items okay whatever items they are
12:40
and if you're an inventor or a company
12:42
that is already up and running that has
12:44
products you go to them well before like
12:46
that year before and say hey we've got
12:48
something for this upcoming Eclipse and
12:50
it says coins the same thing online if
12:52
you're online even though it's virtual
12:53
space they don't want to clutter their
12:55
sites with just everything they wanna
12:57
either promote something special or make
13:00
a section on their website for for
13:01
event-driven things like this so it's
13:04
all planned nothing is done at the spur
13:07
of the moment I mean I guess things can
13:09
happen where people want to capitalize
13:10
on them but really most things these
13:13
retailers know about in advance and
13:14
those deals have been long done a long
13:17
time ago yeah that's kind of what I
13:19
wanted to ask you like if I was a
13:20
to say you know I love these events I
13:22
don't want to invent just a product I
13:24
want to invent products for Christmas or
13:26
Halloween and maybe I want to do two or
13:28
three type events a year or maybe every
13:30
couple years maybe just the Olympics
13:32
whatever it is I was an SEO I mean I
13:34
really have to start talking to these
13:37
buyers of these retail people pretty far
13:39
in advance I mean they don't move that
13:40
quickly and it seems like it takes a lot
13:42
of planning on there into all those
13:46
things are perfect examples Sports is a
13:48
good reference point for a lot of people
13:50
because you know a lot of people file
13:51
sports obviously like I do and you do
13:53
but I think the big thing is we all know
13:56
when the World Series is gonna be in
13:57
baseball we all know when the Superbowl
13:59
is gonna be for football like football
14:00
you got the Super Bowl I don't know the
14:02
exact date probably you know and the
14:04
February mid-february like it usually is
14:05
early February this year or 2018 that
14:08
planning's like either done or almost
14:11
done and we're only in August and what
14:15
September October November December
14:16
January six months if you've got
14:19
something Superbowl related it's
14:22
probably already allocated in the store
14:24
for space purposes it's I mean that's
14:27
how far in advance you got to be so you
14:29
got a almost like if you want to be that
14:31
kind of inventor that takes advantage of
14:33
seasonal or venture everything take out
14:35
a calendar I mean look up any event it
14:38
could be sports it could be something
14:39
like in nature like an eclipse whatever
14:42
it is
14:42
look at it and then if it's if it's a
14:45
national event where a lot of people
14:46
would you know check it out or buy
14:48
something or tune in or go see this is
14:51
the time to go look for next year the
14:53
2018 and see what opportunities are
14:56
available but yeah this war stuff too
14:58
they're gonna make space and they plan
15:00
it out to the inch
15:01
they can't just change it every week you
15:03
fell not a lot of work to do online
15:06
obviously easier but a physical store
15:09
you know every what store do you walk in
15:12
where every little spot on a shelf is
15:14
not covered with something covered and
15:16
that's what I you know is that you do
15:18
you bring that up I mean it seems like
15:20
they're they're measuring your product
15:23
or they're saying you hey listen we have
15:24
six inches on our shelf what do you have
15:27
or I mean do they come to you with that
15:29
and say hey we got a little bit of space
15:30
here it is and you have to fit something
15:33
in
15:34
I mean what happens so let's say you
15:35
present a product so we have okay I mean
15:38
glasses are these solar glasses they're
15:40
cardboard they fold up they're like
15:41
nothing but let's just assume that you
15:43
know obviously it still takes up space
15:44
right when you send that information to
15:48
a buyer at a retail and they say you
15:49
know what we were doing running your
15:51
glasses in our stores okay for the solar
15:54
eclipse what they gonna do is aim to
15:55
send you back vendor set up forms and
15:58
our to these forms they have length
16:02
width height weight I mean they ask you
16:04
for all the specs and measurements so
16:07
you have to provide them and then
16:08
obviously they're gonna match up those
16:10
specs with their space availability
16:13
sometimes they will say no problem or
16:15
sometimes they will move their shelf
16:18
space allocations around to accommodate
16:21
something or sometimes they'll put it on
16:22
an end cap or they'll make a special
16:25
display but often if you're gonna be in
16:26
the aisle as as they say they will say
16:29
yeah we've got X room you know if so if
16:32
you were selling I don't know something
16:34
for the solar eclipse that was like six
16:35
feet long like a big viewing box Elena
16:37
like a coffin or somebody would say we
16:40
don't you know we can't accommodate that
16:42
but if it's a special event they may
16:45
have what's called a stack out a stack
16:47
out is like if you you know when you
16:48
walk into like you see they said Costco
16:50
a lot or Home Depot you Suze you walk in
16:52
the store there's like displays like
16:53
right in the middle of the floor and
16:54
they're piled high you know like and it
16:56
really can be on a pallet or it's like a
16:58
big cardboard display like it don't
17:00
display and there's like things in there
17:01
your Costco and Sam's cuz they have tons
17:04
of that stuff when you walk in there's
17:05
just bins of these huge pile ups of
17:08
things those things even though they
17:10
actually allocate for that space those
17:13
things that can be a little more
17:13
flexible on because they know they can
17:15
move them around the floor as long as
17:16
people can walk through and navigate but
17:18
when you have something a special
17:19
opportunity that's where they can go as
17:22
well so at the end of the day it's all
17:25
planned it really really is all planned
17:27
is it's a lot more planning than people
17:28
realize they think people come to me I'm
17:30
sure to you comer and they say I've got
17:32
something how quick can we get it into
17:34
can we get into Walmart they like it
17:35
like a couple weeks mmm no no you know
17:39
online even then it takes it takes a
17:42
while you know because you know you're
17:44
just got to go through the motions of
17:45
getting set up as a vendor getting all
17:46
the information exchanged but
17:48
in the store you got you got you gonna
17:50
wait yeah well now that you're talking
17:53
about this I could see why I mean you
17:55
know my partner Rick I mentioned again
17:57
and you've mentioned so many times that
17:59
everyone course wants to get their
18:01
product in but Rick tells me he goes hey
18:03
listen Walmart Target you know they're
18:05
looking at they have a buyer that only
18:08
looks at products a certain day or a
18:10
certain week of the of the whole entire
18:12
year and it's amazing to me like we had
18:15
this new sneaker that we were we we
18:17
manufactured for our client and he and
18:18
he thought it was a great product for
18:20
Target we we called the buyer and he
18:21
said ok I need to see July whatever and
18:24
that those are the only days who is
18:26
looking at the sneaker for the next year
18:28
it was amazing to me that they're that
18:30
busy they have review periods for lots
18:33
of things so right they because you know
18:35
if you're a buyer for Footwear it's not
18:39
just sneakers I mean could be adult
18:41
sneakers men's and women's sneakers kids
18:43
sneakers you could be shoes it could be
18:44
boots it could be maybe maybe the
18:47
footwear by also buy socks I mean that
18:49
could be that could be a different buyer
18:50
but you know buyers depending on the
18:52
retailer could buy a whole bunch of
18:54
different things within their category
18:56
and they can't look at I mean from their
18:59
organizational standpoint they can't
19:00
look at sneakers every single day
19:01
they've got a they have remember they
19:03
have what's called an open a by buyers
19:05
have a budget okay and they can only buy
19:08
X amount of dollars worth of product so
19:10
they've given a budget by the management
19:13
team so I Carmen if you're the buyer for
19:14
target you may have it I'm making up a
19:16
number here it's not like maybe say you
19:18
have ten million dollars to spend on
19:21
your in your category all right now your
19:23
job spending that money the best way you
19:26
can so you get the best you know return
19:28
on on that investment but you may say
19:31
look once I have I've looked at you know
19:33
say five vendors for sneakers I'm done
19:36
until X amount time later when I will
19:39
look at vendors again so you'll get that
19:42
a lot of times you all reach on happens
19:43
to me a lot I reach out to buy say hey I
19:45
got something really cool Jim this is
19:46
awesome I love it
19:47
look I just did it you know I just
19:49
brought on a couple of vendors I'm all
19:51
set in this area and let's say it's now
19:53
Jim get back to me like October and I'm
19:55
gonna look at that so people don't
19:58
realize that that slows down the process
19:59
but the good news is they may really
20:01
have
20:02
interest but they just can't do anything
20:03
about it or they spent their budgets
20:05
they could love it and they'd have to
20:08
then go back to management and see if
20:09
they can get a couple more bucks to
20:11
bring if your product was really like
20:12
they think it's gonna be the next
20:14
greatest thing they could probably find
20:16
some money like any business or any
20:18
household they've got budgets to deal
20:19
with and if they can't overspend and
20:21
then they gotta wait so yeah all that
20:23
review stuff and budgets all comes into
20:26
the equation it's this is great
20:28
information for any inventor that's
20:29
listening because as you said you no
20:31
matter what they could love your product
20:33
doesn't mean it's a bad product if
20:34
they're not taking it on within a week I
20:36
mean it just doesn't happen if you are
20:38
lucky enough inventors out there that a
20:41
buyer says I love this product I want it
20:44
next month or whatever you better be
20:46
ready to be able to deliver and that's
20:48
why I Jim says and I say be ready before
20:50
you talk to a buyer because if that
20:53
buyer asks you for your product or
20:54
asking for information you only get one
20:56
shot you need to be able to deliver it
20:57
and it's kind of like hitting a lot of
20:59
what that happens I mean most cases
21:01
99.9% it's not gonna happen overnight I
21:04
mean what's the what's the typical as a
21:06
buyer says hey I like this and it's
21:08
gonna be for next year I'm gonna get a
21:10
purchase order I mean a timeframe
21:11
probably see months out before you I
21:13
even have to do anything yeah I mean so
21:16
let's say you're the buyer come on I
21:18
reach out to you it's it's whatever
21:20
today's date is the you don't need to
21:24
know world's gonna end I reach out to
21:29
you you say you I email you say Jim I
21:31
love whatever the price I love this
21:34
product I love this thing then the
21:37
process this next process takes usually
21:39
takes weeks it's gonna be I email you
21:42
back information based on what more
21:44
information you want you might want
21:45
pricing you might want specs like we
21:47
talked about you may want samples so I
21:50
get samples sent out to you I answer
21:53
your questions the buyers gonna take
21:54
anywhere from a week to two or three
21:56
weeks to look at your samples because
21:57
they got you know they got a time when
21:59
they review they get lots of samples and
22:01
then you got a follow-up and I I'm
22:04
telling you rarely after I have samples
22:08
sent if I follow up a week later will
22:10
the buyer just go yep got it just looked
22:12
at it you know no it's often two three
22:14
four five
22:15
carmine hey man hope you had a great
22:17
weekend blah blah blah did you get a
22:19
chance to review the samples another
22:21
week goes by hey Carm I just wanna make
22:22
sure you know and it's that kind of game
22:24
and then finally you'll answer back and
22:26
you may say hey check him yet you know I
22:28
don't know if I got him yet you know let
22:29
me go check I'll go check in the mail
22:31
room and then it's like this dance for a
22:33
month it happens a lot and then after
22:35
you get them you may say alright Jimmy
22:38
how these are cool
22:39
alright here you know here's some no
22:40
product vendor form let's get you set up
22:42
and you know we'll review and then they
22:44
send you all these forms and it you know
22:45
you got to fill out tons of forms and
22:47
you send it back and you may have
22:48
questions on the forms and you know blah
22:50
blah blah blah blah more weeks go by
22:52
you're you're two months in and
22:54
nothing's really happened I mean you're
22:56
making progress which is great but
22:57
nothing's really occurred yet and then
22:59
the buyer may come back and say no great
23:01
I like these but now you know we're
23:04
gonna go with something else or let's
23:06
hope they say yeah
23:07
we really want to move forward but now
23:09
it's say it's October yeah Jim we're
23:12
looking at putting these in in spring in
23:13
2018 Wow
23:15
so then yes you sit and wait and they'll
23:17
print usually issue the POS it could be
23:19
a month
23:20
it could be two months before you
23:22
actually have to ship it or whatever but
23:23
now you're gonna sit around for four or
23:26
five months and wait until they have
23:27
space unless they want to also put it
23:29
online then you could be on quicker much
23:32
quicker but if we're talking about just
23:34
stores themselves yeah you know it's
23:37
it's a hurry-up-and-wait game well you
23:40
know you you bring up a good point and
23:41
this is not a sales type thing for but
23:45
if you haven't if there's an inventor
23:47
out listening to this the things that
23:49
Jim just mentioned playing back again
23:52
because I'm gonna ask Jim how important
23:55
is it that not only do you fill these
23:56
forms out correctly and this is why you
23:59
need to get somebody like Jim to help
24:01:00
you fill those forms out correctly but
24:03:00
also ask the right questions I mean do
24:06:00
they want to deal with somebody who
24:07:00
doesn't know what they're doing well I
24:09:00
guess I guess the same question back I
24:14:00
don't I mean look it's no secret
24:18:00
although it may be a secret to a lot of
24:20:00
inventors but a lot of buyers don't want
24:22:00
to talk to in Venice for that reason
24:23:00
because the inventor just doesn't know
24:25:00
and the buyer doesn't have the time to
24:27:00
teach them everything they expect
24:29:00
that when you approach them that you
24:31:00
know at least most of what is needed if
24:33:00
not all and so when I approach a buyer
24:35:00
they know that when they go back and
24:38:00
forth with me and it won't be much
24:40:00
because I'll give them everything in
24:41:00
advance they need that they'll get
24:43:00
somewhere they trust I don't know what
24:45:00
I'm doing but yeah I mean the biggest
24:48:00
thing about the forms does that there's
24:49:00
a lot of concessions these retailers
24:51:00
want like they want a co-op allowance
24:53:00
they want to defect allowance you know a
24:55:00
product that gets returned in the stores
24:56:00
they expect you to participate in paying
24:59:00
for that but a lot of that stuff's
25:00:00
negotiable and if you're an inventor and
25:02:00
you accept the amount they put there
25:05:00
that's money in their pocket less than
25:07:00
yours
25:07:00
whereas I go in and I say well how about
25:09:00
we do this or can we do that because I
25:10:00
know how they do that and that could
25:13:00
save thousands if not tens of thousands
25:15:00
of dollars for the inventor goes back in
25:17:00
their pocket because they're not giving
25:19:00
away the farm to the retailer because
25:21:00
you know they're in business to make
25:22:00
money but so is so are we right so is
25:25:00
the inventor so but everybody wins when
25:27:00
everybody gets a good price it's great
25:29:00
price at retail it's a great product
25:31:00
everyone's happy
25:33:00
but when the retailer inadvertently or
25:37:00
on purpose takes advantage of an
25:39:00
inventor they most don't try to do that
25:40:00
but you know they still want to get the
25:42:00
most that they can as well it only hurts
25:45:00
the inventor and that we don't want to
25:46:00
see that we want inventors to not only
25:48:00
get the product place but you actually
25:49:00
make money when it gets place cuz I've
25:52:00
seen people lose money Shippingport lose
25:57:00
money
25:57:00
you're like paying the retailer so to
25:59:00
speak that's a good so yeah you got to
26:02:00
really understand the forms once you do
26:04:00
a few you get the hang of it but you
26:07:00
also have to know each retailer handles
26:08:00
things differently oh man yeah and let
26:12:00
me go back to that I didn't mean to
26:13:00
speak badly about inventors or anybody
26:16:00
that didn't know about that what I was
26:18:00
just trying to point out that you really
26:20:00
need that Jim said you really need to
26:21:00
know what you're doing
26:22:00
when these forms go back to these buyers
26:24:00
I have seen it myself Jim has that it
26:27:00
looked great in inventor was all excited
26:30:00
but in the long run after the purchase
26:31:00
order after this shipping after the
26:33:00
returns after the cost of helping them
26:36:00
advertise they were actually losing
26:37:00
money so in the long run it would have
26:40:00
been much better to bring somebody in
26:42:00
like Jim that knows what he's doing
26:43:00
and yeah you might not make as much
26:45:00
money but you're going to make money and
26:48:00
that's the difference and you know it's
26:50:00
it's definitely common X never not been
26:51:00
the inventor because why would we expect
26:53:00
an inventor to know all this you know if
26:56:00
you do it or I do it if somebody else
26:58:00
helps them that has done it you know
27:01:00
that's just a natural thing to want to
27:03:00
do I mean so you know I don't know a lot
27:05:00
about a million things I don't that I
27:08:00
sure tonight and I can't and if I don't
27:10:00
know I seek help I mean that's
27:13:00
just--that's in everything in life not
27:14:00
just invention inventing or anything
27:16:00
else that's normal yeah well I just want
27:19:00
people realize that they don't need to
27:21:00
know these things and and you can fill
27:24:00
your head up you could buy books and you
27:25:00
can talk to people but unless you've
27:26:00
actually done it spoken to a buyer been
27:29:00
in front of a buyer it's not tricky and
27:32:00
the buyer as Jim said they're not
27:33:00
looking to trick you or fool you
27:36:00
they're super busy these guys are
27:38:00
looking at products every day and if
27:41:00
you're lucky enough for them to send you
27:42:00
forms to fill out it's pretty cool so
27:45:00
you got to get you've got to get it done
27:46:00
the right way and you don't want to be
27:48:00
asking them questions that you know you
27:51:00
should really know what does this mean
27:57:00
what does this mean what is that and it
27:59:00
they may not either either respond it
28:01:00
may just go on for days and weeks and
28:03:00
then they get tired of it and then the
28:05:00
deal gets blown it happens a lot sadly
28:08:00
so you're right it's just you know it's
28:10:00
doing it unless you've done it I don't
28:12:00
care how many books you read yeah
28:14:00
telling you I mean I did it bite I had
28:17:00
you know I did it myself
28:18:00
when I was in this business years and
28:20:00
years and years ago without company we
28:23:00
did it by doing it yeah yeah we didn't
28:26:00
have the internet really or anything to
28:27:00
rely on we just learned as we went I
28:30:00
mean we talked to people and we whatever
28:32:00
but you know certainly today there's no
28:35:00
excuse for not finding resources yeah in
28:38:00
several years ago I mean I I made a
28:41:00
mistake I was doing a product for Home
28:43:00
Depot and they asked me to create a box
28:46:00
kind of like you talked about the stack
28:47:00
out but it was just a small box that
28:49:00
held these handle type products in it
28:52:00
and they just put it on the floor and
28:53:00
they asked me to make the box and I said
28:55:00
oh great it's gonna be awesome I
28:57:00
get up kind of breaking even on it I
28:59:00
didn't make enough money because I made
29:01:00
a mistaken and equating the box costs
29:05:00
and it was good in the long run I made
29:08:00
out because I was buying more volume so
29:10:00
my other sales I could get a better
29:12:00
price on the product but if that was my
29:14:00
only retailer I would have basically
29:18:00
broken even for all that work and and
29:20:00
it's it's very tricky if you don't look
29:24:00
at that paperwork and fill it out
29:25:00
correctly well it was a good experience
29:34:00
no no no first make money every time
29:38:00
right people I mean that's what these
29:40:00
podcasts are for we want people to these
29:42:00
podcasts know what they don't know reach
29:44:00
out to us we'll help as much as possible
29:46:00
we're gonna have plenty of these
29:48:00
podcasts about retail because I don't
29:50:00
know about you Jim but retail seems like
29:51:00
one of the biggest factors that people
29:54:00
think they know I don't know if it's
29:56:00
because of all the TV shows that are out
29:57:00
there whatever it is but there's so much
29:59:00
behind the scenes in the retail industry
30:01:00
that I think that these shows are gonna
30:05:00
be super important yeah the shows are
30:07:00
great because they create an awareness
30:08:00
people see how things are done and
30:10:00
things aren't always done as you see on
30:12:00
TV of course you know it's a lot of
30:13:00
back-end stuff that goes on that is
30:16:00
never discussed on shows and and
30:19:00
obviously the discussions with buyers
30:21:00
but look it's a business they've got
30:23:00
they're in business to make money
30:25:00
we retailer and in solar inventors so
30:28:00
it's a push and pull you just gotta have
30:30:00
navigate things do them right and that's
30:33:00
it but you let you're right I mean it is
30:35:00
just no there's no reason to do things
30:38:00
and and not gain knowledge and yes sir
30:41:00
every week we're gonna talk about
30:42:00
something else and there is it we could
30:45:00
talk for years comment me really is I
30:47:00
mean there's so much to know and do at
30:49:00
least today we got to talk about
30:50:00
seasonal things and eclipses like things
30:52:00
and and for everybody to understand that
30:54:00
if you want to be in the seasonal
30:55:00
business or the event business there's
30:58:00
opportunities for that but at the end of
31:00:00
the day the process is still the same
31:01:00
you submit a product it gets reviewed
31:03:00
you fill out forms you know all that
31:05:00
stuff so at least today we've got to
31:07:00
capitalize on the world
31:11:00
coming to seasonal time it's one yeah
31:20:00
we're gonna it's gonna start here soon
31:22:00
so yeah yeah we're gonna we're gonna
31:23:00
wrap the show up I have one question I
31:25:00
got several questions that came in
31:27:00
through through our website and I had
31:30:00
one question for this show that I think
31:32:00
kind of helps we had a woman named Jamie
31:36:00
from up in the Myrtle Beach area email
31:38:00
me I guess they were getting some forms
31:39:00
filled out and they asked they haven't
31:43:00
filled the form about they're doing it
31:44:00
and they asked what EDI is and I know
31:49:00
what EDI is to an extent but I was
31:51:00
hoping that they don't know if they
31:53:00
should get it to themselves or they
31:55:00
should hire a company to do it they're
31:57:00
kind of lost on EDI so I don't know if
31:58:00
it's something and you can help with it
32:04:00
stands for electronic data interchange I
32:06:00
think that's what it stands for but
32:08:00
basically it's it's software and I'm
32:11:00
kind of making this simplified for time
32:14:00
but when you get set up with a retailer
32:18:00
most of the major retailers will not fax
32:21:00
purchase orders anymore they don't send
32:23:00
them in the mail it's gone and have been
32:26:00
gone actually for a long time so instead
32:29:00
of them emailing you purchase orders and
32:32:00
handling the correspondence of returns
32:34:00
and all that they there is a bunch of
32:37:00
software out there that allows the
32:40:00
retailer to communicate with you it's a
32:42:00
third-party software so this way and
32:46:00
it's it is a universal language so
32:47:00
there's coded numbers for every
32:49:00
transaction so like purchase orders have
32:51:00
a number of returns I have a number you
32:53:00
know all that stuff so they asked you to
32:55:00
get setup on whatever
32:57:00
EDI a software program they use a
33:00:00
commerce hub is a big one so like you
33:03:00
know that's fine some of those they all
33:04:00
use that and what they do but you have
33:06:00
to pay for it and a you know they charge
33:09:00
you to get set up on it and there's some
33:12:00
monthly fees but yeah if it can be
33:14:00
tricky to use and at the very least it's
33:16:00
good to have somebody help you
33:17:00
understand how to use it and sometimes
33:19:00
they offer training like when you buy
33:21:00
the software the company will offer
33:23:00
training but
33:24:00
it's not something you can just go on
33:27:00
and learn how to do on your own quickly
33:28:00
I mean you can't screw it up because
33:29:00
this is how all the information between
33:31:00
you and the retailer all the
33:32:00
communication is going to happen this
33:34:00
way when it comes to orders no yeah so
33:37:00
it's definitely something that you know
33:39:00
if the person here who Jamie wrote in
33:42:00
needs information on that instead we can
33:45:00
we can provide that or people that can
33:47:00
help but yeah you don't want to go this
33:49:00
alone what you learn how to use the EDI
33:51:00
you can use it but it's a language you
33:53:00
know in a sense and you have to
33:55:00
understand how to use it well I mean
33:57:00
it's important because to me it's it's
33:59:00
how you get paid yeah I mean if you
34:01:00
don't submit and acknowledge like when
34:04:00
they send the purchase or they send it
34:05:00
through this system you have to
34:07:00
acknowledge it and then you have to when
34:09:00
you ship it you have to let you know
34:10:00
acknowledge that it was shipped and then
34:12:00
provide shipping information and and but
34:14:00
it's cool because you can see
34:15:00
information in their systems like sales
34:17:00
real-time sales are the products moving
34:19:00
when the inventories getting low is a
34:21:00
lot of benefits to using these systems
34:23:00
so you know they can't just email you
34:25:00
all this stuff so that these retailers
34:27:00
have set this Universal system to
34:29:00
communicate see this is yet another
34:30:00
thing people don't realize yeah you
34:33:00
don't always have to use it sometimes
34:35:00
you can get out of it little hint here
34:37:00
you just have like one product they
34:39:00
don't think it's big volume some but
34:40:00
some retailers actually require you have
34:42:00
to get set up on EDI to do business with
34:45:00
them yeah exactly and and these are the
34:48:00
kind of things that people don't realize
34:49:00
until they've spoken with the buyer the
34:51:00
buyer is interested and all sudden they
34:53:00
get hit with this form and they have all
34:55:00
of these things and we'll cover all
34:56:00
kinds of stuff that they need in the
34:57:00
next shows like like insurance enter in
35:00:00
the right packaging and depending on on
35:02:00
the type of product if they have to have
35:05:00
some kind of certifications we'll go all
35:07:00
for all that it's really important to do
35:10:00
it the right way
35:10:00
it's great it's a lot of fun and that's
35:12:00
why we love this business yeah I mean
35:13:00
it's it's exciting there's always
35:15:00
something happening then you just want
35:26:00
to push it all yeah yeah is that and
35:29:00
we'll cover this I was gonna say is
35:31:00
there yeah when when you do get it from
35:34:00
a buy or filling out those forms I mean
35:35:00
basically you're they're putting you on
35:38:00
on the retailer's books as a vendor yeah
35:40:00
I mean you in the thing for you the goal
35:42:00
for you is to get that vendor number you
35:44:00
get a vendor number you're set up you're
35:46:00
recognized in their system Wow this
35:49:00
event so you get a number and then you
35:50:00
can conduct business once you have that
35:52:00
number
35:53:00
amongst other things you'll need but
35:55:00
that's that's your big thing is you get
35:56:00
that vendor number you're now capable
35:58:00
and exist in their world to do business
36:01:00
with them all right Jim like I said I
36:05:00
can go on and on I want to get I want to
36:07:00
get going here I want to hang up the
36:08:00
phone hang up the shows let everybody
36:10:00
get outside and look up don't burn your
36:13:00
eyes out and you know if you're if
36:15:00
you're listening to this show after
36:18:00
August 21st it means we all survived and
36:21:00
I appreciate you listening in hey Jim
36:30:00
your also your your set up a Facebook
36:32:00
page is gonna be by by invite only or
36:34:00
you you want to talk about that real
36:35:00
quick real wait for people to come in
36:41:00
and watch realize everybody can't be
36:45:00
live when we are but yeah we want
36:48:00
everybody to have access to this well
36:51:00
you know we're not sure exactly how
36:52:00
we'll set it up in terms of uh you know
36:54:00
we'll get it we'll get it up there we'll
36:56:00
get people into it and pushed into it we
36:58:00
may make it a public group for people
37:00:00
who just want to watch and listen to
37:02:00
what we're talking about so yeah well
37:04:00
that's coming soon I'd say you know
37:06:00
within a week we'll have everything all
37:08:00
set up and squared away for everybody so
37:10:00
it'll be great cause it'll be also a
37:11:00
place where people can ask questions
37:12:00
right after each podcast each week so
37:16:00
you know hey you go on there you can was
37:18:00
well let everybody know put your
37:20:00
questions on the man we have our
37:21:00
podcasts each week we'll try to answer
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as many as we can each week and it'll be
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fun
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that's awesome sounds good I love it all
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right my friend well you you have a good
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rest of your day are you listeners out
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there thanks for tuning in and we will
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see you next time on getting retail
37:36:00
ready with mine and Jim or Jim and call
37:39:00
mine either one whatever it's all good
37:43:00
all right Jimmy take care buddy