co-founder sarah gives some off-the-cuff entrepreneurial advice for budding foodtrepreneurs.
there’s a lot of crowded categories these days. how many energy bars, granolas, and popcorns can the market bear? but oftentimes even when we think a category is mature, along comes a new entrant that shakes things up and steals the show. what all these success stories have in common is that they’re differentiated.
one of the most important steps of vetting your idea is comparing it to the competition and making sure you can clearly state not only what is different about your product, but why that’s better. first you need to make sure you identify all the competition. if it’s a natural food product that means scouring the shelves of whole foods, doing google searches and exploring on-line marketplaces such as amazon and abe’s market, and hitting the local farmer’s markets.
then you need to identify factors that are or could be important to consumers when they’re making their decision: is it price, taste, grams of protein? maybe your product introduces a completely new attribute that consumers never considered as part of their decision-making set. for example, your product is portable and no one else’s is. then make a chart that shows how you stack up against all the competition.
the one or two areas in which you stand out from the crowd are the ticket to your success. they are what you can use to easily communicate to grocery buyers and to consumers why they should be interested in your product. it’s a critical part of your elevator pitch. and they give you the confidence that you’ve got a good idea that’s worth pursuing.