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- Wednesday CPG INSIGHTS 04/03/24
Wednesday CPG INSIGHTS 04/03/24
š¤© Wednesday CPG Insights
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ASK JORDAN
Ask your questions here to get an answer in a future newsletter.
š¬ Anabela Ferreira: When you have a new product category, when should we increase the SKUās?
š Jordanās Answer:
Whenever you do a SKU expansion it should be for a specific reason:
Reach new customers who are asking for a new flavor or variety. Start with varieties that have the highest purchase intent.
Increase purchase frequency for customers.
Increase basket size if SKUs are complementary.
MANUFACTURING
How to Self-Manufacture
When manufacturing food, you have two options: make it yourself, or hire a co-manš.
Many brands at scale choose to hire a co-man, but Samy knew from the beginning he wanted to build his own.
It didnāt come without its fair share of challenges.
Check out our interview with Samy to find out how he setup manufacturing, hired a team, and purchased equipment from oversees on his way to scale.
Samy was also featured on š¦Shark Tank and made a deal with Mark Cuban.
FINANCE
CPG Insurance: What Could Go Wrong?
Running a CPG brand is hard enough, but what do you do when things go wrong? Securing CPG specific business insurance is a critical step towards mitigating unforeseen risks.
What happens if you donāt get insurance?
CPG Financing Guide by Keith Kohler
Are you looking for debt financing sources for your CPG brand to support your growth? Keith Kohler, the Financing Man and long-term Foodbevy collaborator, has put together this online version of his book CPG Financing Guide (that was published in December 2023) and is making it available to our community.
It covers debt financing options across the four financing stages of your business:
Start-Up and Early Stage
Growth / Pre-Profitability
Breakeven to Profitable
Multi-Year Profitability
Financial Planning for CPG Brands
Do you have a clear financial picture of your business? Put another way: Are you getting your daily dose of FP&A)? Financial Planning & Analysis, or FP&A, is the underpinning of decision-making as you navigate a blizzard of important choices. Perhaps you have solid bookkeeping and maybe even a reasonable cadence of financial reporting, but robust FP&A unlocks key insights and without it you are flying blind.
Here are the key questions you need to be able to answer as youāre running your CPG Business.
MARKETING
The Ultimate DTC Marketing Funnel
If youāre like most people youāve heard of a sales or marketing funnel. For those who havenāt, itās a broad series of steps customers go through on their journey with your company.
This is the 5 step marketing funnel model I use.
BUSINESS
Retail Ecomm Corner: What is Shoppability?
You put in a lot of time and effort into your digital marketing efforts, but are you making sure your products are easy to buy? Shoppability is about transforming every potential customer interaction into an opportunity for purchaseāyet, what exactly does it mean to make āeverythingā shoppable?
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About Foodbevy
Foodbevy helps food and beverage brands grow from startup to scale through inspiration, education, and partnership.
Jordan Buckner
Founder
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