Karla and Jack

A Toledo manufacturer has hit the jackpot selling millions of packages a month of Silly Bandz– colorful rubberbands shaped like dinosaurs, zoo animals, insects, sea creatures, and other fun shapes. They are worn like bracelets by girls and boys alike (the boys don’t call them bracelets). The Kids pile the Silly Bandz on each wrist sometimes 30 at a time. They collect them and they trade them.

A package of 25 sells for $5. Would you pay $5 for 25 plain rubberbands in a package. No way! We’d call it highway robbery. But give the rubberband a little character, and viola you have a new invention that is jumping off the store shelves. So, you might have a hard time finding them. Our local Dollar Store has been sold out for three weeks. We kept searching and finally found them at Walgreens. Yeah! Once you do get your hands on a package, you might be able to sport a pink triceratops, a blue brontesaurus, or a lime green t-rex on your wrist.

Robert Croak, the President of BCP Imports LLC, a small business in Toledo, Ohio introduced Silly Bandz three years ago. They caught on in several parts of the country and their popularity has been spreading. They have gone from a 20 person to a 200 person workforce.

According Time magazine’s Facebook page, BCP Imports have just added 22 phone lines this week  to keep up with all the inquiries. Katie Couric’s  CBS Evening News show did a feature story on this small manufacturer making it big in May. They even have Macy’s calling about a Silly Bandz  float in their Thanksgiving parade!

Besides the fact that watching a new product make millions is fun, and inspiring as an inventor,  what else can we take away from this success? I saw 3 things that are typical with creating a successful product.

1. Know your customer.

Silly Bandz developed their product with their customers–kids– in mind.  First, notice that they called them bandz, not bracelets. Calling them bracelets would have alienated boys. Second they made them in bright colors and some are even glow in the dark.  The product is packaged in themes, dinosaurs, the princess pack, zoo animals (everyone loves these), and they are now expanding to the rock band package (for the teenagers).

Identify and consider your customer as you develop your product and your marketing. ( Please don’t say that “everyone” is your customer.)  Even if someday everyone will buy your product, first decide the best niche market to start with.

2. If your target customer is online, build an online presence where they can interact.

Build a website for them,. Silly Bandz website encourages customers to add their pictures, stories, and letters to their website.   They also have a Facebook fan page.  If your not sure how to create these easily, watch for upcoming posts and our new marketing book coming soon that lays out how anyone can get either of these up and working fast.

3. Don’t over invest, grow it as you need it.

Silly Banz, went from 20 employees to 200. They grew rapidly as there business grew. Many inventors want to raise money in the beginning on an unproven product. It’s hard to do.  If you can prove that your product has customers and sales, you will be more likely to attract the investors that you need to grow. If you ever watched Shark Tank, you saw that was always a question they had, “What has been your sales?” Show them the sales, they will show you the money.  Our advice is invest appropriately for your budget and the initial sales (and  a restocking order).  You can do this by choosing the right  production method  to minimize your capital investment in tooling  and  first prove in your product.  Jack, talks extensively about the how to choose the right production methods in our book.

These few successful inventor tips can go along way towards creating the right product for the right customer at the right start up investment.

Best Wishes,

Karla and Jack