6 Key Tips to a Profitable Food Product Launch

Launching a new food product is a challenge because the food market is so competitive. A successful launch requires you to get your product out ahead of your competitors in a way that people notice and appreciate. It often takes long hours and the right team, including a food business consultant, to get a launch off the ground. You can also use these tips and information to assist with your launch.

1. Do your research.

Before you start the long and expensive process of a product launch or even product development, you need to do some review of your customer base.

  • Do they even want the product that you are developing?
  • Is the product new and unique enough from your competitors?

You should also check your local food distribution and production laws to ensure you are in compliance before you develop a plan for the launch.

2. Create eye-catching packaging that works.

Some packaging looks great but really is not very practical. When designing your packaging, you need to consider both of these aspects. Will it stand out from the crowd on a shelf? Will it fit well on a pallet during the distribution process?

3. Create a catchy sales pitch and marketing scheme.

Your marketing tactics should focus on what will motivate a buyer to purchase your product. What need are you addressing? What problem are you trying to solve? Focusing on how you can add value to a customer’s life can be very effective.

Be sure that you tie your overall pitch to your packaging and other marketing channels, including your website. A food business consultant can help you ensure that all of these pieces work well together.

4. Be realistic about the product costs.

Determining how much it will cost to start up a new product can be very difficult simply because you may not have the experience you need to make an educated guess. A food business consultant can help you determine what kind of pricing is realistic. They may also be able to help you with economical sourcing options that you had not considered before.

Sitting down to list all of the potential costs and then individually assigning those a dollar amount can be helpful.

  • Supplies to create the food product
  • Packaging
  • Labor costs
  • Overhead and facilities
  • Insurance
  • Marketing

If you do not have to change your existing facilities, for example, you may be much more focused on the cost of goods sold rather than equipment changes.

5. Ensure you have an effective distribution plan.

Unfortunately, many food entrepreneurs overlook creating effective distribution methods for their new products. However, a new product launch depends a great deal on how your product is distributed. Developing methods of distribution at the outset can set you up for success.

6. Engage a food business consultant.

A food business consultant is an integral part of your team as you go through product development, create distribution channels, and market your new product. This type of consultant can ensure that you are making realistic estimations, good supplier choices, and they can even help you with marketing options.

At The Greater Goods, we help food businesses launch their products in a way that lines up with their overall goals and values. Learn more about our services by requesting a free consultation with our food business consultants.

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