April 6, 2010

How to compete 101! Lauryn Chun demonstrates Success.


Lauryn Chun has introduced her Mother In Law's Kimchi and is demonstrating the classic example of how to do it in the food marketing world.  In business less than a year, she is making waves and has already received much interest in her product.

1.  Recipe Research and Development - since the recipe hails from years of preparation in Jang Mo Gip restaurant in California. The recipe has been perfected with 1000's of trials.  Can you say the same for your product?

2.  Publicity - she has the attention of Oprah's Magazine O and is using her publicity with buyers and other interested parties as she grows her business.  She has taken the publicity and created a branded document referring to her company and product.  This is an excellent example of leveraging publicity and making sure your buyers and those interested in your company see the PR. Investors, Employees, Prospective Employees, and sending a copy to friends, family, and consumers where applicable.  Also, her website re-publishes her PR.

3.  Pricing - Lauryn does not consider the existing Kimchi as competitive and prices her product appropriately for her offering and current company status.  She would be no where today if she tried to compete with the cheap .99 offerings in the Kimchi product assortment.  Go after that portion of the market that is appropriate for your current position and market segment.

If you would like to learn more about Laurens product and company, become a Facebook fan @ facebook.com/Mother-in-Laws-Kimchi
What actions are you taking to grow your business? Send a note or comments to Tim, also follow me on Twitter and see my retail photo notebook.. I want to hear about your success!



© Tim Forrest 2010. All rights reserved
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