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- Weekly Updates 07/24/23
Weekly Updates 07/24/23
😋 What's New in CPG
The Online Community for Food and Beverage Startups
Good morning !,Hope you had a great weekend and are ready to take on the week. You know, one thing that's been on my mind is how terrible I was at asking for a customer to buy from me again. This was true with e-commerce, but especially with my wholesale accounts. I would make a first sale and then...... wait...... until a magical reorder would just appear in my inbox.... or not. I was so focused on making the first sale that I wasn't proactive at all in getting the repeat. Now that I've been on both sides, the #1 reason I don't buy a product is if it doesn't perform well, but the #2 reason is because it's not top of mind. The founders who are proactive at building relationships with their buyers are the ones who get the sale.But wait Jordan, my buyers are busy, why would they want to hear from me?? Well, because relationships matter. Don't JUST ask for a sale, build a relationship with all your buyers so that you're top of mind, identify issues before they balloon, and are the first person they think of when opportunities arise. When bringing on a new customer or account, I recommend doing EVERYTHING you can to WOW them in the first 30 days. For e-commerce, this means going above and beyond to get to know them. Make it about the customer, not you.For wholesale accounts, do everything you can to sell through product in the first 30-45 days. Then ask the buyer what you can do to fully support them... and do it. After that, let the buyer you would love to check-in periodically to support THEM (remember, make it about them, not you.) and offer a 30, 60, or 90 day check-in option. Then set a reminder on your calendar to call / e-mail them right away.These relationships make a huge difference in building the foundation for your business to grow from.
😋 This Week in #CPG
A roundup of CPG news that happened last week brought to you by Amber Caro
➡️ gaywater officially launched and is available for shipping in 35+ states! (Spencer Hoddeson)➡️ Inspiro Tequila, LLC opened into Georgia markets! (Mara Smith)➡️ RIND Snacks has officially launched into Walmart!➡️ Perfect Day expands into the hybrid dairy category with Unico Nutrition Inc.➡️ Fresh Vintage Farms has expanded into numerous retailers including Erewhon, Gelson's Markets, Raley's, and Roths among others. (Tommy Tickenoff)➡️ ELAVI is doing a 4-week Costco Wholesale pop-up in Socal! (Michelle Razavi)➡️ Oat Haus is now available at Wegmans Food Markets (Todd Kelly)➡️ dalci is rolling out left and right - at Erewhon, Bristol Farms, Lassens Natural Foods & Vitamins, LLC, Jimbo's, and Gelson's Markets!➡️ Lupii pasta just launched into Thrive Market and 144 Giant locations! (Isabelle Steichen (she/her)➡️ Proper Good Overnight Oats with a whopping 15g of Protein are now available in 2,000 Walmart stores!➡️ Whole & Free Foods, LLC - Every Body Eat® is now available in 45 Jewel stores within #Chicago!
That's a wrap! What else happened this week?
Share your news! 💬
JOYFUL CO. REDESIGN
LEVERAGING MICRO INFLUENCERS
One of the ways I'm thinking about building momentum for Joyful Co. is by working with micro-influencers. Earlier this year I had the chance to work with Esther from Maven Reach to create a campaign for Good Food Brands, and was really excited about the results.The goal was to develop content showcasing our product assortment for Black History and Women's History Months to build excitement. As part of the campaign, I offered free product to the influencers, with the option of turning them into affiliates with a 20% commission and 20% discount for their audience. Here are the results:
41 pieces of content created
474K Reach
7.1K Impressions
6K Engagements
2.25% Engagement Rate
$7.94K Media Value
Esther and her team did a great job getting us to influencers who accepted product in exchange for videos, so I was excited about that. Now, I could've done a better job with the campaign since I had low inventory and didn't engage with their communities. Knowing what I do now, here's what I want to try:
Encourage influencers to sign up for our affiliate program.
Ask to create content showcasing the full branded unboxing experience.
Ask for content rights to use video on our social and website.
Engage with their audience who comment on the post to drive e-mail list signups.
How have you best leveraged influencers?
WEEKLY UPDATES
GETTING TO PROFITABILITY Building a profitable business is possible for CPG brands, but it takes focus to get there. If you missed our life webinar, check out my replay with Keith Kohler for a conversation on how to achieve profitability and build a sustainable business in the process.
We’ll be breaking down:
Why profitability needs to be a clear goal to reach it.
How to analyze your P&L statement.
Cash requirements and debt options for profitable brands.
and more.
OVERCOMING INFLATION IN 2023 AND BEYOND
Did you know, CPG unit prices have jumped 11% in the past year, adding an additional $760 to the average household grocery bill?As a member of our community, we wanted to share some valuable insights that can make a significant difference for your grocery brand in these challenging times. We've partnered with NIQ, who published a new article that provides particular strategies for overcoming the impact of inflation on your business.“How Grocery Brands Can Overcome Inflation in 2023 and Beyond”, dives deep into the current challenges faced by the grocery industry and explores ways to combat these trying times like:
Focusing on value
Promoting transparency
Embracing product diversification
Investing in technology and data
Engaging in smart pricing strategies
Our goal is to equip brands like yours with actionable approaches to help navigate these obstacles and continue delivering exceptional value to your customers.
Read the full blog postAlso, as a part of the Foodbevy community, did you know that you have access to three free data reports through our partner NIQ? This is incredibly valuable for emerging brands like you.Access Free Reports
INTRO TO INVENTORY SYSTEMS
If you've been relying on manual spreadsheets and finding it increasingly challenging to maintain records and track inventory, it may be time to consider implementing an inventory system.
An inventory system, such as DEAR/Cin7 Core, is a stand-alone ERP system specifically designed to handle the lifecycle of inventory. It manages various aspects, including purchasing, assembly, sales, inventory control, reporting, and reordering. By using such a system, you can streamline your inventory accounting and cost of goods sold accounting processes.
So, when should you consider using an inventory system?Here are some key signs that indicate the need for a more efficient solution:
▶︎ Complexity of the inventory and process in general. There are a lot of pieces involved.▶︎ You're not really clear on your COGS or want them to be more precise.▶︎ You need more insight into supporting the functionality of the business.▶︎ The level of reporting you require needs to be more precise.▶︎ The number of locations involved in fulfillment is complex.▶︎ Multiple team members are involved in different functions of the inventory process.▶︎ You need to create more efficiencies in processes and automations.
Interested to learn more about Accountfully?
SEPARATING FINANCES
We’re in a bustling era of business-building. Yelp’s recent Business Openings Report shows 637,590 new businesses opened across America in 2022, a 12 percent increase from 2019.
Are you among this batch of business builders? Then it’s important you avoid one of the most common mistakes new entrepreneurs make: keeping your personal and business finances together. Does one or more of these situations sound familiar?
You started your business as a short-term income-earner
You were unsure if it would take off at first, but you’re now seeing real sales growth
You chose to manage business funds with personal accounts, because it felt simpler
These situations are understandable. Many businesses are opened almost by accident. And then they become successes through your intentional efforts, commitment, and drive.Read More
THE HONEY POT CASE STUDY
Discover how The Honey Pot Company, a leading feminine wellness products provider, achieved phenomenal growth in the retail industry over the past six years. Founded by Bea Dixon in her kitchen in 2012, the company quickly expanded from Whole Foods to major retailers like Target, Walmart, CVS, and Walgreens. While also making history as one of the first Black women-led businesses to raise over $1 million in venture capital.
Join us as we delve into how The Honey Pot overcame these hurdles through a strategic partnership with Promomash and Crisp, gaining access to real-time insights that transformed their data-driven decision-making process, recovered lost revenue, and unlocked growth opportunities. Get ready to be inspired by their journey and see how this collaboration continues to shape their path towards an even more prosperous future.
THE HOLIDAYS ARE COMING
Everywhere marketers in retail are putting on their santa hats to put together their holiday plan to make 2023 a great one for sales. Yes, holiday planning starts in July and August!
If you do the work now, you will feel more confident that you will make more money than ever, have luxurious amounts of time to execute and take advantage of marketing opportunities and maybe even enjoy your holidays with your friends and family too!
This year Sari, creator of Food Business Success is offering a first ever Holiday Ready Bootcamp. It's three days in August with all the information, tools, resources and time to get it done.
You will leave with decisions made, a fully “baked” plan and everything will be on your calendar so you just have to take action. Grab her free Holiday Ready Checklist and reserve your spot at https://www.foodbizsuccess.com/holiday
Tickets are just $197 through 7/31 and go up to $297 on 8/1.
STARTUP TO SCALE PODCAST
126. Get Ready for the Holidays
Did you know that most retailers start planning for the holidays now? That means planning out displays, promotions, and brand features, all while most of us are still sweating under the summer heat. As founders, we usually find ourselves reacting to our business week by week, but it can cause us to miss out on opportunities because we don’t plan far enough out.
I sat down with Sari Kimbell from Food Business Success on her podcast to discuss what you need to think about with retail and E-commerce planning for the holidays.
Listen on Apple Podcasts or Spotify
DISCOUNTS
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Maverick allows you to create individually personalized videos (with a customer's name) welcoming them to your community.
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