It’s so easy to be starry – eyed about a food or drink product idea. As an expression of who we are, our appreciation and love for one another; the subject of dreams; a passion for food and drink is common to most of us. It’s one thing creating something wonderful for the family or for someone special; but the world of consumer food and drink can be a hard one; where the hard – pressed and stressed great unwashed public might not actually have the time to notice our wonderful new creation in the supermarket chilled aisle. Entrepreneurs are wonderful people: full of belief, drive, ambition and energy, hard work and commitment. As well as being starry – eyed; we also need to be realistic and really listen to the feedback of those we can trust to tell us what we need to hear. We need to be brave enough to say “no” unless the probability of success and the estimated commercial returns are going to be worth the investment of time and money.
Services we offer in RESEARCH, INNOVATION, NPD AND EPD
Research and Innovation
My sister has a fridge magnet on her fridge door in Limerick that says “the rat race is over – the rats won”. Forget the rat race – it’s too unrewarding, uncertain, messy and difficult; and there’s no joy in doing what others are already doing, fighting them to take some of their breakfast. Large businesses can sustain their market position based on market share economies of scale and expenditure on marketing; new entrants and SMEs must make their mark by being different, flexible and nimble at exploiting opportunities quickly. Research and Innovation imply something deeper and more cutting edge than new or existing product development. If you can offer the consumer something that is different, better and most importantly which will give you a head start of at least a year; you have a chance. That’s where I come in. I’ve spent a significant portion of the last 31 years working in R&D developing new products some of which sold very successfully for 20 years or more, managing R&D programs, introducing 150 new products a year developed with and produced by outsourced suppliers, mentoring small companies who were developing and launching new products, helping clients to get R&D funding etc.
Go on… pick up the phone for a free, gratis and innovative chat!
New Product Development
Given the speed at which the prepared food and drink market changes, the significant cost of investment in R&D and marketing investment required to push a new innovation; and the cost of getting it wrong; effective use of a tailored R&D funnel process is key to new products or ranges launching on time, being trouble free and commercially successful.
Remember; the New Product Development goes hand in glove with the HACCP process and shelf life validation.
We can advise… why not get in touch for a free of charge chat?
Existing Product Development
This is the boring but equally necessary family member. Is your product worthy but a bit tired? Does it need to be re-imagined, freshened up and re-presented? Can you make the production and supply chain processes more efficient while you’re at it? Can you take cost out of the recipe, process, pack size or packaging. Can you offer more value for money? Is your strategy to re-position slightly up-market? The re-fresh and re-launch is a golden opportunity to make whatever changes you want to as you’re stating clearly that the product is “new and improved”; so your consumers will be expecting a different and hopefully better take on the old reliable product they’ve trusted for years. A word of caution – don’t go too mad; don’t rush the process; and do listen to the feedback from your consumers when it comes to market research. Re-validate your shelf life and the HACCP Team should review the HACCP Plan in light of proposed changes.
If you want some guidance and support; get in touch for a chat in confidence.
“If you see a bandwagon; it’s too late.”
Sir James Michael Goldsmith