To make things even easier for small brands and independent suppliers to make the most of this opportunity we’re hosting a Twitter chat on Wednesday (25th February) at 2pm with Grocery Accelerator, the investment, coaching and mentoring programme. Follow the hashtag #BNTS15, and don’t forget to include it in your tweets to join the chat.
To get things started we asked the team at Grocery Accelerator for their top tips for ambitious food and drink businesses in the grocery market looking for rapid growth.
- Research and test always
I’m constantly surprised by how many small business I meet who don’t research or test a product at every stage of its development. Before you launch make sure you identify your target consumers so you can talk to them properly. Then test your product with these consumers before launch to make sure you have a product they like.
- Be on target
Most early stage businesses make the mistake of targeting too broad a range of consumers, which negatively affects credibility when pitching to supermarket buyers. Buyers will always look for evidence that shows that your product meets the needs of their target audience: so know your market!
- Spend your marketing budget wisely
Your marketing budget is very important for growing your business so make sure you don’t waste it. Before you commit to a marketing spend be sure to test, test, and test again!
- Be brave and think BIG!
Building a business that can’t scale is futile and will not attract investment. Think big and consider how you can scale your product – consider range extension, market expansion and licensing.
They’re my top tips but are they are only the top-tip of the iceberg. I’m looking forward to chatting to you on Wednesday, learning about your business and hopefully setting you on the road to success in Britain’s Next Top Supplier 2015!
Speak to you then,
Paddy – Grocery Accelerator