The best "How To" articles are from entrepreneurs who have done it! And this means not only the successes but also did not work.
New Product Launch is a challenge and 80% of products just don't launch or get on the shelf and fail to get customer trial and repeat purchase. So I decided to
Doug Foreman is the CEO of Beanitos with vast experience in the snack food industry and snack foods with his successful launch and sale of Guiltless Gourmet.
Doug made Beanitos Bean Chips the US's Fastest-Growing Natural Chip Company and is a great example of a "foodpreneur" (food entrepreneur). According to SPINS, Nielsen Data, Beanitos are: #1 Growth Brand of Natural Chips in the U.S this $2.7 billion category. Additionally Beanitos sales have increased 203.5% in the past 52 weeks, ending 4/14/12.
Innovation in Food Means - A Product That Stops the Shopper
I met Leslie Kaplan and Carolyn Shulevitz, co founders of Ready Set Cupcake at the Summer Fancy Food Show. I asked them about being different and innovative and they summed it up best for other food entrepreneurs to consider "We re something different in the frozen food category and not just another ice cream or sorbet being presented to the buyer. Our products stop the consumer at the freezer because it is not just another typical frozen dessert. Buyers are always want products that STOP the customer".
Doug has innovated as a successful food entrepreneur and had important advice that is worth repeating. "Before you even try to get on the shelf, take this first initial step. Visit several store and see who your competition will be. Scour the internet and see if there are ANY other items like yours before you pull the trigger and spend big bucks. Far too often there are similar items out there and this occurs when food entrepreneurs don't do their homework... spending precious capital and time with few results to show".
So here are Doug's 3 Steps to Launching a Profitable New Food Product.