Assessing market opportunity
You have a great product that you just know is going to fly off the shelves. But…how do you know that? Is it just a gut feeling? A market opportunity assessment will give you the precision and certainty that you need to build a successful food marketing strategy—one that will attract investors and excite food brokers.
Sharpen your go-to-market strategy
Let’s say that your product is organic date sugar. What void does it fill? There’s lots of sugar on the shelves, so what problem does your product solve? Demonstrating that your product solves a shopper problem is essential, especially if you are looking to attract investment dollars.
Now, let’s say that you can demonstrate that people are looking for organic fruit-based sugars and that your date sugar fits the bill. Who exactly wants to buy it? Every shopper, or just specialized bakers? Painting a fairly detailed profile of buyer characteristics is the first step in calculating the size of the prize, or the potential sales volume, for your market and product category.
Knowing your buyer characteristics will show you the size of the prize, but it will also give you clues as to how to brand, price, and market your product. Specialized organic bakers may be predisposed to a certain ‘look’ of packaging. They may also gravitate to a premium price because they equate a high price with quality. Take Liva, an organic date sugar that we helped develop. Both the package type and the branding stand head and shoulders above other sugars on the shelf. Read the Liva Foods story.
Build certainty & comfort
Investors want to know you have a plan…and that your plan is based on research and facts. A solid food marketing strategy builds confidence in you, your product and your chances of success. Even if you don’t need investors, a market opportunity assessment is an essential building block for every food marketing strategy and every product launch. No food company unveils a new offering without one.
Having consultants like the Greater Goods perform that assessment gives even more comfort since we are food consultant professionals who are not emotionally invested in your product. We can follow that up with a full food marketing strategy. Are you ready to get moving? Let’s figure out the size of the prize! Arrange your free consultation.