Food tech is hotter than ever. It is attracting investors who expect return on investments. Scientists who dream about fame for their innovation. Entrepreneurs who love taking new ideas to market. Corporations who see the opportunity to invest into future business revenues.
And the candidates are many!
And on and on..
And in the middle of all of this we have the consumer…who has other things to worry about. Given that the failure rate for new launches is already at an 8 out of 10 for new launches coming from established food companies we realize that there may be an even higher failure rate among the newcomers… So how can you create a bridge between new technologies and consumers? How can you turn breakthrough science into a game changing brand?
This is exactly the topic that we explored during our webinar on November 18th. If you missed it, you can listen to the recording here. And if you would just like to read a summary, read on.
Do we have the right Culture? How to avoid the cultural trap by recruiting the right team from the start.
Who’s our Consumer? The importance of identifying who will need your product. In this step you must answer the questions WHO are we here for and WHAT are they looking for?
Understanding who you are here for, who is your first consumer and what will make them love you helps to sharpen the brand Competence and inspire the right kind of brand driven innovation. There is a need to build a “double ip” with product ip and brand. From product differentiation to brand differentiation.
What is our Category and who are we Competing with? The importance of alignment on where to play and how to enter the market.
Choose the right market entry strategy: Think what do you bring to market from a consumer perspective. For example: are you bringing a new segment in a familiar category? Or are you substituting a whole category?
Build purpose driven brands: You need a brand purpose and mission which burns like a flame on a torch and attracts your audience from far.
Put purpose before product to find your brand stakeholders and who will share your brand story. The founding purpose and the mission of the brand should tell how we want to change the game.
Find a movement to connect to in the consumer market.
Move from product benefits to brand benefits. Emotional benefits are what really connect with consumers, but rational benefits are also important in order to build trust.
Finally, educate your community! Educate, engage and empower! Find your brand ambassadors who can tell your story (for example: don’t go to retail first if you are not a multinational with endless marketing resources).
Do you need more information? Do you need help to make it happen for your brand? Contact Maria at firstname.lastname@example.org for your own free consultation. We love learning from the market and can’t wait to hear your story!