WHY NEW PRODUCTS?

One of the biggest challenges entrepreneurs face, in addition to getting access to capital, is to master marketing, especially branding. It has a

disillusioning 10% success rate when launching new food product, but keep in mind that developing new products and creating own brand could

turn out as a very successful innovation and the beginning of a long term success story.

Build a Brand:

You have a chance to make it if you have enough funds to withstand the product live cycle and can create and develop all aspects of your new

brand and business model. Never focus on only one of the aspects, there has to be a sound balance between them. Do market research and get

access to the market insights. Consider your new brand that speaks to your consumers, and your image and packaging might be the distinct

proposition that leads to your success.

Find a great story: Your story should connect you with your customers, bloggers and influencers. Provide your target market with information

about you and why you are doing the business, about your product and its story, for example about the recipes and the ingredients or the name

of your new dish or brand.

Find Your Niche: It has to be unique and offer true innovation; it must be something that people will actually want. Position your product different

from the competitors through a distinct USP.

Develop new products: You need to know when it’s the right time to develop new products, it could turn out about adding new products to an

existing line or even initiating a new product line. Sometimes you’d better prioritize the new product innovation ideas and accelerate the top-seeded

ones to keep up with the emerging trend and meet company growth targets. Your best chance of success is to evolve the right context focusing on

strong customer and company value propositions and of course strong retailer sell-in stories for your new products.

Go retail:

Key attempt is to find the route to the retailers. With so many brands competing for limited shelf and fridge space, it is not the same as developing

new products for your own shop or online shop. It’s way more difficult to get in. Communicate your difference, which would allow you to credibly

pitch supermarket buyers that your product is unique and would bring new customers into their departments.

Once you get a deal with one of the major retail accounts, your biggest challenge would become to receive repeat orders because your product might

not have delivered on its promises and expectations. In an ideal case your brand extension would come along with fundable increase of shelf space

and brand awareness. 90% of new product innovations tend to disappear from the shelves in the first six months.

Private label  &  B2C:

As wholesaler, restaurant or retailer, you have a huge revenue potential in taking your high-quality products, professionals rely on for their livelihood,

and made them available to the enthusiasts potential customers at home. Offer your private label as B2C product to the ultimate final customers

directly. It’s already been a spotted trend toward at home gourmet cooking in the last decade. Getting exclusive deals with distributors and dealers

across the country would be much easier than going retail.

In case you have developed private label for retail chains, how to take sales from established dominating brands in the market?

Rather than going head on with the major brands and supporting an entire branded sales program, private labels open up many more opportunities

with much lower cost to capture market shares. Since launching a private label comes at a much lower cost than a branded product, you would be

able to offer a much lower cost to the retailer and final customer. Therefore the retailer could sell a higher quality product at a lower price than the

major brands, providing value to customer, retailer and your business.