1. IDEA GENERATION AND RESEARCH:
Brainstorming ideas for a new product using market trends and consumer needs will aid your idea generation. In retail specifically, it is essential to understand the market value of the category you play into. Using data research agencies like Kantar and Mintel can help you understand the market value and the key metrics within it.
2. GAP ANALYSIS:
Physically reviewing stores, or visiting cafés and restaurants will allow you to understand if there is a gap in the specific area for your product. Understanding what trends are occurring in the channel will guide your idea generation. Completing a gap analysis in these areas will help you assess the opportunities and support your decision making.
3. COMPETITOR LANDSCAPE:
A competitor landscape review allows a business to identify direct and indirect competitors, defining their strengths and weaknesses and the wider market dynamics. Regular in-store visits will allow you to build this core knowledge. Ensure you know the following information about your competitors: Product quality, brand leader in the category and range pricing.
4. FEASIBILITY STUDY:
Completing this study will evaluate the technical, financial and operational feasibility of your product. The financial aspect of this assessment is crucial. An accountant can help you with the financial projections to ensure they are accurate and realistic.
5. RECIPE AND PROTOTYPE DEVELOPMENT:
Create your recipes and develop prototypes to visualise taste, texture and the look and feel of the product. Conduct sensory tastings in the market with potential customers and evaulate the product based on the feedback.
6. BRANDING AND PACKAGING:
Ensure you are aware of other brands packaging and design. Your brand identity needs to tell your story. Your packaging needs to be functional for the product but also appealing to the customer.
This article was first published in our 2023 Food & Agribusiness Report.
