November 24, 2013

What's the Big 3 in Food Growth? Tim's Top Food Launch Suggestions


The Big 3 of Food Growth and Success


Despite the fact that each business is different, there are three underlying factors that contribute to a food business’ success. Last week I shared with an audience of Food Entrepreneurs the ‘Big 3’ of food growth and success.  Apply these three basic concepts to your food products and you are many steps ahead of the others in your product category and your buyers. If you neglect these areas, be certain that other food guys, along with your retailers and operators, will be pushing you aside for private label and other competitive offerings.

Tim’s top 3 most important items for launching your food brand:

Innovation

Success in the competitive world of food has been built on innovating game changing value deliveries to consumers. A special or better recipe, generally is not monumental enough to enable you to expand and exploit an opportunity in your product category. You will have to bring multiples of value to your consumer along with moving the category to an improved position. David Klein revolutionized the candy industry with his Jelly Belly Jelly Beans. He elevated playing field as well as his company’s prospective food product categories through technological and genius innovation.  As I shared in my speech, I summarize below how Klein reformed not just the jelly bean market but the candy industry as a whole.



Innovation in the Candy Aisle!
The creation of Jelly Belly Beans changed the face of the confection market. Behind the catchy name and neat packaging is the unparalleled method of manufacture. Not only was the unbelievable taste revolutionary, so was the retail price. What makes Jelly Belly Beans so admirable is that it was such a unique and delicious product that customers were willing to pay 340% more than any other jelly beans.

Can your product elevate the value to the consumer in a significant manner?

Consumer Needs

Product creation usually stars with a passion. It is not uncommon for clients and food entrepreneurs to start their business on their love for cooking and support of their friends. This first step is usually a mistake. The idea of starting a food business or restaurant simply because friends and family like your BBQ or cakes or cookies is absurd. If you love to cook, keep it a hobby or get a job as a chef or line cook in a local restaurant.  Your success is dictated by consumer needs and how effectively you communicate the value of your product. It is impossible for a great recipe to carry all the weight of an operating business; it needs the help of business planning and execution
It is your responsibility to bring the knowledge and the road map to the consumer when meeting with retailers and operators. You will have to be the leader in the progress and growth of your food product.

Is your business plan strong enough to carry your idea? 

Sampling

My friend, Wall Amos, states emphatically that sampling is the best way to expose your product. I couldn’t agree more. As founder of Famous Amos, he built a following for his famous cookies through sampling. Famous Amos has become such a flagship in American culture that Wally’s signature hat and cane are part of the Smithsonian Museum. Sampling got Wally’s product out to the world and into the lives of most Americans including the Smithsonian Institution's National Museum of American History. 
Sampling is about volume, not time. If you are going to successfully grow and serve lots of happy consumers, your food enterprise will have to get your item into the mouths of potential customers. Sampling is not a one-time event or something that has to happen quickly, but does have to happen if you seek growth. The large companies, your competitors, can afford to invest in high profile event promotions. The table below gives a glimpse of their giveaway magnitude. You can do it in a year or 5, but you have to do it. 
Avoid sampling and you avoid growth for food enterprises. Need more examples? Ask Cathy  http://www.bodaciousfoods.com/ or Sue http://thehotsqueeze.com/ if they could have grown without sampling. Successful companies market to consumers through sampling and giveaways.
How will you sample 50,000 consumers with your product in the coming days?
Time to Grow!
Success comes with innovation, consumer needs, and sampling. The successful companies know this and now you have it before you in this article. If you are not properly adhering to these ideas, then you better get cracking. You’ve got to be prepared for the boom year of 2014! 
Send me a note when I can assist with your growth.

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