February Newsletter | Why Buy the Cow?

Why buy the cow? Out-sourcing

Out-sourcing projects is a common way to reduce costs in a downturned economy. Contract industrial design firms, particularly those with both marketing and mechanical engineering capabilities, are experienced in cost-effectively conducting research and product development. By outsourcing these services, your company can tap into the large knowledge base, experience, skills and resources available to these firms – without the overhead and other costly expenses of an in-house design team.

Cost savings include:

1) reducing the overhead associated with full-time employees
2) access to specialized expertise resulting in expanded abilities, cost-effective and manufacturing-focused design expertise
3) access to new technologies and materials
4) out-sourced development teams are paid only when utilized
5) access to research and consumer expertise focusing on added perceived value to expand the products’ abilities or technology
6) in a downturned economy or recession, contract firms might have more bandwidth to devote to your projects and costs may be more negotiable
7) the company is given the ability to focus on its core competencies while continuing to develop new products

This collaboration requires open communication and honesty, allowing the contract firm to better understand the company’s requirements, needs, and desires. When a long-term relationship is established, the contract firm has a better understanding, development cycles are shortened, and there will be better resource utilization.


Is playing it safe killing your business?
Companies that stick their heads in the sand, and don’t continue to develop and market their products during this recession will most likely find their customer base eroded and the competition immeasurably ahead. Forward-thinking companies and entrepreneurs are looking at this recession as an opportunity to leap ahead in the marketplace.

Rise of a New Design Era
History has demonstrated that when economic pressures lift, our society flourishes with new expectations. When the Great Depression and World War II ended, the Atomic Age began, symbolizing a bright future and a trend towards bright, sleek products. There was a boom in manufacturing that utilized newer techniques and modern materials such as bent wood and plastics, both derived from military applications. The smooth and sleek styling of appliances, vehicles, and other goods subconsciously referenced missile cruisers and nuclear atoms; however, their conveniences reflected an increasing leisurely lifestyle.

Beat Recession Depression
A more optimistic approach for businesses to handle recession is to continue to develop and market their products and take this opportunity to entice discerning customers to spend their hard-earned dollars on new, innovative products with greater perceived value. By wisely taking advantage of under-utilized consulting and development talents to research and pioneer ground-breaking products, they can focus on a healthy bottom line and ensure that they will not be left behind their competitors when the market rebounds. Full Article.

ID-ONE's "Wink" to Product Design
The Big Mouth Billy the Bass was launched in 2000 by Joe Pellettieri, a University of Indiana MBA. It took 18 months to develop and relying only on word-of-mouth advertising, the plastic fish is estimated to have generated more than $50 million in sales. Now that's something to sing about.

Tips for Thriving in a Depression

• Fake It Until You Make It - Create a virtual office and address, even a receptionist who can forward calls to your mobile


• Schmooze the Shakers - Network to develop and nurture important business relationships in preparation for economic growth


• What's Brewing? - Announce and implement new ideas and technologies, update materials and launch new marketing campaigns


• The Grass is Always Greener - Take advantage of government subsidies and discover ways to make your business and products go "green"
  

Are you using protection?

A patent is basically a promise by the government to protect certain types of inventions or discoveries and to provide the owner of the patent with the exclusive right to make, use, or sell the patented item. Patent protection encourages people to be creative and inventive.

Patent Research, Drawings & Spec Writing

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Which came first, the chicken or the egg?

New product development (NPD) is the term used to describe the complete strategy of bringing a new product to market. The NPD process includes idea generation, product design, detail engineering; as well as competitive market and patent research.

Product Development Life Cycle Consulting

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