Plug Lock
Home Page
Contact Page
Online Shop
News Page
FAQ Page
Technical
Pictures
3D CAD
Testing
Reporting
Research
Pros
Cons
Benefits
Patent
3PinPlug
ChildPlugLock
Click to enalarge

LockmyPlug

This report below was for the commercial study of the lockable earth pin to identify its commercialism, feasibility and viability.

4th February 2013
Mr Paul Maxwell-King

Dear Paul
Re:GB2487080

As you know, over the past few weeks we have been carrying out a commercial study on your lockable earth pin to identify its commercialism, feasibility and viability. We are sorry for the slight delay in getting back to you, however our research took longer than expected.

Our study was based on the information contained in your patent application together with other information we felt was relevant. At no time did we disclose any information that would compromise your intellectual property or jeopardise your rights in the idea. The information we disclosed was a brief
interpretation on what is contained in your patent which is already in the public domain.

In evaluating this project, we needed to satisfy ourselves this project is commercial and any investment we put into the project would produce capital growth. We also needed to satisfy ourselves that your IP protects our rights to pursue this project, and the position of the product is at a stage where we can justify the offering of a purchase or licensing proposal.

MARKET INSIGHT:
The electrical plug market is doing OK but is not breaking any records. Growth has been slow (for obvious reasons).
The good news is, the market is moving forward and buyers are prepared to consider new products from new suppliers.
Due to the economic climate, the amount of considered purchases have risen in the last few years. Retailers are spending more time considering a product before they decide to make a purchase. This means to convince a retailer to purchase, the product needs to fit right in the heart of their comfort zone.
The market is quite entrenched ­ buyers and consumers know exactly what to expect in terms of quality, design and style.
There are a number of big brands that support this market. The companies behind these brands have a degree of power and influence. Some more than others.
The costs to enter this market sector is quite reasonable, however retailers do expect a product to be fully supported e.g. promotions, offers, publicity etc.
The number of buyers and outlets are comprehensive. Most sales purchases are made through large resellers, however there is a large network of smaller retailers that support the industry – local stores.
The lucrative nature of the market means competition for shelve space is quite high.
Competing companies have no issues in jumping onto a new idea should it prove to be commercial.
Any new product that enters this product sector must therefore have all the where's and means to withstand competitive pressure in the future.

COMMERCIAL INSIGHT:
Although there are a number of plugs products on the market, we cannot find any similar products or know of any company that produces or is about to produce a similar product. The product has no direct competition as present – apart from a typical plug. Conceptually the idea received positive review. All those who we consulted with liked the idea and were interested in learning more about the proposal. The overall concept was regarded as being innovative, interesting and having a credible place in the market. It was felt that many people, particularly parents of young children would connect with this product.
Buyer reaction was positive with the majority of respondents reacting favorably.
The benefits the product provides are good and the USPs are powerful and relevant.
The opportunity to sell this concept globally in a variety of outlets is very good.
It would sell very well on the internet. The potential to be the number one brand and gain internet ranking status is quite high.
Repeat business opportunity is also good.
Even with a small market share, impressive returns would be possible.
The concept has growth potential. It has the ability to grow and develop out.
There is the opportunity to sell a range of products.

MARKETING PARTNERS OPINION:
Very interesting idea with commercial potential.
Conceptually it looks OK and would work.
Conceptually the product makes perfect sense.
To complete you would also have to sell a range of standard plugs.
Would be interested in gaining further insights into the application of the product.
Depending on who the main purchases are and why they are purchasing will determine the value and quality of the product.
Competition is strong and copycatting is a high possibility.
There are no extraordinary reasons why a reseller would not consider this product.
There are no special conditions that would permit or restrict the supply of the product to the market.
As it is a security/safety product, it would need to be tested and certified before any reseller would stock it.
Evidence must be provided to support the efficiency of the product.
It must do what it says it will do.
The products attributes must be guaranteed.
It would need to be focused towards a niche position and be promoted accordingly.
It would need to be supported by marketing campaign that draws people into buying this product.

DESIGN PARTNERS OPINION:
Conceptually the design would work. What the product is, from production, effectiveness and workability is defined but is not commercially defined.
The designer has clearly give this project some thought.
The design is possibility a little bit complicated.
The design needs to have more focus on its application.
Needs to look like a lockable plug.
We think there are better ways in which the concept can be exploited.
It would be very easy to improve on this design.


CONCLUSION:
As you will appreciate for this project to be of interest to us, we needed to be convinced that
there is a big enough reason why a buyer etc will buy it, and a big enough reason why a user would buy and use it. We also needed to be convinced that any investment that we put into the project would generate added value and a good return – although we accept that there is always a risk. In addition, we needed to satisfy ourselves that you have an original design and construction, and that design and construction cannot be easily improved upon by someone else – in particular a competing manufacture. It must have the possibility of becoming a brand leader in its sector – this is where we
see the added value. In addition, our marketing partners must be prepared support it and we must be capable of producing it through our current manufacturing network.

Our research into this project has been comprehensive. It not only highlighted the positive and negative aspects to this project, it highlighted important factors and issues that would make the difference between a financial flop and a commercial success.

Whilst we feel that conceptually this idea is commercial and has the potential to make a big splash in the market, we do believe this project has someway to go before it is truly commercial.
There are a number of commercial and technical issues that need to be addressed with this project.
We echo the comments made by our designers and marketing partners who believe the project needs to be remapped. We feel that more research needs to be carried out to establish the rules and requirements and more design, development and planning needs to take place to convert the idea into a credible product that ticks all the boxes.

We have considered and examined the validity of your proposal, and whilst we fully appreciate the time, effort and money you have expended, this project is not at a stage that allows us to make you an offer to purchase or licence your intellectual property.

For us to move forward with this idea, we would need to see a more focused and commercially developed product.

If you are in a position to carry out further research, development and design on the project and can provide more commercial data and design, then we would certainly be very interested in looking at the project further with a view to making you an offer. We are prepared to put the project on hold whilst you carry out the advancements etc. Is this something you can accommodate ?

If you are not in a position to provide further commercial data and design, then the only other option open to us would be to commission a design engineer to carry out the project developments. This we maybe prepared to do, however we would need to agree on who covers the costs for this commissioning - you, ourselves or jointly - most likely we would be looking to work with you on some kind cost - sharing basis. Is this something you may be willing to consider ?

SUMMARY
This is a good idea with commercial potential. If developed and positioned correctly there is no good reason why a product like this would not be embraced by retailers, industry and consumers.
Many people will connect with this product. The concept has growth potential and it has the potential to grow and develop out. There is also the opportunity to sell a range of products.
If priced correctly impressive returns would be possible through high volume sales.
However in order to make a positive impact this product would need an improved design and be more focused.

We like this idea and would like to be involved in its future, however this project is in need of further development. We feel more research and development is needed to improve the products look, function, production and market performance.

Paul our evaluation on your lockable earth pin has been comprehensive and we hope that you
will look positively upon the comments. What you have come up with is a good idea.
It just needs developing out to realise its potential.

© COPYRIGHT 2011 ALL RIGHTS RESERVED LOCKMYPLUG.COM