Consumer Goods Startups: 5 Advices When Launching Your Products
Startups are everywhere and have been disrupting the consumer packaged goods environment. Consumers are taking more risks and becoming early adopters of products from startups, which is very refreshing to see. While the CPG giants are still dominating the brick and mortars’ retailers’ aisles, the local and online presence is still an area where the consumer goods startups have the upper hand.
Keep the following advice in mind when launching your products:
- Online sales
Place focus on the online sales. Over the last five years, online sales of food and household products have grown steadily and quickly, representing now over 40% of all purchases. Now Amazon is even taking advantage of this trend with their new Pantry store and has dedicated a space on their site for startups, the Amazon Launchpad. Consumers want the convenience and consistency of online shopping, and a consumer startup would be wise to capitalize on this.
- Social Media
Next, the social world we now operate in should not be forgotten when it comes to your business. Large companies are not nimble enough to react to the consumers’ feedback but you, as a small business, are. Proactive and reactive video content on Facebook Live, Instagram Stories, Snapchat will grab potential consumers’ attention. Pictures are also a great way to grab the attention as well as cleverly used #hashtags.
- Product Reviews
If your products are being sold via a third-party e-commerce site, then monitor and encourage product reviews. Reviews are often read and commented on. This is the easiest way to monitor what people are saying about your products.
- Know your consumers
Meet your consumers face to face and speak with them. If you are in the food and beverage segment, you can set up a stand at your local farmers’ market to get genuine feedback. This can also be a way to test your marketing messaging and a great way to create content. Attend trade shows where your potential consumers will be. This is all about getting feedbacks on your products.
- Reward the early adopters
Establish a relationship with your consumers by facilitating convenience and offering subscription programs, when appropriate. Turn your consumers into your brand ambassadors. This will also allow you to collect data and gather information on your product from people who genuinely care about it.
As with all consumer startups, help is readily available. These tips are just the beginning.
If you are a second stage startup looking to develop a custom business growth plan, build a personalized product launch strategy or participate in startup accelerator programs, contact MarketFit. MarketFit, the acceleration platform for grown-ups!