Have an idea for a new flavor, size, or product line? Bringing something new to market can be exciting, especially when creating great products is one of the reasons you started your food business in the first place.
But is launching another product the right next move for your business right now?
In this episode, Clint and I explore how we'd approach that question if you brought it to us as a food or farm business owner (this conversation is more CPG-focused, but can apply to farm experiences or other services as well!).
You'll hear that what seems like a product decision can have implications for your brand strategy, financials, sales, distribution, and operations. And that's the power of having true brand alignment and asking good questions.
Join us to talk about:
- How your brand strategy can help you evaluate whether a new product fits what you want your business to be known for.
- Why adding more SKUs doesn't necessarily mean more sales growth.
- What sales velocity, margins, production efficiency, and retailer shelf space have to do with the decision.
- How focusing on your existing products might create a greater opportunity than launching something new.
- Why asking the right questions helps you see the bigger picture before investing your time and money.
- Real examples from our work with food businesses (conceptual, not confidential).
The takeaway?
There isn't one right answer for every food business if you should luanch a new product, or not. And the answer can change over time. A new product could be a great opportunity, but it's important to understand what you're working to accomplish and how the decision fits into the bigger picture.
Your brand strategy is the North Star that helps set the direction. The next step is making sure your decisions across the business are aligned with it.
➡️ Want more help thinking strategically about your brand?
Resources:
- Friday Newsletter: Real Food Brands — Get 1 insight + 3 questions every week to help you think strategically about your business.
Have a business question you'd like us to explore in a future episode? We'd love to hear it: Contact me here.
See you in your inbox Friday (be sure to join my list), then back here next Wednesday. Have a great week!
Let's go shake up shopping carts🛒
Katie & Clint
