10 Standout Strategies for Your Next Food Product Launch

Think your brand has a new food product that’s well, the best thing since sliced bread? We can’t wait to see it on shelves! But before that product can find its way into shopping carts, you need to define a solid launch strategy that’s packed with ingredients for success – from product development to distribution and promotion. Breaking through in an already saturated marketplace is no small feat, and can be filled with much trial and error, hours (and hours) of research, and continual planning and development. It’s a big deal – and we totally get that. We are here to help!

Where to start? Break it down to the basics with the “4 P’s of Marketing”– Product, Place, Price, and Promotion. All are critical to product launch success, but we’d also suggest a fifth principle – Prioritize. We’ll dive into each and see how this all comes together – before, during AND AFTER your new food product launch.

STRATEGIES BEFORE LAUNCH

You may want to go to market with your new food product as quickly as possible to ease the pressure of your own personal deadlines or those of your company’s leadership, but introducing a new product to customers without proper market research and developing a thoughtful promotional strategy can put a screeching halt to your product’s success if it’s not meeting consumer needs or being properly promoted to potential customers.

1. Conduct As Much Market Research As You Possibly Can.

Invest in market research to help glean consumer insight on your product, its packaging, pricing, distribution channels, and ultimately, the probability of purchase. Your research results allow you to make necessary adjustments prior to launch, saving you money and avoiding possible embarrassment or bad press.

2. Guarantee Product Innovation.

So, you think your PRODUCT (the first P), is a real 10/10 – but will consumers think so too? There are thousands of products that already exist on grocery store shelves. Brands need to define WHY customers would want to spend money on the product. New products need to be innovative (not just new) because customer needs are continually evolving, and so are their expectations. Ensure your product excites the consumer, solves a problem or brings value to their life.

3. Build A Distribution Strategy That Meets The Customer Where They Are.

When your research shows that the people want your product, then give the people what they want – where they want it. Be strategic about your distribution strategy to offer your product in the right PLACE for your intended buyer. Does it make sense for your product to only be available in certain geographical regions? Perhaps different retail formats or store sizes make more sense than others. Will your product be available for purchase online, in stores, or both? Define your audience and where they shop to determine the best retail channels and platforms for your product.

4. The Price Has Got To Be Right – For Everyone.

Don’t forget to loop in Bob from accounting, or whoever is your number-crunching guru. Up until this point, you know there is a desire for your product, you’ve got a plan for distribution, but what’s that magic retail PRICE that keeps you and your customers happy? Run deep analysis on your production, distribution and marketing costs. Make sure your product is priced to bring in a profit for your brand, but competitive enough to meet customer expectations. If there isn’t alignment, you may need to go back to the drawing board. Could you produce the product cheaper somewhere else? What if you changed the way it was packaged? Did we mention trial and error? Oh, and more research?

5. Your Product Should Align With Your Brand’s Back Story And Purpose – And The Values Of Your Intended Customers.

Shoppers today value authentic brands and their stories more than ever, so it’s important that you think holistically about your product and if it fits authentically into your brand. Before promoting your product, determine what pre-existing knowledge your audience has of your brand, it’s back story and its purpose. Knowing this can help you define your promotional messaging and determine how much you need to invest not only in the promotion of the new product, but in the education of your brand.

6. Utilize Your Professional Network.

As the saying goes – it’s not what you know, but who you know. You simply can’t do it all on your own. Look to others within the food industry to gather insights on what makes a food product launch successful, and not successful. Hear from industry leaders on strategies for success and seek feedback from others who may be able to provide a different perspective.

STRATEGIES AT LAUNCH

We may be a bit biased, but this is our favorite part – PROMOTION. Roll out the red carpet, because it’s time to tell consumers about your tasty new product! At MorganMyers, we get to help food brands do just that, finding their way into the hearts and grocery carts of consumers in store and online.

7. Use The Power Of Reviews, Referrals and Recommendations.

Reviews and referrals can have a major influence on consumer purchase behavior, making it a powerful advertising tool. Shoppers want to know that others have had a positive experience with your product and would give their stamp of approval. Encourage customers to share their experiences with your product on social media or write a product review. According to Google, ads with Customer Ratings get a 17% higher Click-Through Rate than the same ads without ratings. Also consider partnering with social influencers, industry experts or celebrities that have an authentic connection with your brand to help amplify the exposure of your product. Research finds that 63% of customers ages 18-34 said they “trust what influencers say about brands more than what brands say about themselves in advertising”. Red Star Yeast achieved a solid rise in product awareness for their new Platinum Instant Sourdough yeast with a launch strategy that leveraged several baking influencers and their followers to build social engagement around their Sourdough It Up! campaign.

8. Utilize a “Try It Before You Buy It” Strategy.

Consumers love free things – and they tend to be more willing to purchase a product after giving it a try first. Yes, there is an investment in giving away your product, but in some cases, free samples can boost sales by as much as 2,000%. Providing free samples of your product, whether in-store or through couponing, gives your audience a risk-free opportunity to try it before they buy it, familiarizes the customer with your product and can also garner attention and additional awareness for your brand. It’s not just us who think sampling is a beneficial strategy to drive trial; 69% of CPG companies think that in-store sampling is the best way to introduce a new product. While sampling has been difficult over the past year, that didn’t stop brands like Hormel Foods from finding a way to safely sample their new breakfast items at events across the country with their Black Label Bacon food truck tour.

9. Enhance Product Discovery With A Solid SEO Strategy.

While it’s important to pursue traditional outbound promotional advertising efforts, leveraging a competitive Search Engine Optimization (SEO) strategy can help pack an extra punch when launching a new food product as it helps ensure your new product information can easily be found online by your potential customers. Utilizing an SEO strategy that’s grounded in specific keyword research and industry trends relating to your product can help increase your chances of being discovered by the right people and can also help drive your content strategy through messaging that answers the questions and meets the needs of your potential customers. To take an even deeper dive, check out our Top 6 SEO Ranking Factors That Accelerate Conversions.

STRATEGIES AFTER LAUNCH

Once your product has launched, it may seem like the heavy lifting is done, but resist the urge to dive right into your next big project.

10. Prioritize Improvement – Analyze, Adapt And Improve Your Product And Its Promotion

The most successful food brands PRIORITIZE (the bonus principle), support and continue to nurture their branding and promotional effects even after new products have launched into the marketplace. Deeply analyze the performance of your promotional effects and make adjustments as needed to keep encouraging awareness and sales growth. This applies to your distribution strategy and the product itself, too. Consumer needs are continuously changing, so be agile to quickly adapt with those needs. Keep a close eye on opportunities for further promotion, product enhancements and partnership opportunities to keep driving trail and sales of your product long after its initial launch.

At MorganMyers, we are more than professional communicators, we are foodies and consumers ourselves. We’d love to hear about your tasty new food product and help launch it into the food industry soon! Visit our website to learn more and get in touch to roll out your next food product launch.