Written By:  ZOË HENRY

The iconic inventor of the Miracle Mop, and real-life inspiration behind the movie ‘Joy,’ opens up about the secrets and challenges of building a $3 billion empire based on household products.

There’s been a lot of buzz around Joy Mangano lately, the famed creator of the Miracle Mop, a widely recognized household product.

That’s probably because she’s been the inspiration behind Joy, the new film directed by David O’Russell (American Hustle, Silver Linings Playbook)–starring Jennifer Lawrence and Bradley Cooper. While Mangano’s trials have earned her recent fame in Hollywood, she’s had to weather more than two decades of business ownership to get there.

Against the odds, she found success with the invention of a self-wringing mop, which she marketed through the television sales giant QVC. Now, more than twenty-five years later, her company, Ingenious Designs, has topped $150 million in annual revenue. (To date, she’s generated about $3 billion in her career.)

It all started back in 1991. “At that time, it appeared to be insanity,” Mangano recalls, “to stand there and say, ‘I have an invention. I’m a single, young mom–and I’m going to go after this.'”

Fast-forward to 2015 — when, on January 9th, Mangano will be re-launching her signature products. This time, she’s partnering with such major retailers as Macy’s, Target, Bet Bath & Beyond and the Container Store.

Joy is a partly fictional film, but it borrows heavily from Mangano’s emotional experiences and business journey. Some of her hardships depicted in the film are based in truth. In one scene, the entrepreneur discovers that her mold makers have stolen her patent.

“When people in the businesses around [you] smell success, they can capture it and take it away if you’re naive enough, if you’re not strong enough,” says Mangano, referring to her early suppliers.

“Many people don’t have that fight in them. This is the moment when you really have to say: ‘I going to really, really take a position here. It’s almost an out-of-body experience,” she said. “I have to become somebody else in mentality.”

The infomercial titan and business icon offers some key takeaways about starting and running a business based on your own inventions:

1. Selling on TV is a more personable approach, but retail gives you a different kind of reach.

The re-launch of the Mangano’s product line signifies a somewhat unsettling shift for the entrepreneur.

“For 25 years, I’ve been standing in front of America. I was able to narrate and be the storyteller of my product,” says Mangano. “Now, it’ll be on the shelves–where I’m not there to grab it and tell consumers myself about the features and benefits.”

Those who’ve seen Joy may recall a pivotal scene where the inventor, played by Jennifer Lawrence, levels with the head of QVC, played by Bradley Cooper. “Who showed you the mop?  Who sold it to you, who taught you how to use it?” she asks. Her insistence is what convinces him to take a chance on the mop in the movie.

Now, in lieu of her voice, Mangano will be relying on packaging to tell the same story. She hopes that a warm, purple theme–complete with chalk drawings on the wrapping–will convey the depth and true identity behind her products.

She adds that as customers are increasingly flocking to the Internet (and away from television), embracing traditional retail, rather than selling exclusively through HSN, was an important business move.

2. To successfully market your brand, identify and understand your core consumers.

Mangano is quick to praise the changing landscape of entrepreneurship in America–especially as the Internet continues to create more channels of commerce. But with great promise comes greater competition.

“The path has changed dramatically,” she said. “You can find a product, and be aware of all the other products out there in just seconds. That’s a very attractive method for companies and consumers. At the same time, it also creates a lot of competition.”

Mangano has been able to stay afloat primarily because she identifies her target customer (folks looking for simple solutions to domestic problems), and markets her brand accordingly.

>>>CONTINUE READING<<<