How Do You Market A New Food Product?
Everybody eats, yet the food market is one of the most difficult to navigate. In a “Food and Drink” article Fiona Dawson says “We also know from Kantar Worldpanel data that only five out of 100 new products have a market share of more than 1% at the end of year one.” To market your new food product, prepare to do battle for limited slots in market share. Choose a market. Identity the customers who are most likely to buy your food product. Research industry reports and identify long-standing trends for similar products. Perform your own research. Create a questionnaire. Ask clients to list what they like and dislike about the product. Ask what would motivate them to buy the product. Rent a booth in a high-traffic farmer’s market or flea market. Offer free samples in exchange for filling out a simple questionnaire. Consider a positioning strategy based on the responses you receive and the research reports. For example, In “Food Marketing” Lars Perner, Ph.D. Assistant Professor of Clinica
