The ultimate purpose of a Food product launch is to create a sales momentum. As far as Food sector is concerned, Taste alone cannot fetch success. You have to deliver a product that is innovative and completely new to the market. A winning product launch will exactly deliver what the market wants. The roadway from scratch to reaching the customer’s plate is not that easy till you identify your business formula. Here are 7 Things YOU Must do it Before Food Product launch recommended by “Food Buddies – Your Food Technology Partner” as essential to have the success of any food product launch.
- Legal and commercial- First things first, significant Legal matters related to import, marketing and distribution of products and services, including Customs laws and Foreign Direct Investment, incorporation of companies, tax laws, labelling and packaging requirements, product liability and consumer protection issues, statutory approvals, trademark registrations, Foreign Exchange laws and drafting of commercial and business contracts must be in place. We have handled handful of clients in this area right from scratch to MNC to align as per the statutory requirement we feel this plays vital role in business success and brand image.
- Research the space In-depth– Research the market thoroughly and study the need of the consumer rather than creating a business of what you want and what you know. Understand the customer landscape and develop a product that is novel, unique and Volume based (Remember that you are in FMCG Business, its Volume game). This Research will help you for the right pitch in framing the campaign and creating the emotional connect with consumer too .Your product should have emotional connect identify which will be the right. For EG : Paper Boat – Old Memories, ID Fresh – 100% Fresh, Snickers – Hungry
- Business plan in Place- Business Success lies in the Plan “Failing to plan is planning to fail” While consulting With many clients we have experienced the immature plan and blind faith for business take away with huge investment. After failing stating that learning starts from Failures. Happy to agree this, Our recommendation to you is “Fail fast ,fail differently” don’t repeat the common mistakes, So we strongly recommend you to create a business plan Which helps you to get prepared mentally and Financially also you “Give THE TIME the Time” to grow our business with strong foundation rather than racing for one time.
- Pricing structure- Establish how your product stacks up against rivals. Find out what all start-up costs will be just to get the product to market, as well as all operating costs once the product is on the market. This includes the cost of production per unit of product, product wholesale and suggested retail price per unit, labour costs, facilities costs, insurance costs and most importantly all marketing costs. The proposed pricing structure should be approved and tested on the relevant systems. While consulting have seen Lots of Strat up clients cutting down the profitability stating that need to establish the market and doing charity business. Business is to make profitability, your money should make more money for you considering that Price it up. To know factors influencing on product pricing – https://www.foodbuddies.in/checklist-influencing-food-product-pricing/
- Branding and Packaging-When your food isn’t so different, sometimes branding can be the Distinct Proposition. Build a brand that speaks to your consumer, and your image and packaging may be the distinct proposition that leads to your success. Have seen lots of Products and Brands in the market investing heavily for marketing without proper or with outdated Branding and Packaging. You have to stay update and your brand and packaging design – Its color, style presentation everything should pitch to the right target group. Have seen with lots of clients stating that they want to do mass market we need branding accordingly, yes we need to educate a lot for the best position in the market.
- Marketing Campaign- Be ready with your marketing campaign and all collaterals for the Consistent bang in the market to create the consumer impact. As Social media is a go-to-tool and allows engaging with customers frequently. Create a website that showcases your new food product in order to build an online presence and utilize relevant social media platform to create awareness. Most importantly, utilize this important channel for pre-orders which Will Retain the Consumers and assist in gathering feedback as well as fetching new offers to them, to help refine and determine the level of interest in the product.
- Sales training – Get ready with you Sales warriors, create a winning retail buyer script for Sales pitch. Training the sales team makes everybody to stay in alignment with brand core values and they will educate the Store keepers and consumers with respect to the emotional connect. Uniform delivery of the Pitch from every individual is must for great success