Over 80% of all newly launched food businesses fail within 5 years.
Of these, 43% never achieve Product Market Fit, i.e they don’t solve a consumer problem, resulting in few sales.
Our Go To Market Plans identify problems and pitfalls before they become expensive mistakes and allow you to fine-tune or, if needed, pivot your business.
In our opinion, it is the single most important investment you should make when starting a food business.
What is a Go To Market Plan? Why do you need one?
A Go To Market Plan is a living document that makes sure that your business idea is actually viable and helps you beat the odds of potential, and expensive, failure.
It starts with a consumer study
- What’s the consumer conversation around your chosen category?
- What are consumers looking for from products in that category?
- What problems do they need solving?
The result? An understanding of what products and features consumers are actually looking for, giving you a blueprint for product development.
Next, we perform a deep dive into the market
- What is the size of the market?
- Is it growing, shrinking or flat?
- How has the market been affected by recent food trends and how does the future look like?
- What are trends within the category, i.e low carbs, local, etc?
The result? An understanding of market size, market trends and where to take advantage of opportunities.
- What is your direct and indirect competiton?
- Where are they listed and at what price point?
- What are their ingredients?
- What are the category conventions for packaging and language on packaging?
The result? An understanding of the market allowing you to launch a product that stands apart at a price point that makes sense to both retailers and consumers.