The UK food market is more dynamic than ever with a multitude of startup, challenger and established brands in every possible sector. There is increased retail competition – Amazon, discounters, direct to consumer websites and a burgeoning independent market competing with established supermarkets for share of consumer spend. In addition, time poor consumers are increasingly used to having their needs met ‘on-demand’ with high expectations for the brands they choose to engage with.
In such a competitive market, your brand needs to work hard to compete. Ensuring it delivers a compelling triple-win (for consumers, retailers and your brand) will help you succeed.
Win #1 – Consumer
Does your brand meet a compelling consumer want or need? Does it solve a specific problem for them, or create such a deep desire that they just have to have it? Is it really clear what it offers and to whom? Is your brand truly distinctive so it stands out amongst all the noise?
Win #2 – Retailer
What does your brand bring to the category that isn’t already offered? Will your brand grow category value and (ideally) volume? This is the #1 question in the retail buyer’s mind when you’re talking to them about your brand.
If they can’t clearly see how your brand will deliver increased profit for the category, then why would they list it? You must answer the buyer’s question of WIIFM (What’s In It For Me) by demonstrating the value your brand will bring to their sales performance first and foremost. Once they’re satisfied your brand will add sales value, then they can fall in love with your great brand story and awesome packaging!
Win #3 – Brand
Last, but by no means least, you’re part of the triple-win. The win for you is the combination of doing what you love and believe in, while making a sustainable profit. Particularly in the early days of a brand’s life, it’s tempting to seize every opportunity presented to you. But if the activity doesn’t deliver a profit or sits uncomfortably with your personal or brand values, don’t do it – there will be plenty of other opportunities that are a better fit for you.
Creating a truly winning proposition for consumers, retailers and your brand will enable you to win in the highly competitive UK food market.
At BrandWorks, we support food brand owners in reinvigorating and accelerating brand growth.