So What Did We Learn
As always I like to end up with tips on food entrepreneurship so here are the takeaways for all you starting a specialty food business so you get your Idea Out of the Kitchen, on to the Retail Shelf and on to the Customers Plate.
Determine if Your Idea is Really an Opportunity . Although The Fresh Diet has astronomical growth rates, they clearly did not jump into the market with both feet quickly. Revenue of $7 million sound huge, but it took them 5 years to get to that point. Starting out small and targeted geographically in Miami determined that they had a real food product opportunity allowing them to grow to where they are today.
Stay Focused and Know Your Customer. IF you are making a food product the whole world is NOT your customer just because we all must eat. The Fresh Diet is not a viable option for most people, particularly those with families. That's OK because there are customers out there who want to eat healthier, have no time or inclination to cook, want to have an easy to weight loss plan AND can afford it.
Think Social . Social Media is fast becoming one of the most effective tools to communicate with your customer. It allows you to engage your customer in ways that make them feel special and part of a group if like minded people. The low cost of Social Media is counter balanced by the effort and time to do it correctly. Keeping your blog and Facebook fresh and updated is work, but well worth it evidenced by over 24,000 Facebook fans.
Create an Aspirational Brand. Social Media allows what is called aspirational marketing, positioning your brand to the consumer so they believe they are buying for lifestyle improvements. Selling the emotional connection in addition to the features and benefits of the diet program is smart? Why? Because the features and benefits across all of the competitors are fairly similar.
All the best!
Dom Celentano
