You have a fantastic new food or drink brand. It truly is a wonderful product. Congratulations, you’ve successfully negotiated the easy part. Now you need to generate sales. Far too many entrepreneurs think they can handle the sales and marketing themselves.
As drinking habits change amid the pandemic, the low and no alcohol category sees a pronounced acceleration. Yet, while their appearance appeals, could taste and an expensive price point threaten to impact uptake?
Over the years we have met many budding entrepreneurs wanting to bring their dreams to life and start up in the beverage business. I have seen some innovative and exciting ideas that have great potential, and quite a few that made no sense at all.
Branding plays a huge role in encouraging a first-time purchaser to try your new food or drink product. Indeed, 90% of a first-time purchase is based on it. Banding is why a consumer will make the decision to pick your product over their regular choice of product that they may have been buying for a considerable period of time.
However tasty your product you need to focus on the fact that 90% of a first-time purchase is based on the branding; it’s why a consumer will pick your product over their regular choice or over your competition.
You may have created a wonderful tasting product but if no one picks it up, buys it and tries it, it simply won’t succeed. 90% of a first-time purchase is based on the branding; so it helps consumers to decide to pick your product over their regular choice.
Many entrepreneurs think they can handle sales and marketing themselves, without any help or funding. They set out without any real understanding of what’s involved or the budgets they will need.