Thinking of launching a new food product in an existing, or untouched market? Then you’re in luck!
Food is one of the most effective products to sell anywhere on the planet – because everyone wants it, and everyone needs it.
Of course, launching your new product in today’s highly competitive market is going to take some planning and careful consideration. You’re bringing your product into an already saturated field, which means that you need to consider your options with a great deal of commitment, hard work, and the right team at your side. It’s important not only to understand who you’re going to be marketing to, but what they buy, and why they buy it.
Following, we’ll offer some of the essential tips to a successful food product launch, taken from our experience in working with manufacturers over the years.
1. Do Your Research
This may seem like an obvious step, but it’s also something that many companies ignore in their haste to jump into the industry. Take your time and research the market you want to break into thoroughly before you start considering a new launch. You need to be sure that you have a product that is unique, seductive, and perfect for what your consumers want. Also be sure to research state-based and local laws on food production and distribution, so you have an appropriate marketing strategy at hand.
2. Figure Out the Costs
Next, you need to work out the cost that is going to be involved with getting your new product to market – as well as the operating costs that will take place when the product is available.
This will include the cost of production for your item per unit, as well as wholesale, and suggested retail price, labour costs, facility costs, marketing costs, and of course, insurance costs.
Once you’ve got all that basic information on hand, you can work with the team at Dynamic Retail Solutions who have a costing model to ensure that you have a viable list price for your range/s.
Remember, you need to design your product to ensure that you have enough money to sustain a profitable brand.
When it comes to packaging, you’ll need to make sure that you follow the legal guidelines in your area, and use enough creativity to make your product stand out on the shelf at the same time.
Be sure that you continuously monitor everything you do, and be ready to make changes to packaging that doesn’t work for a certain distribution channel.
Keep in mind that your packaging and website should use similar colour schemes, and contain the same logos and information to provide a consistent consumer experience.
Many food entrepreneurs still fail to recognise that distribution is essential to success for their product launch. If you want to make a product that really appeals to the masses and delivers the profits that you need to thrive, then you need to be able to distribute that product properly.
The first step in doing this is creating a winning retail sales pitch. In other words, you’ll need to find out exactly what motivates your store buyer, then provide a roadmap for your new product launch that answers the questions of why your retailer should bother giving you shelf space. Remember, it’s not just you that wants to make money with your new product.
5. Use the Right Team
Finally, remember that a successful food product launch is more expensive and difficult than most entrepreneurs are prepared for.
You’ll need to be sure that every person on your team is experienced, educated, and passionate. They need to understand the long-term and short-term goals of your business, and know exactly what they need to do to help propel you towards success.
If you’re ready to begin your successful food product launch, call Steve today on +61424 503 837.