Last week, our Marketing Manager Holly’s son took part in a brand-new initiative at his primary school. “The fiver challenge” competition involved groups of 10-12 years olds creating a new company and spending a £5 budget on product and/or materials to generate a profit.
One team bought balls of wool and designed finger-knitted bracelets; another group bought cheese, bread and butter and sold sandwiches. Holly’s son and his team decided ice lollies were a good bet, due to the recent heatwave. The children created some fantastic point of sale literature, worked out a competitive pricing strategy and enthusiastically approached parents and siblings with their products. The team made an overall profit of £37 which was donated to the school's 'Friends' charity.
What a great display of entrepreneurship!
The term “you have to speculate to accumulate” is often used in business, and certainly applies in any new product development. According to the Design Council for every £1 a company spends on design they can expect a return of over £20 in increased revenues. Not only this, but investing time, money and effort in new product development will help you to outperform your competition by 200%.
At Hillside, we help our clients by using design to focus and streamline their product development process and get their products to market ahead of their competitors. We can help solve problems with existing products and also give old product ranges a new lease of life.
Contact us today and let’s create something great together.