You’ve got an idea for a product. You think you’re onto a winner. You’ve done the groundwork and are convinced that it could really fly, or maybe you’ve started selling to a handful of regulars already.
When suppliers are just starting out, they must wear many different hats – whether that’s as a marketer, human resources or distribution manager, and every day I see how daunting it can be for suppliers to grow their businesses towards the next big step.
Over the years, Foodstuffs North Island, one of the co-operatives behind Pak'nSave, New World and Four Square stores, has supported the launch of hundreds of New Zealand success stories, and we’ve also seen many emerging businesses meet stumbling blocks.
If you’re wondering where to go next to get your product on supermarket shelves and, more importantly, into the hands of customers, here are some tips to help fast-track success and scalability.
Be customer driven
Are New Zealanders looking for a product like yours? Start by researching customer demand, what your competitors are up to, and the pricing structure of similar products.
Find out who your core customer is and use these insights to evolve your product into a winner.
Test your product with as many of your core customers as possible; use family members, friends, your neighbour’s pet dog, and more importantly those outside your network because they might give you the honest product review you need to hear.
Work out your pricing
What’s your product’s market value? Every customer is looking for value – so this means looking at the average retail price of your item and working out where your product stands next to competitors' within the price bracket you want to operate in.
Line up your supply chain
What’s your plan to get your product from point A to B? Understand how far your distribution reach is, how many stores you’re targeting, and where they’re located.
Plan for everything from damage to shipping delays or bad weather, which can all affect the efficiency of your supply chain.
Having a great product that people want to buy won’t be a success if customers aren’t able to find it on supermarket shelves.
Promote, promote, promote
What’s your story and how are you going to share it? Have you got a marketing strategy and are you utilising channels such as social media to grow a following of people who love and seek out your brand?
Even how you present your product tells a visual story, so make sure you know what that story is.
This also includes brushing up your elevator pitch so you can articulate who and why someone is going to buy your product as well as sharing what your values are, whether that’s a focus on sustainable packaging, reducing waste or affordability.
Learn the lie of the land
Do some research on supermarkets, look at market reports and visit stores to understand how supermarkets work.
Understanding the category where your product sits and what gap your product is going to fill could be a huge help towards future success.
What product categories are over-ranged and crowded or are under-ranged and where customers would appreciate more choice?
My last tip
Don’t do it on your own. If you’re a small business and you don’t know where to look to first, reach out, because we want to hear from you and help you.
All of these tips and more can be found in this free handy supplier guide.
