Episode #201: 12 SMART Goals To Launch Your Toy Idea in 2024
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Are you ready to transform your toy idea into a market-ready product by the end of 2024 but unsure where to start? Then you’ve chosen the perfect episode to dive into! In just 26 minutes, get a month-by-month blueprint, detailing 12 SMART goals to lead you into a soft launch of your toy or game by Q4 of 2024. With guidance from The Toy Coach, you'll discover the critical importance of understanding the toy market and setting specific, achievable goals.
Learn the acronym for SMART goals and how to directly apply them to your toy development process. This episode is packed with insightful tips, from identifying potential buyers to developing a brand identity and finalizing your toy prototype. Plus, get a sneak peek into the Toy Creators Academy and learn how it could be pivotal in your journey.
Episode Cliff Notes
Learn about SMART goals in the toy industry [00:01:13]
Find out how to set achievable, month-by-month objectives [00:00:48]
Discover the importance of trend research in toy development [00:06:35]
Understand how to choose the right factory partner [00:16:01]
Get tips on developing a strong marketing strategy for your toy [00:19:04]
Explore the benefits of attending toy trade shows [00:08:16]
Uncover the secrets to a successful product pitch [00:21:52]
Learn how to build a customer list and grow your network [00:23:57]
Discover the process of turning a concept sketch into a production design [00:12:43]
Find out how to plan your business year effectively [00:24:48]
Quotes For Social Media Graphics:
"Success in the toy industry is not just about creating what you love, it's about creating what the world loves." - Azhelle Wade - The Toy Coach Podcast - www.thetoycoach.com/201
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Episode #201
[00:00:00] Azhelle Wade: You are listening to Making it in the Toy Industry, episode number 201.
[00:00:04] Happy New Year, toy people! Azhelle Wade here, and welcome back to another episode of the Toy Coach podcast. Making it in the toy industry. This is a weekly podcast brought to you by the toy coach. com. There's an old saying that says failing to plan is planning to fail. And we don't want that in the new year. So today's episode is going to guide you through a month by month action plan. If you want to develop and soft launch your toy idea by Q4 of this year, it's going to be a tight timeline, but if your idea. isn't too complex. It's totally doable.
[00:00:48] So we are going to start with January and I will suggest smart goals for you to Aspire toward toy trade shows you might want to attend and ways that Toy Creators [00:01:00] Academy could be pivotal in your journey First we've got to start by going over what smart goal setting is Yes, you're gonna want to set a smart goal for every single month to keep you on track and don't worry I will give you examples so you are sure you're doing this whole thing the right way.
[00:01:13] So, first, let's dive into SMART goals, a concept popularized by Michael Hyatt. SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time bound. So, specific goals are goals that we set where we have a very clear end result. We know specifically what this goal will look like when it is completed.
[00:01:33] Measurable refers to how we will know if we've achieved a goal. How would you definitively measure if the goal was achieved or not? Achievable means it should be realistic, essentially. So you should be able to use tools you already have. Or tools that you need to achieve the goal should be within reach.
[00:01:52] We don't want a hyper unrealistic goal. Like I want to go to the moon by the end of the month. We want something achievable that you can actually do. [00:02:00] Relevant. A goal that you set should be relevant to you, your business goals, your personal goals, your financial goals, so that it is again, achievable and realistic for you to go for.
[00:02:11] Time bound. Having a timeline on when a goal should be achieved will increase your likelihood of actually getting it done. We want to set smaller goals that can be achieved in smaller amounts of time, Rather than setting a goal and giving yourself a whole year to complete it, think about it in quarters or as we'll do today in months.
[00:02:29] So here's a quick example of a goal that does not use that SMART framework. Say you decide You know, my goal for 2024 is to create an educational toy. That's a goal and it's good. It's a good start, but it's not specific. It's only measurable by a long frame of time, and it could potentially be achievable if you have the right tools, but it's very vague.
[00:02:50] It doesn't give you a lot on what to follow and what to do. So a better goal or a smart goal would be I want to create a working prototype of my toy and test [00:03:00] it with 30 people and get feedback by the end of Q1. So we're very specific on we want to create that working prototype and the measure will be having a prototype.
[00:03:09] And being able to test it with 30 people and getting that feedback, it will help you stay more focused and achieve success in short term to achieve that longer term goal of launching a toy in 2024. So the number one thing I want to recommend that you use while you're planning out your year is something that I use the full focus planner.
[00:03:29] I will put the link in the show notes. So head over to the toy coach. com forward slash two zero one. To grab it, the full focus planner utilizes smart goals. So there will be a place for you to enter and track your smart goals, rate them.
[00:03:41] Scarlett 2i2 USB-4: I love this planner. I use it all the time, so I would highly recommend you use it too.
[00:03:45] Scarlett 2i2 USB-5: Okay, let's dive in. This is your full year plan. for 2024 if you want to develop that toy or game idea, and soft launch it. in. Q4 of this year.
[00:03:55] Scarlett 2i2 USB: Starting in January. So your SMART goal for January, I would recommend being [00:04:00] To identify five toy companies that you didn't know before and identify three to five buyers that you didn't know before. And now when I say buyers, that refers to the toy store owners. If you're talking specialty toy market or the executive buyers at major chains, follow them, follow them on LinkedIn, get to know them a little bit, what they like and what they don't like about certain toy brands.
[00:04:22] And by the end of this month, you want to be able to have a clear list of these companies you didn't know before, what their strengths and weaknesses are, and these buyers you didn't know before, and what they like and don't like about certain toy products. This month, The focus is really just the mindset.
[00:04:37] You want to get into the mindset of buyers and toy executives, understand what makes a toy marketable and how to align your idea with toy industry trends. Understanding the mindset of buyers and executives is key if you actually want to monetize your product, because it's not just about having a great idea.
[00:04:52] It's about having and creating what the market wants and needs at the current moment at the right time. And that's as far as price point, [00:05:00] utility of the product category of the toy, values of the brand, and even technology. So again, in the toy industry, success is not just about creating what you love.
[00:05:08] It's about creating what the world loves, what the overall industry loves. One of my key steps in this first stage comes in module one of Toy Creators Academy and that includes independent research at toy stores where it could be a great place for you to meet toy store owners or toy store workers and start understanding what they like and don't like about certain products.
[00:05:31] Okay, by the end of January, you should become what I call a mini toy expert and understand the business side of toys a little bit better, what sells and why. So then we move into February and your SMART goal for February is to develop the initial toy idea that you had in line with the research that you just executed.
[00:05:53] In January and to create five concept sketches of that idea. So use the month of [00:06:00] February to brainstorm and refine that toy concept. To do this, I want you diving deep into trend research. Trend research is. Module two of Toy Creators Academy, we have an entire brainstorming and concept development stage where you are going out and building trend timelines and understanding where trends come from, how they evolve over time and how they often influence the toy industry. So I want you going out there and looking at trends, looking at trends in graphic design, product design, social media, children's clothing, and looking at how you could apply current and upcoming trends to the idea that you have.
[00:06:35] If you struggle to sketch, you know that I am big on using AI to get that first iteration of your idea. So if you need help on how to use AI for your toy ideas, I have a Few options, but you can head over to the toy coach.com/ai. I have a great free masterclass available on how to use AI to develop better ideas.
[00:06:58] But I also have a five [00:07:00] day bootcamp that is specifically all about developing your idea and vetting your idea with the help of ai. So go to learn dot the toy coach.com/bootcamp for that boot camp. Okay, so I want you by February to have those five sketches of your idea. Now that we have those five sketches we move into March.
[00:07:21] If your idea is simple enough that you can build a functional mockup of it, take it to a toy trade show like Toy Fest West, Gamma Expo, Unpub, even if you don't get a table, sometimes there are opportunities to show your prototypes and to get some feedback.
[00:07:38] Whether it's from another manufacturer like yourself or from an executive that you happen to meet at the show, there are occasionally opportunities to do that. And when you're in the very early prototype stage, that's a good time to, you know, bring your prototype along for the potential to maybe have a chance to show it to somebody, since you're not quite ready at that stage yet to reserve yourself a booth space.
[00:07:58] Now, if you have a [00:08:00] game, you more likely can develop a prototype that can be played in which the following trade shows I'm going to mention are going to be really beneficial for you. So in March, there there are a few trade shows you might be interested in attending Toy Fest West Gamma Expo, and Unpub.
[00:08:16] Toy Fest West is a toy trade show happening in Las Vegas. The Gamma Expo is a games convention and Unpub is another games convention, a lot of playtesting happens there. So depending on if you're developing a toy or game, you will choose the trade show that aligns at this time of the year.
[00:08:33] And the goal really is to get you some real world exposure to industry trends and to get you some networking opportunities
[00:08:40] and to just an understanding of what it's going to be like to.
[00:08:47] Pay attention to how other people are pitching their products and pitching their games, pay attention to the cost of things how long people spend with those that come into their booth space or visit their tables, just pay attention. One of the most important things to do [00:09:00] when you are attending a trade show and you are not exhibiting, but you are a manufacturer is to make the most of the educational sessions that they have at those shows.
[00:09:07] Toy trade shows do sell out. if you're listening to this now and as you're planning your year, and if you're interested in attending any of the three shows I mentioned in March, start registering for them. Now in toy creators Academy, we have a full year list of all the toy trade shows and events that are coming up for the year.
[00:09:24] We update that list annually and we make it super easy for our TCAers to find and identify the next best shows to attend.
[00:09:31] Your SMART goal for March is to build that initial prototype of your toy or game. And if it is appropriate, if it's ready, if it's functional, bring it to these shows and network with at least 10 industry professionals by the end of the month.
[00:09:47] Let's move on to April. Okay. April is the month where we are going to focus on. So your smart goal for April will be to develop a complete brand identity for your toy or game brand, including your [00:10:00] color scheme and your brand story. Now your toy's brand is key. So this month, just focus on creating a compelling brand identity that uses color psychology.
[00:10:09] and considers future marketing strategy. A strong brand identity connects emotionally with consumers, setting your toy or your game apart in a competitive market. As you develop your brand identity, you likely might influence parts of your gameplay or the play pattern of your toy. If you're not sure where to start with developing your toy brand identity, I'm going to recommend that you start with looking at brand identities of other toy brands. So in Toy Creators Academy, we actually look at other competitor brands and compare their color scheme selections and colors two color psychology and why they might choose to combine, you know, red and yellow.
[00:10:50] for this age demographic. So I would encourage you to look at existing toy brands out there. Look at the brands that you would consider your future competitors, but [00:11:00] also look at other brands that Are not really in your category to see how the industry as a whole approaches using color to represent their brand identity and do a little exercise where You look at a brand name like let's say barbie and let yourself write down the first five words that come to mind pretty pink bright bubbly career So you can identify the key messages that that brand emanates and decide what key messages do you want to emanate.
[00:11:33] And it's really helpful to figure out like, okay, why do I think Barbie is pink and pretty? And why do I think career? and using that insight to inform how you can do the same for your own brand.
[00:11:45] So before you decide, you know, my brand is going to be green and purple and that's my brand really look. back at what brands came before you see what they did, learn the reasons why and analyze it a little bit and then decide, okay, I've [00:12:00] decided either I'm going to, you know, follow along with these brands and I too am going to do a pink, you know, color scheme for my doll line or you might say, you know what? There's a lot of of pink color schemed dolls So I'm gonna do something completely different and I'm gonna go black and green So it's important that we pay attention to what came before us and then we decide what we're gonna do moving forward
[00:12:22] Then we move on to May.
[00:12:24] Scarlett 2i2 USB-2: By this point, you already have your brand identity figured out from the previous month and your prototype developed from the month before that. So in May, your SMART goal will be to transform that concept sketch into a production ready design and familiarize yourself with the toy development process and materials typically used in the industry.
[00:12:43] So your smart goal for May is to choose one concept sketch to move forward with and to turn it into a finalized production ready design. In order to do that if you don't have the skills yourself to do a 3d model or to create plan drawings, front, back and side view [00:13:00] of that idea, whether it's a game or a plush or some sort of plastic toy product, then you might be looking to hire a freelancer in the toy industry. I highly recommend that you Understand the entire toy development process from concept to production before hiring someone So that you know what you're asking them to complete, you know Where you stand in the current development process And you are not having someone lead you without knowing what they're leading you into.
[00:13:24] That's why in module five of Toy Creators Academy, I focus on showing my students an entire toy development process from start to finish. They know exactly what they're getting into and can make smart decisions about who should own their ideas throughout that development process and making sure that they're not signing away any rights to any ideas to freelancers or studios that they might work with.
[00:13:46] In this month. You are finalizing your play pattern. You are finalizing the size of the elements of your toy. You are certainly clear on the ideal target market for your toy or your game. [00:14:00] You're certainly clear on that play pattern and this is where you might start talking about safety considerations And material selection. What you should end up with is a product specification packet That details your product materials, colors, and can be used to source your product from factories. Expect a lot of back and forth in this phase. It likely will not get done in just one month. So give it some time, but start this in May. Okay, let's move on to June.
[00:14:30] Let's move on to June. In June, your SMART goal is to attend the Astra Marketplace and Academy, make 10 new industry connections and either learn something new. or pitch something new to an executive or toy buyer in the industry. So those are measurable goals. 10 people, and either learn one new thing or pitch one new thing. This is important because understanding the specialty market and expanding your network are going to be critical for a successful [00:15:00] launch.
[00:15:00] Most people, when they start launching a toy or game idea, just think their only option is Amazon or Target or Walmart, and they don't know much about the specialty toy market. Well, June at this event is your opportunity. to learn about it and even if you don't have a product that is ready to sell right now you want to attend this trade show as a guest and start networking because specialty buyers Buy from whom they know and can trust to deliver their goods.
[00:15:28] Attending a show like this is important. You can expand your network, deepen your market understanding, and increase your likelihood of success the following year when you do attend with a product that is ready for sale.
[00:15:41] So now we move on to July. You've gotten some new toy industry contacts, perhaps you've discussed your product with some buyers or toy executives, they're excited about it and you are even more amped up and excited to make this thing real. So enter July when you are going to start discovering factories across the globe and [00:16:00] Start working with them.
[00:16:01] Your SMART goal for July is to identify a suitable factory partner and initiate a small production run of a toy sample. Now, in order to do this you definitely want to start with more than one factory. I just want to make that clear.
[00:16:14] I always tell my students in Toy Creators Academy, when we get into this section, this is module six, I always say, I want you to contact at least three factories from our factory resource list. And I want you to provide them with your product specification documents, your BOM and your needs. and vet them.
[00:16:31] See if they are the ideal factory for you. Can you trust them with your IP? What testing agencies have they used in the past? What regions have they shipped to? There's a lot of vetting that you need to do. So you always want to make sure that you start with at least three factories from the beginning so that as you share more about your your product and your company, and you learn more about their production capabilities, and you see some images and videos of their factory, and you talk more with them, that you can whittle down to what is really going to be the.
[00:16:57] Best factory for your very, very first [00:17:00] order. So
[00:17:01] now selecting the right factory is just a critical step in bringing your toy or game idea to life. And please don't forget that it is a balance of cost and quality. reliability. Just because a factory offers you the cheapest price doesn't necessarily mean that that is going to be the same quality product as someone that offered a higher price or your mid tier price.
[00:17:22] Usually if you're seeing a much lower cost from one factory, there is a reason behind that. In my time working with students and clients in TCA specifically, you know, we've seen people partner with studios based in the U. S. that had special relationships with factories that would offer a major discount in the development phase, but that would come at an IP cost down the line.
[00:17:44] So you want to be really careful. Be careful about who you're working with in this stage and be sure that you're not giving up the right to your IP as you're allowing other people to develop the concepts with and for you at these factories.
[00:17:58] Sometimes people forget that the development [00:18:00] phase of a factory costs as well. So when I'm developing an item with a factory, if we're not sure we're going to go to production, the question is posed, what is the cost for a pre production sample? Because we want to develop a pre production sample, and we want to, let's say, kickstart with it before we commit to the production run.
[00:18:16] Another great question to ask is what is your minimum order quantity? And then when they give you that order quantity, ask them, can you go any lower than that? You know, cause usually that first number is going to be a little bit high.
[00:18:25] Also please don't forget that. This factory is going to be a partner in your business, so you want to develop a great business working relationship with them. So just make sure that you are really connecting with them on a personal level. Set up at least one Zoom meeting with your factory partners so they can see you face to face and you can get to know each other before you go into business together.
[00:18:45] While your product is in production, you should be focusing on marketing your brand. So you've got to build out that strong marketing strategy. So spend some time learning a bit about marketing and sales funnels and figuring out The [00:19:00] best marketing and sales strategies for, for your business type.
[00:19:04] If you have a direct to consumer business, perhaps you're going to do online marketing or you're going to go to in person. Fares to sell your product direct to consumers or do pop up shops if you are doing a Wholesale model then maybe you want to plan for going to toy trade shows or you want to build out a Corporate email list to promote your product on a wholesale level. This is so important because effective marketing is what is going to sell your product And it is the story that you were going to be telling again and again to remind people of why they should invest in your brand.
[00:19:34] So let's just talk about your SMART goal for this month. Develop a detailed marketing plan for your toy or your game and include digital and physical marketing strategies. These days you cannot have a marketing strategy without having a digital arm, but don't forget about the physical marketing opportunities as well, because more and more people, as they transfer to digital, are forgetting about the old school guerrilla marketing strategies and the in person [00:20:00] events and how powerful those are at connecting with people.
[00:20:02] So build that comprehensive marketing plan by the end of this month.
[00:20:07] Let's move on to September of 2024. Your smart goal for September is to design a trade show booth or table. So at the end of the year, there will be an event put on by People of Play called the People of Play Innovation Conference. And it includes an inventor pitch event, as well as a public facing trade show where you can sell your product to consumers.
[00:20:29] Okay, so the reason we need to have our booth design now is it takes time to order all of the pieces. Plus you will already have to have reserved your booth if you want to have the best spot. So we want to reserve that booth. Get all of that stuff done here in September, make sure that you're designing a table that makes it easy for you to communicate with executives if you're trying to license an idea or design a booth that makes it easier for you to sell your product to consumers or to retailers if you're going to be going to the ChiTag arm of the show and selling your product.
[00:20:58] Then of course you want to plan [00:21:00] all of the logistics and order all of your materials for that booth. You want to order everything for far in advance. I provide the students of Toy Creators Academy all of my favorite resources for signage and for booth displays inside of TCA. But the biggest rule for ordering trade show booths is order them in advance so you're not paying expedited shipping fees.
[00:21:20] A lot of booth signage and displays often come with some level of included or low cost shipping when you order with enough time. Before you need them to arrive, but you've got to order them ahead of time. The worst possible thing you could do is wait to the last minute so that you're paying the price of the signage that you're ordering in shipping fees.
[00:21:38] Okay, let's move on to October, 2024. Your SMART goal for October of 2024 is to prepare a professional pitch deck and rehearse your pitch at least three times with three different people by the end of that month. If that makes you nervous, great.
[00:21:52] It should. You need a sizzle video. If you are pitching your idea. For licensing, you need to have a rule sheet. [00:22:00] If your idea happens to be a game. And I like to have my students prepare a backup pitch deck, especially if it's your first time pitching, just to keep you on track during that pitch process.
[00:22:09] Now, if you are pitching an idea for wholesale sales, you're going to need a few different things to pitch your product with. You're going to need your cell sheet. You're going to need your order form. And ideally you're going to want some Give away or take away that a buyer can take or a consumer can take when they walk by our booth, just in case they don't purchase right then and there, but so that they don't forget about you.
[00:22:28] Regardless of if you're pitching your idea or you're pitching a product to sell, you're going to need to have a sample either way. So make sure that you have a production ready sample if you are pitching to sell it into a store, or you have a working prototype if you're looking to sell an idea. Now, This month is supposed to be focused on just preparing that perfect pitch.
[00:22:48] We're giving you an entire month to perfect that pitch and create that professional pitch deck so that you are ready by the next month, which is November [00:23:00] when the people of play innovation conference and shy tag Week the public fair happens. Your SMART goal for November is to attend the People of Play Innovation Conference. So that means you may attend the Inventor Pitch event that occurs that week or the Chi Tag public toy and game fair, or you might be attending both,
[00:23:19] And then you'll need to customize the SMART goal for what your toy path is.
[00:23:24] So if you are selling a product into retail or direct to consumers, you know, make a goal for yourself to make a certain number of dollars of orders at this show. And if your goal is to license your idea. Set a goal to meet and pitch to a certain number of industry executives.
[00:23:41] Scarlett 2i2 USB-6: By the end of November, you will be building a customer list, a list of consumers and retailers who have bought from you at this first show. So why this is a soft launch is because at the time of attending this show, depending on the complexity of your product, you most likely won't have your full production run on hand just yet.
[00:23:57] People may be pre ordering, or
[00:23:58] you may be able to [00:24:00] get your hands on a small percentage of your first production run, so you can actually sell it and the rest of your inventory will still be on its way to your warehouse. now that you've soft launched in November, you can start planning out for the year to come.
[00:24:13] For December, you can be chasing those last minute direct to consumer sales if you have an online shop set up. But at this stage, I would highly recommend that you set your SMART goal to plan 2025. Yeah, so I would actually suggest that you set your SMART goal to be to determine what toy trade shows or what in person fairs and events you want to attend in 2025, make a complete list and budget and plan for those shows so that you can move on into the next year ahead of schedule.
[00:24:48] Scarlett 2i2 USB-2: oN Thursday, January 4th, we are holding a coworking session for Toy Creators Academy students to go through. A year planning process in more depth and that coworking session is also [00:25:00] going to be available for you to audit for free.
[00:25:02] So we're going to be showcasing that audit session live in our Facebook community. So to join that Facebook community for free, and if you're not a member of TCA, go to thetoycoach. com slash community and check out the events page once you are led into that Facebook group. So what we will be doing, the TCA students and I, we will be getting together on Zoom and doing a coworking, year planning session. looking at all the upcoming trade shows and upcoming events and awards we're going to apply for and all of that to build out a year plan. And you can watch that process unfold while they will be live with me in a zoom meeting style space.
[00:25:37] You can kind of be a fly on the wall and watch that all unfold. So again, Go to thetoycoach. com slash community to join the community and then you can check out the events page once you are let in. And that, my friends, is your action item to do for next week. Just head over to thetoycoach.
[00:25:50] com slash community even if you're listening to this after the date has passed, you should check that out because the recording We'll be inside of the Facebook group. As [00:26:00] always think as always, thank you so much for spending me as always.
[00:26:03] Thank you so much for spending this time with me today. I know your time is valuable and that there are a ton of podcasts out there. So it truly means the world to me that you tune into this one until next week. I'll see you later. Toy people.
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