10 Simple Product Ideas That Made Billions
Sometimes, the simplest of ideas can generate the greatest of revenues. Here are some examples of simple inventions that made it big and eventually turned into household names after raking in millions of dollars.
2012: Company worth is now $1 billion and can be found in over 40 countries
Inventor: Sara Blakely
Inspiration: Removing “grid butt” by using a pantyhose with the feet cut off.
Invented: Early 1920’s
2012: Marketed in over 150 countries
Inventor: Kimberly-Clark Company
Inspiration: Making a softer pulp blend for facial tissues after creating Kotex.
3. Kellogg’s Corn Flakes
2012: Revenue from Morning Foods was $2.8 billion in the U.S. alone.
Inventor: John and Will Kellog
Inspiration: Boiled grain that was left on the stove for several days.
Made $2 million after the first year
2012: $1 billion in revenues with sales in over 100 countries.
Inventor: Art Fry
Inspiration: The frustration of using errant hymnbook page markers at choir practice.
1961: Sold $30 million per year at the time of the inventor’s death
2012: 100 billion sold worldwide
Inventor: Earle Dickson
Inspiration: His wife, who cut her fingers often while preparing food.
2012: 250 million sold worldwide
Inventor: Richard Jones
Inspiration: A tension spring that fell to the ground and kept bouncing.
7. Under Armour
2012: Net revenues were almost $1.82 billion
Inventor: Kevin Plank
Inspiration: Noticing that he and his teammates wore cotton shirts and pads that were heavy and full of sweat.
2012: Over 300 million sold
Inventor: Walter Frederick Morrison
Inspiration: Playing with a circular popcorn lid with his girlfriend.
2012: 200 million pairs of shoes sold in over 90 countries
Inventors: Scott Seamans, George B. Boedecker Jr., Lyndon “Duke” Hanson
Inspiration: Finproject N.A. was assigned to create clogs for European day spas.
1988: Earned $93 million
2012: Now sold in over 40 countries
Inventor: George de Mestral
Inspiration: Looking under the microscope to find out how cocklebur seeds stuck to his dog and jacket.
8 Marketing Tips for Launching Your New Products
1. Establish the Concept of Your Product
2. Research Your Competitors
3. Find Your Niche of Customers
4. Come up with a Unique Plan That Demonstrates Value
5. Specify What Marketing Strategies and Tactics You Will Use
6. Experiment to See Whether Your Concept & Marketing Approach Works
7. Execute Your Campaign
8. Learn and Study the Lifecycle of Your Product
3 Brand Launches That Consistently Made Millions
1. Robert Greenberg
Brand Launched: L.A. Gear Shoes
Founded in 1983
Grossed $900+ million in 1990
2nd Brand Launched: Skechers U.S.A. Inc.
Founded in 1992
Made $400 million in sales in 1998
2. Gary Clegg
Brand Launched: The Slanket
Founded in 2006
Sales reached $4.2 million in 2008
3. Scott Boilen
Brand Launched: The Snuggie
Founded in 2008
Generated almost $40 million in the first 3 months
After reading about these success stories, it can be seen that the ideas that seem to be the most plain and straightforward are the ones that generate of the most amounts of revenue. It all comes down to having the right marketing strategies and finding your niche market.