Passion got you here, so now what? You have a bench top sample of a product you want to launch but taking something from the bench to market is complex and challenging. The last thing you want when creating a new product is to develop it "out of order" which can create re-work and be costly.
Food innovation requires a variety of expertise - it is truly a cross-functional effort. Luckily, if you don't have resources in-house there are experienced freelancers that can support your innovation. Below are things to consider as you develop a new product.
Research and development
Develop a detailed understanding of the category you want to enter and the needs of your target consumer. Conduct extensive research on similar products and identify opportunities to differentiate your product. Successful products do a job that no other brand or product is doing. Develop and test your product until it meets quality and safety standards. Make sure a part of your testing is getting early prototypes into the hands of consumers - consumers do strange things and you will learn where your product needs optimizing.
P&L management
Create guardrails for you team to work against when it comes to product P&Ls so they your margin targets! Carefully monitor and control your costs to make sure they are in line with your budget and forecast. This may include negotiating better prices with suppliers, finding ways to reduce waste, and implementing cost-saving measures. Over time you can maximize your revenue by identifying new sales opportunities, improving pricing strategies, and increasing sales to existing customers.
Branding and packaging
Good packaging is imperative, and it is not all about the design. You need to consider the functionality of your packaging as well. How will it hold up through the supply chain? How will it hold up on shelf? Does it protect the product? Does it offer the consumer a positive experience i.e., reseals after first opening it to store in a pantry, etc. Of course, looks matter, so make sure your branding is consistent and appeals to your target consumer. Finally, communication on packaging must be clear and concise - it should communicate your products unique benefits in about two seconds.
Regulatory compliance
Make sure that your product and packaging comply with all relevant food safety and labeling regulations. These vary by category, so working with an experienced packaging engineer and quality/regulatory professional will help you from being sued. If you decide to make claims or tout certifications like non-GMO for example, make sure you obtain any necessary certifications or licenses along with approval prior to launch.
Distribution and marketing
Identify potential distributors and retailers for your product and develop a sales and marketing strategy to reach them. This may include but is not limited to advertising, promotions, public relations, and social media marketing.
Launch and monitor
Once you have launched your product it is important to keep a close eye on sales, feedback, and any trends in your market. Be prepared to adjust your strategy as needed based on your findings.
It's important to note that the process of launching a food product will vary depending on the country and market you're in, and it's important to consult with legal and regulatory experts in your market to ensure compliance with all laws and regulations.
As mentioned, launching new products takes a variety of expertise and Morgan Agho is here to help. With 15+ years of experience in food innovation, she can guide your team and bring in freelance support where needed to get you on shelf.
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