Going to market strategies: launch a new product successfully
1-2-Taste’s Jasper Schouten speaks with partners about best practices, product innovation, customer adoption and more.
In this blog, we explore the food ingredients universe together with the 1-2-Taste partners. We are going into the process of Bringing a New Food Product to Market, revealing invaluable tips and industry best practices as we go. Our esteemed group of five specialists in food ingredients will offer their individual insights, steering you on a course for successful food product launches. Enjoy reading and discover the multifaceted dimensions of introducing consumer products to the marketplace.
- Going to market strategies: This blog focuses on the process and best practices to launch a new product successfully, offering essential tips and tricks.
- Expert Panel: A panel of five distinguished food ingredient experts from different companies, including Egbert Sonneveld of Blonk Quality Ingredients, Steve Baxter of HE Stringer Flavours, Ross Norris of Australian Native Products, Manuel Peña Roig of Delsa, and Alvaro Manuel Garcia of Agrosingularity, share their unique perspectives and insights.
- This blog delves into the essential elements, challenges and strategies for successfully launching products in different industries, emphasizing the importance of factors like timing, keeping the right amount of stock, product selection, and sustainability in the decision-making process.
- Hosted by Jasper Schouten: The blog interviews are hosted by Jasper Schouten, CEO of 1-2-Taste, who guides the discussion and brings together the diverse insights from the expert panel.
- Continuing the Journey: Readers are encouraged to stay tuned for future blogs, as 1-2-Taste promises to delve further into the captivating world of food ingredients, inviting them to explore more on the 1-2-Taste website.
Dive into this blog with our expert panel of industry leaders, learn from their experience in the dynamic world of food development and explore the challenges of going to market.
Challenges and opportunities in the market
The company of Egbert Sonneveld produces teff-based products, an ancient grain with extraordinary nutritional values but relatively unknown among developers, especially in the bakery industry. This adds complexity to the process of informing developers of teff and how to use it in their products. Moreover, when working with a product that is not readily available in large quantities such as teff, planning and forecasting are of utmost importance and long-term contracts may be necessary to secure supply. Additionally, Egbert mentions the need to meet specific characteristics required by developers, ensuring consistency and quality in the final products.
Understand the market and be fast
Steve discusses the complexities of bringing a product to market, emphasizing the need for sufficient investment and a thorough understanding of the market. The approach varies depending on whether they are working with a blue-chip company or a small-time entrepreneur, but in both cases, issues like labeling and product selection are crucial. Steve also highlights their expedited product selection process, which leverages a vast catalogue of up to half a million formulations to suit various needs. He concludes by saying that time is of the essence in their industry, stressing the importance of quick and accurate product selection.
Seizing opportune moments
Ross Norris of Australian Native Products highlights a significant challenge faced by beverage companies during product launches – timeliness. However, small and medium-sized enterprises enjoy a unique advantage in this regard. Unlike larger counterparts bound by retailers’ schedules, they have the flexibility to unveil products when they are fully prepared. Nevertheless, it’s essential to consider seasonal launch opportunities, such as introducing Christmas-themed products in November or slimming options during the spring season.
Navigating the path to market
Manuel Peña Roig of Delsa speaks about the decision-making process for companies in the beverage industry when going to market with new products. Challenges faced by small and medium-sized enterprises include getting the flavour right the first time and building trust and reliability. It is important to work closely with the R&D department and offer multiple prototypes to provide customers with choices while building up stocks to significantly reduce lead times.
Bringing sustainable food Ingredients to market
Alvaro Manuel Garcia discusses Agrosingularity’s journey to bring sustainable food ingredients to the market. The company was founded in 2019 to address the issue of waste generated by the agriculture and food transformation industries. They collect surplus agricultural produce and by-products and transform them into high-value ingredients for the food industry. Initially focusing on broccoli powder, they expanded their product range to meet market demands and invested in R&D to create more refined products. While sustainability is important to customers, factors such as price also play a significant role in their purchasing decisions.
1-2-Taste can help you overcome your supply challenges, with a wide portfolio of ingredients; transparent, competitive pricing; an interface that makes it easy to find suppliers and order; minimal order quantities; and technical product development support.
The first ingredient sample is to give it a try; the next is to work out additional ideas.
– Egbert Sonneveld, Blonk Quality Ingredients
People often underestimate the amount work and funding it takes to create a new product.
– Steve Baxter, HE Stringer Flavours
There are a lot of twists and turns your product can take, whether for quality or cost reasons. Make sure you keep true to your original idea, identified from consumer discussions or market testing.
– Ross Norris, Australian Native Products
If we keep more stock, then our clients don’t have to.
– Manuel Peña Roig, Delsa
Transforming agricultural surpluses into high-value food ingredients by upcycling by-products.
– Alvaro Manuel Garcia, Agrosingularity
1-2-Taste Talks Food Ingredients Podcast Series
Going to market strategies – launch a new product successfully
Welcome to another exciting episode of 1-2-Taste Talks Food Ingredients, the podcast that delves into the world of food ingredients. In today’s edition, we’ll immerse ourselves in the art of Going to market, uncovering indispensable tips and tricks along the way. Our distinguished panel of five food ingredient experts will share their unique perspectives, guiding you on a path towards food successful product launches in the retail and specialty stores.