Putting your designs out there is a risk. You’ve invested time and money. These are your ideas…will anyone like them? Will the price point succeed? Is there a design flaw?
In these hard economic times, it is imperative that manufacturers have a tight control over their inventory levels and keep up with changing consumer buying habits. There is no room for mistakes - a large inventory coupled with slow sales will eventually kill a company. Therefore, every new design introduction must be successful.
Wouldn’t it be great to be able to apply a formula for choosing new designs? Something that’s more mathematical than a guessing game?
In order to evaluate new designs, I have created a “formula,” based on a rating system. There are four criteria and each is different and specific in nature. They are rated from 1 to 5. A new design must achieve a minimum of 14 points in order to move into production. The categories are as follows:
1. Unique Design
2. Is it “us”?
3. Price
4. Quality
To evaluate any new design, we have a team of specialists that each make their own independent evaluation. Once a final total has been determined, we can then make a decision on that particular design. The decision must be unanimous to work. So far, the system has worked well. It has reduced the number of new designs we are introducing and is keeping our inventory at a more manageable level.
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