1774 – The Importance of Marketing and Product Validation with Marcy McKenna

12/30/23 • 21 min

In this episode of the Thoughtful Entrepreneur, your host Josh Elledge speaks to the Founder & CEO, Marcy McKenna. Marcy founded the Women Inventors Club to support ambitious women with creative ideas and guide them toward product success. Two statistics that motivated her to help inventors were the low percentage of patents filed by women and the low percentage of inventors who make money with their products. She believes many inventors get stuck in the process due to lacking marketing and product validation. Marcy emphasizes the importance of thinking about marketing from the beginning and validating ideas before investing time and resources. I couldn't agree more with her on this. Execution is key in realizing dreams, and timing and choice are equally significant. Marcy shared her five-step product validation process, which is crucial in determining if a product idea is marketable and profitable. She stressed the need to understand if customers are willing to pay for the product and if the numbers work out. This validation process is valuable in learning about the customer, the competitive landscape, and setting oneself apart in the market. Marcy advised inventors to create initial prototypes at home using readily available materials for proof of concept. She cautioned against hiring expensive prototyping companies immediately, as their results may not align with the inventor's vision. Marcy suggests playing with the prototype and fine-tuning it before considering professional prototyping. She also mentioned using photorealistic 3D renderings to showcase the product's appearance and functionality, which can be helpful in licensing discussions.

Key Points from the Episode:

Marcy McKenna's work as an inventor and entrepreneur
The Women Inventors Club and its mission to support ambitious women with creative ideas
Low percentage of patents filed by women and inventors who make money with their products
Importance of marketing and product validation in the invention process
Marcy's five-step product validation process
Creating initial prototypes at home using readily available materials
Caution against immediately hiring expensive prototyping companies
Use of photorealistic 3D renderings to showcase product appearance and functionality
Marcy's work with inventors and her efforts to empower them

About Marcy McKenna:

Marcy McKenna is a prominent figure in product innovation and entrepreneurship. Renowned as a keynote speaker, she has successfully conceptualized, developed, and launched over 40 products through various channels, including home shopping platforms like QVC and HSN, ecommerce, and major retailers nationwide. Marcy's expertise extends to product development, marketing strategy, and consumer product branding, making her a sought-after consultant in ecommerce and traditional retail. With over 12 years of experience in the Live Shopping space, she is recognized for her proficiency in social media, email marketing, and shoppable video content. Notably, Marcy excels in hosting Live Shopping events on diverse platforms such as Amazon Live, Pinterest TV, YouTube Live, and others, showcasing her versatility and impact in the evolving digital commerce landscape. As an Amazon Influencer and Live Shopping Host, she regularly engages audiences, contributing to the success of numerous brands.

Tweetable Moments:

07:51 - "Finding out if your idea has a market and is salable is a critical step that many inventors skip."

Apply to be a Guest on The Thoughtful Entrepreneur:

https://go.upmyinfluence.com/podcast-guest

Links Mentioned in this Episode:

Want to learn more? Check out Marcy McKenna website at https://www.marcymckenna.com/ Check out Marcy McKenna on LinkedIn at https://www.linkedin.com/in/marcymckenna/ Check out Marcy McKenna on Facebook at https://www.facebook.com/marcymckenna Check out Marcy McKenna on Twitter at https://twitter.com/marcymckenna Check out Marcy McKenna on Instagram at https://www.instagram.com/marcymckenna/

More from UpMyInfluence:

We are actively booking guests for our The Thoughtful ...

Key Points from the Episode:

Marcy McKenna's work as an inventor and entrepreneur
The Women Inventors Club and its mission to support ambitious women with creative ideas
Low percentage of patents filed by women and inventors who make money with their products
Importance of marketing and product validation in the invention process
Marcy's five-step product validation process
Creating initial prototypes at home using readily available materials
Caution against immediately hiring expensive prototyping companies
Use of photorealistic 3D renderings to showcase product appearance and functionality
Marcy's work with inventors and her efforts to empower them

About Marcy McKenna:

Tweetable Moments:

07:51 - "Finding out if your idea has a market and is salable is a critical step that many inventors skip."

Apply to be a Guest on The Thoughtful Entrepreneur:

https://go.upmyinfluence.com/podcast-guest

Links Mentioned in this Episode:

More from UpMyInfluence:

We are actively booking guests for our The Thoughtful ...

Previous Episode

1773 – Interactive Facilitation and Training Leaders with Faris Aranki

In this episode of the Thoughtful Entrepreneur, your host Josh Elledge speaks with the Founder & CEO of Shiageto Consulting, Faris Aranki. Faris' company, Shiageto Consulting, operates under the metaphor of a sharpening stone, working to hone other companies by enhancing their strategies and effectiveness. They have a patented methodology based on three pillars: improving IQ (Intelligence Quotient), EQ (Emotional Quotient), and FQ (Focus Quotient). Their approach involves aligning team goals, enhancing communication, and eliminating distractions. Faris delved into recognizing when a company needs sharpening and proactively addressing the issues. He says indicators of a dull IQ and EQ include a lack of clarity, limited ideas, and poor communication. He emphasized the need to eliminate distractions and focus on what truly matters. Shiageto Consulting engages with clients through interactive facilitation, challenging biases, and filling team gaps. They also train leaders in soft skills such as influence, storytelling, and relationship-building. Faris started the company four years ago after identifying a gap in strategy implementation. Despite a slow start as result of COVID-19 pandemic, they now work with big clients like Amazon and Heineken and startups. Faris shared that he has worked with big companies like Coca-Cola, Conde Nast, Amazon, and BMW. However, he clarified that they don't only work with enterprise-level companies. The common factor among these companies is his relationships with people within them. Faris believes that people like working with people they know and trust. Even if his company is small, if they have had a positive impact previously, these companies will come back to work with them.

Key Points from the Episode:

Introduction of Faris as the founder and CEO of Shiageto Consulting
Explanation of the company's metaphor of sharpening stones and how they help improve strategies and effectiveness
Discussion of the three pillars of their methodology: improving IQ, EQ, and FQ
Importance of recognizing when a company needs sharpening and being proactive in addressing issues
Engagement with clients through interactive facilitation, challenging biases, and filling in gaps within teams
Training leaders in soft skills such as influence, storytelling, and relationship-building
Examples of clients they have worked with, including big companies like Amazon and startups
Emphasis on the importance of trust in working with clients
Working with a variety of smaller companies in different industries

About Faris Aranki:

With over two decades of experience catalyzing strategic change in diverse corporate and non-corporate settings, Faris Aranki is a seasoned professional adept at navigating the nuances of strategic success. His extensive career has touched various companies, ranging from global giants to fledgling startups, and spanned multiple countries and industries. Recognizing that achieving organizational goals extends beyond the quality of strategy alone, Faris founded Shiageto Consulting to enhance strategic effectiveness. He emphasizes the critical role of effective engagement and barrier removal in accomplishing objectives. Faris has distilled his expertise in solving complex problems into Shiageto's workshops, courses, and methodologies, offering businesses and individuals a structured approach to overcoming obstacles. With the belief that any team can benefit from these enhancements with the proper support, Faris Aranki and Shiageto Consulting stand as catalysts for transformative change.

About Shiageto Consulting:

Shiageto Consulting pioneers innovative approaches to enhance business effectiveness and bolster success in a demanding contemporary business landscape. Faced with the daunting pressures of achieving success, businesses often resort to untested strategies, introducing various risks such as delivering the wrong outcomes, encountering delays, or overspending. Shiageto Consulting mitigates these risks by focusing on sharpening Intelligence Quotient (IQ), Emotional Quotient (EQ), and Focus Quotient (FQ). IQ involves refining strategies for clarity, measurability, and resilience through fact-based stress testing. These nuanced improvements serve as hidden levers, significantly enhancing the likelihood of success at a fraction of the cost. Shiageto Consulting's methodology vividly illustrates this concept by likening a team's vision to scaling a mountain, emphasizing the precision required to achieve strategic objectives.

Tweetable Moments:

04:03 - "Why wait till the end and have to fix all the problems then?...

Next Episode

1775 – The Evolving Role of Communication Agencies with Jules Herd

In this episode of the Thoughtful Entrepreneur, your host Josh Elledge speaks with the Managing Director & Founder of Five in a Boat Limited, Jules Herd. Jules explained how the role of communication agencies like Five in a Boat has shifted from traditional communications to more of a business consultancy. They help scale-up companies secure funding by advising them on investment and ensuring they have a presence in important publications and platforms like Forbes and TechCrunch. In addition to this, they also assist with reputation management, crisis communication, and product launches. Jules emphasized the importance of being proactive in managing reputation and shared an example of how they helped a client in the gaming industry navigate challenging times. One of the key topics she discussed was the relevance of communication strategy for early-stage businesses. Jules explained that early-stage companies can become thought leaders in their industries by effectively communicating their unique offerings. She suggested that companies should hire an agency like Five in a Boat from the start, but only if their product is ready and they are in the right headspace to utilize communication professionals effectively.

Key Points from the Episode:

Introduction of Jules Herd, Managing Director of Five in a Boat
Overview of Five in a Boat's services as a strategic communications agency
Shift from traditional communications to business consultancy
Assistance with securing funding, reputation management, crisis communication, and product launches
Importance of proactive reputation management and a case study in the gaming industry
Relevance of communication strategy for early-stage businesses
Recommendation to hire an agency like Five in a Boat from the start
Meaning behind the name "Five in a Boat" representing teamwork and collaboration

About Jules Herd:

Jules Herd, a BA Hons in Public Relations graduate, boasts a 23-year career in communications, notably as the former Global VP of Communications for HTC and Deezer. In 2018, she founded her consultancy, Five in a Boat, after diverse experiences with brands like Microsoft, AMD, Disney, Virgin, Codemasters, and KLM. Passionate about Diversity and Inclusion, Jules advocates for industry equality and addresses fertility issues based on personal experience. A Samaritans contributor, she actively supports families and champions mental health. Beyond Five in a Boat, Jules owns Blind Swan, a globally recognized contemporary gin, co-owns EV Cables, writes for Forbes, and serves as a trustee for charity One in Four. Jules, a married mother of an eight-year-old, balances her professional life with rowing, running, travel, karaoke, and newfound painting skills exhibited on Thortful's website post-lockdown.

About Five in a Boat Limited:

Five in a Boat is an independent London-based communications consultancy with extensive international experience, specializing in delivering impactful results for brands. Their approach prioritizes clarity in goals, meaningful audience engagement, freedom for innovation, and building effective teams. The consultancy challenges the status quo with an innovative and collaborative mindset, simplifying complexities and striving to understand clients' businesses thoroughly. Founded by a former Global Vice President of Communications for HTC and Deezer, Five in a Boat draws on 18 years of expertise in developing communication strategies for leading brands. The seasoned communications experts team aims to elevate other brands by applying their wealth of experience to push communication strategies to new heights. With a commitment to turning challenges into opportunities, Five in a Boat is dedicated to driving strong brand awareness and engagement for successful business growth.

Tweetable Moments:

12:19 - "If it isn't going to deliver something that is absolutely aligned with whatever your core objectives are, it's a pointless exercise. Don't bother."

Apply to be a Guest on The Thoughtful Entrepreneur:

https://go.upmyinfluence.com/podcast-guest

Links Mentioned in this Episode:

Want to learn more? Check out Five in a Boat Limited website at https://www.fiveinaboat.com/ Check out Five in a Boat Limited on LinkedIn at https://www.linkedin.com/company/fivein...

The Thoughtful Entrepreneur - 1774 – The Importance of Marketing and Product Validation with Marcy McKenna

Transcript

Josh (00:00:04) - Hey there, thoughtful listener. Would you like consistent and predictable sales activity with no spam and no ads? I'll teach you step by step how to do this, particularly if you're an agency owner, consultant, coach, or B2B service provider. What I teach has worked for me for more than 15 years and has helped me create more than $10 million in revenue. Just head to up my influence.com and watch my free class on how to create endless high ticket sales appointments. You can eve