If you are just starting out in the food business - getting to know your future competition is vital to properly assessing what your company is going to offer. When you analyze and benchmark what your competition is doing or why they are succeeding so well; you can turn it into a strategy that works for your own company.
Secrets to Help You Understand Your Food Business Competition
1. What have they done that works? Doesn’t work?
Explore what your competition is doing not to beat them, but to improve your game and give your customers what they want. As a new entrepreneur, take note of what the competition is doing that works, whether it be in marketing, sales or innovation, you can put your own spin on it within your own food business.
2. Be a customer for a day
Visit your competitors stores, vendor stalls and websites to gain more knowledge about them. Buy and try their products yourself, note their pricing - aim not to just undercut, but figure out where you can add more value. For example, if they too package a product in a mason jar; offer a recipe on the back of yours to differentiate. When you add more value, you’re not just relying on products to fly off the shelf just because they are cheaper than the competition. Don’t underestimate brand loyalty - find out why customers choose brands and apply that to your company.
Get to know your competition and grow a community-oriented perspective when you network at events with OAFVC. Get to know the faces behind the brands you compete with and build rapport to learn and grow your own food business.
When you have the perspective of getting to know your competition versus trying to just beat them like it’s a sport, you can apply what you have learned to grow your food business.
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