I was recently approached by a start-up food business who had a very exciting product that they were in the process of developing but were unsure of its commercial viability. They had no experience in creating a food brand or working in the food industry. So, whilst they had a great vision for their brand and product, they really wanted help and guidance before they invested a lot of money in their dream. They wanted to understand whether there was a real opportunity for their product. What was its commercial viability?
Is my product commercially viable?
There are a handful of fundamental questions to get to grips with when thinking about product-market fit. If you answer ‘no’ any of these questions, you probably need to revisit your product and its commercial viability. It doesn’t mean it can’t work, but it probably doesn’t make sense to invest too much money until you have a sound base to work from.
Product-market fit questions
These things all have a fundamental impact on how you go to market and, indeed, whether you should go to market. Before my client progressed with their business any further, they asked me to carry out a Product Opportunity and Brand Positioning report.
Comprehensive research to understand commercial viability of your product
This entailed comprehensive research starting with looking at the trends in the market in their specific category. We look at how people are eating, what occasions, what ingredients and flavours are being used, what the current health trends are in the category, packaging trends etc.
We then delve into a detailed look at the competitor set – both direct and indirect. What are they doing? Who are they targeting. Who is doing what well. Pricing, packaging, range…. A good understanding of the competition helps to identify the commercial viability of your idea and if there is room for another player in the market.
Is there a gap for your product?
This is a really important piece of research as you can start to see where your brand might sit and where there is a natural gap. Which leads us onto the opportunity for your brand – the positioning, the offering, the USPs and the ultimate reason to believe in your brand.
We finish the report with recommendations of the viability of the product and/or any tweaks amends that might need to be made for it to have the best chance of success.
Once we have ascertained the commercial viability, the delighted client is then able to move on to work with us on their Sales and Marketing Strategies and Plans as well as creating a stand out brand for them.
If you’re also at that stage with a great idea but you’re unsure about your commercial viability, watch the Relish webinar or get in touch.
