Book Review: Invent It, Sell It, Bank It by Lori Grenier
Have you ever considered selling your own product?
Lori Grenier’s Invent It, Sell It, Bank It!: Make Your Million-Dollar Idea Into a Reality shows us that inventing a product and finding it in Target stores across the United States might not be as impossible as you think!
She went from being a clueless (yet firey and determined!) dreamer, to the multi-millionnaire Queen of QVC she is today. What sparked that? A cool and innovative jewelry box. Since then, she created over 400 products and currently holds over 120 patents.
Lori gained media attention for her presence on Shark Tank (which I’ve watched every single episode of!). If you’re a fan of Shark Tank, you’re especially going to love the behind-the-scenes stories told by Lori. Of course, you don’t need to have watched the show to read this book and fully appreciate it.
Lori’s book demystifies the whole process of creating a product and bringing it to market. She goes back in time to discuss every major step in the conception and production of her first jewelry box organizer. If you, dear reader, have a specific product in mind that you hope to make and sell, your plan of action will become much, much clearer as you read this. She walks you through:
- Market Research: You’ll get ideas on how to reach your target customer and literally ask them questions. The right questions.
- Funding: You’ll need money to start producing, and Lori explains what your options are.
- Patents: This is a must-read section in which Lori explains what different patents exist, but also how to get one.
- Pitches: Useful advice on how to pitch your product in the most efficient and fruitful way. This applies to so many other business situations as well!
- Manufacturing and Packaging: One of the most interesting sections. Lori tackles materials, finding a manufacturer, setting up production overseas, and generally tells you how to deal with a manufacturer.
- Marketing: You’ll learn more about Lori’s personal marketing strategies that really work. It’s also awesome that she mentions social media and online strategies.
Invent It, Sell It, Bank It! is easy to read and contains practical advice. It feels like Lori’s personally addressing you. The book also contains useful checklists and reminders of everything you’ve learned in every section.
After reading this book, I feel like I’ve already been through the whole inventing-manufacturing-marketing process once, alongside Lori. I’m now a lot more savvy about this intimidating world. If you’re also thinking of one day marketing your own product, this book belongs on your night table. Mandatory reading! Don’t start your adventure without it.