12 Things You Should Know In Order To Make the Most of Trade Shows

 

1.  You should visit the show at least once before you exhibit
2. Know your product very well. (Like the back of your hand)
3. Know your competition
4. Tell your current and potential customers that you will be at the show
5. Collect leads
6. Separate hot leads from the so-so leads
7. Plan to give our information and samples of your product (know up front that everyone who collects information and sample your product is not interested in your product)
8. Properly describe your product in the show directory
9. Know how to read the badges that the attendees are wearing
10. Take time to walk the exhibit hall
11. Take advantage of the educational opportunities
12. Keep good notes

Seven Important Operational Reports

Reorder Report allows you to identify problem accounts.

Distribution Report provides availability information for your consumers.

Pricing Report compares your retail price with other brands.

Promotion Report tracks trade reaction to your promotions.

Gross Margin Report pinpoints gross profitability problems.

Profit Report Including Market Expenses shows gross profit, net profit and percent profit, and reveals where expenses can be cut and where mistakes are being made.

Sales Report shows how current sales compare with past sales.

The Big Question: How do I get my product into supermarkets?

Study your own product

Price

                Features of your product

                Promote your product

                Packaging

                Taste

                Flavors

Study the supermarket

                Who are the decision makers?

                How do they want to buy your product? Direct or Distributor?

                Which distributor do they prefer?

                Who are their competitors?

                What are some of their promotional needs?

Prepare a polished presentation using testimonials if you have them.

                Is your product a specialty item?

                Does it taste good?

                Is it organic or all natural?

                Is it competitively priced?

                Develop a marketing plan.

                Have samples on hand.

Should your broker or distributor represent you in supermarkets? 

 

Product Development Stages

Sign a Confidentiality Agreement with EVERYONE you share your recipe with

Formulation, Ingredients & Nutritional Facts Statements

pH Evaluation

Weight and Measures Statements

Find a Contract Packer or Incubator/Commercial Kitchen

Minimum First Batch Quote

Purchase Liability Insurance (at least $1 million, some stores require more)

Select Packaging/Shrink Bands/Closures/Hang Tags

Purchase UPC Codes (if you plan to sell to grocery stores)

Develop Labels

Produce Product

Ship Product to Warehouse/Storage Facility

Market Product to your Customers – (Directly to Consumers, Grocery Chains, Fresh Markets, Food Shows, etc)

Note:  If you decide to use an Incubator/Commercial Kitchen you have additional work to do.   

Such as:

Detailed Process Sheet

Ingredient Traceability Sheet

Quality Check Sheet

Bottling or Packaging Instructions

Develop Traceability Sheets

FDA Form 2541a with the assistance of the Incubator or Commercial Kitchen Facilitator

How to Make Your Product Marketable

• Develop unique and distinctive flavors.
• Create a unique and distinctive brand.
• Do your homework – research your competitors
  • What are their strengths?
  • What are their weaknesses?
• List other product(s) or brands that your product could compliment, enhance, and/or partner with etc.

Determine Recipe Marketability

The first step to transitioning from recipe to market is:

Identify if recipe is marketable-

• What is (are) the product(s)?
• What makes this product(s) different from all the other product(s) in its category?
• List at least 5 unique selling points for this product?
• Who are your targeted customers?
• Is the product versatile? 

From Recipe To Market and Beyond

Provide entrepreneurs the basics on how to transition from recipe to market and beyond. This site is designed for new entrepreneurs just getting started and entrepreneurs whose products are not meeting the consumer needs based on their inability to position properly into the market.  It will assist the entrepreneur to make his/her decision to move forward with their product.  This site provides a basic knowledge with resource information to get started and/or enhance their products for the retail market or foodservice industry.

To provide entrepreneurs the elements that will enable them to identify if they have a marketable product.  To further identify what components are required to make their product marketable.  You will learn the importance of developing your business plan, the highlight the financial resources available for entrepreneurs and learn how to gain a competitive edge in the industry.  Professional marketing strategies will be given as a guide for your success.