Stan eyler's blog

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Hi, I Am stan eyler


REAL WORLD FROM THE REAL DEAL - I invented a new product and no one was buying it. For over a year, I struggled. I believed in it since credit cards were starting to take off and POS swipe terminals were just starting to appear here and there, but not everywhere (that rhymes). I hired a sales person but he could not sell any so he left. I tried different prices since no one in the world had this product, therefore I did not have any price guidelines. Then dummy me came up with 2 ideas. One, package them in a box of 50 so the box had some volume and weight and I priced them at $75 (in 1984) so they had value AND then I remembered the day I was in college (must have been the only day I was awake) and the professor was telling the class about how Tide got their start by putting a box of Tide in every washing machine that GE(?) shipped out. OK, who is the biggest manufacturer of POS Terminals in the US? I discovered this little company in Hawaii of all places (I should have flown to visit them but I did not have the money to fly to Hawaii - my money was wrapped up in my new product). I called them (expensive call at the time) and told them I would give them 6 months of free products to include in the POS Terminals and they said they would get back to me. A number of months went by and I was in my hotel room after exhibiting at a trade show and was sitting on the bed preparing to go to an after hours party when the phone rang. It was my mother in New York telling me my younger brother had just passed away and that she had made arrangements for my flight and transportation from JFK to Dix Hills early in the morning. 10 minutes later the phone rang again and I was a very concerned to answer it fearing even more devastating news so I let it ring for what seemed like forever. I think time stands still for a moment while your mind absorbs what happened until it finally catches up with reality. On the other end was the Product Manager from VeriFone in Hawaii telling me they had accepted our offer and would include one of the our Head Cleaning Cards (Credit Card Reader Cleaner) inside of each of the POS Terminals they shipped out every month. Well, as Mom says, God gives and God takes away. I think I would rather neither if given a choice. Anyway, I asked how many POS Terminals they shipped per month (that was 1985) and the response was 10,000. This was the only time I could not immediately calculate 6 time 10,000 so I asked how many they wanted and I am sure he thought I was as dumb as a door bell and he said 60,000. To shorten this story a little, the bottom line is that when they shipped out their POS Terminals with my head cleaning cards, it populated the industry, we got so many orders from gas stations, retailers, hotels, literally every industry that accepts credit cards, that we were sold out on a regular basis for 3 years. Not only did this solve our market acceptance and create market demand, but it also overcame customer's fears about using a product that might invalidate the manufacturer's warranty. Years later we manufactured well over 10 Mil per year and wonder what the heck took so long. So thank you to everyone that used a credit card - you helped support my little company and I still miss that little guy. You never know when and how you are going to get a break but just have to try a many ways as you can think of. All it takes in one break.


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