It’s a question Dr James F. Richardson, cultural anthropologist turned business strategist, has been pondering throughout his career advising food & beverage brands, and serves as the focus of his new book: Ramping your brand: How to ride the killer CPG growth curve.
While there’s no magic formula that’s going to turn startups into the next Chobani, Caulipower or Bai, there are some clear do’s and don’ts for entrepreneurs trying to stand out from the crowd in the cut-throat world of food and beverage, he told FoodNavigator-USA at the Winter Fancy Food Show last month.
Watch the video to hear Dr Richardson - founder of consultancy Premium Growth Solutions - address topics from trademarks to whether emerging brands should steer clear of Walmart:
- "For most new and young CPG brands, going into Walmart super early while still anchoring your SRP high is unlikely to generate a business with sustainable sales growth."
- "Weird and obscure don’t scale in CPG… Weird is a total black hole of money in CPG innovation…"
- "The one aspect of your product you want to nail upfront and never change is your master trademark, and when it comes to trademarks, opt for the meaningless."
- "[Beware] the baby stroller fallacy… If you're just oggling your baby, you lose the objectivity that's required to listen to your early consumers and ask the right kind of open ended questions that will give you a largely unfiltered answer as to why they are buying your product. And if you do that with your repeat consumers early on, that's when you can realize Oh, I created this product for this social mission, or because I like upcycling, because but my consumers tell me that they are eating it because it helps them manage their weight."
Missed the Fancy Food Show? Checkout our coverage below:
- WATCH: Field Trip moves into new territory with nut-free chickpea butter… ‘It tastes just like a peanut butter’
- WATCH: Hemp-derived CBD... navigating the regulatory minefield
- WATCH: Tia Lupita targets Gen Z, Millennials with authentic Mexican cuisine with a healthier spin: 'It's guiltless taco nights'
- GALLERY: Trendspotting at the Winter Fancy Food Show 2020, from avocado leaf tea to chickpea butter
- WATCH: Califia Farms CEO… ‘The market still needs mid-size companies like ours’
- WATCH: Avocado leaf tea… ‘It releases this beautiful red rustic flavor with no bitterness, no astringency’