Have you noticed? The specialty food market is on fire these days! It seems like every time you go shopping, there is a new brand on the shelf. How are all these newcomers magically appearing at your local grocery?
Fostering brand equity and awareness is a huge part of helping these new products earn space on the shelf. Building brand awareness means expanding the number of people who know about your brand and are interested in purchasing your product. One way of growing brand awareness is through social media. Higher the numbers of likes and followers can persuade retailers and distributors to carry your product. They will help place you where there is a high demand for your product and a growing audience looking to purchase.
So with so many products on the shelf, how will yours stand out? This should be carefully predetermined in your brand strategy. By researching your competitors and examining the similarities and differences in what you offer, you will find your unique position in the marketplace. Determining who you are as a brand and what your personality and values are, will direct the creation of your design.
Brand strategy is a long term plan designed to work hand-in-hand with your business goals. It will define the mission, vision, values and personality of your company. It is the foundation that will help with all decision making. It aligns company stakeholders with each other, as well as, all employees. Brand strategy gives your business purpose.
"A brand’s story can make or break consumer purchases, which is driving the growth of craft, but not necessarily leaving big business behind." -Mintel
Your brand is a valuable asset to your company. Your “unique value proposition” is branding talk for the benefits of your product; how it is different and better than it’s neighbors on the shelves. Remember shelf space is valuable and for your product to get in the lineup, another will be knocked off. (More on that.) Your branding process should provide self-awareness and set a foundation for growth. It should arm you with all the knowledge you need when you begin to talk with distributors and retailers. Companies can only compete so far on price alone, at the end of the day the quality of your brand and product will determine consumer’s tipping point. When growth is the goal, a good foundation in brand development will set you on the way.