A start-up tool company with prior experience in hand tools but no experience in power tools developed a technology for a large, battery powered dispenser. The company needed someone to guide the development and marketing of a smaller version of this technology into the unknown power tool market.
The objective was to find a recognized name brand power tool manufacturer and interest them in funding the final engineering and having the client produce the new product on a long term, contractual private label basis.
Develop a plan and presentation to capture the attention of a brand name power tool company.
Convince a brand name power tool company to fund the final design and production tooling for the product.
Negotiate a multi year agreement with the brand name power tool company to supply product under a private label agreement.
Identify future areas to expand the business.
What was done?
Secondary research of the market was conducted and a list of prospective candidates was developed. Initial phone contacts were made to find the right individuals in the various organizations with responsibility for new products. This was followed with in person visits to better understand the key factors for each prospect. Prospects were qualified and targeted plans were developed for each. Eventually one candidate evolved with enough interest to undergo a due diligence process that led to the negotiating table.
A relationship was initiated that resulted in a 4 year contract with a multi million dollar retail value. The product was developed and is being successfully being marketed today.