Weekly Updates 10/09/23

The Online Community for Food and Beverage Startups

Good morning!What are we building? This was the question posed by Elliot Begoun in his newsletter last week. You see, he’s been talking a lot about building profitable, cashflow positive businesses, but that doesn’t align with the VC growth model that prioritizes large and fast exits. So what kind of company do you want to build?I for one, support Elliot’s thesis. I believe that building stable, profitable businesses should be the default in the industry, and other business models the exception. Create a business that truly solves a need in the market. Iterate with customers until you build an amazing product. Create a profitable business model (high margin, high usage frequency, high repeat purchase rate, channel fit). Reach profitability as soon as possible (while paying yourself). Then you have the option to continue scaling using your own cashflow, take on debt, or raise equity.Yes, it can take longer, but you’ll also have a high chance of building a successful business.Jordan

 😋 This Week in #CPG

A roundup of CPG news that happened last week brought to you by Amber Caro

🛒 Retail Rollouts

➡ Spritzal Cookie Company will be available in Piggy Wiggly and 100 HyVee locations. (Taylor Elizabeth Walker)➡ Graza is officially in Sprouts! (Andrew Benin)➡ Kula Foods' new BBQ and Hot Sauce gift sets are in 77 Indigo locations in Canada and New Jersey (Asha Wheeldon)➡ Bear Balance has landed in Lazy Acres (Dylan Menter)➡ SAYSO has been launched in Bristol Farms (Alison Evans (Nathanson))➡Let's Date ! is now in all Food Lion, Giant Food, and Food City Stores (Noor Yaseen)➡ Walker Brothers non-alcoholic kombucha is available in The Fresh Market nationwide. (Caroline Howard)➡ Blume is back in Choices Market. (Karen Danudjaja)➡ Cove Soda can now be found at all Costco locations in Canada. (Ryan Maclellan)➡ Compostic can be found at Raley’s across the West Coast. (Jon Reed)➡ Bro Dough is now available at Summerhill Market (Erica Rankin)➡ URJA coconut water is in Fairway, Gourmet Garage, and select Shoprite stores in New York and New Jersey. (Justin Andrews)➡ Tindle Foods has made it into Whole Foods in the UK. (Andre Menezes)➡ Pillars Yogurt single serve drinkable can be purchased at The Fresh Market (Eric Bonin)➡ Withco Cocktails is in Sprouts (WithCo Josh)➡ That’s it. now has Dark Chocolate Truffles in Banana and Fig flavors as well as Probiotic Mini Fruit Bars in Blueberry and Mango UNSTUCK flavors available in Target (Lior Lewensztain)➡ Blackbird pizza is available in Sprouts nationwide. (Emanuel Storch)➡ Grown As* Foods is now in 51 different The Fresh Market stores (David Delcourt)➡ BUZZD can be found in Choices Market in the BC area. (Lauren Burrows (Bensadoun), MBA)➡ reHarvest Provisions is in all 38 Rocky Mountain Whole Foods locations (Kathryn Bernell)➡ Konscious Foods plant-based Tuna and Sno’ Crab sushi rolls are available in Whole Foods nationwide. (Yves Potvin)➡ Rolling Pin Baking Co. Sea Salt Caramel Pretzel Bark is available in Coscto’s Southeast locations. (Jayne Haddad)➡ Shroomi Mental Performance Shots are available in Sprouts nationwide (Taylor Chavez Goggin)➡ Rviita is available in Real Canadian Superstore. (Karly Jacobsen)➡  yfood has made it into Tesco. (Benjamin Kremer)

  🚀 Product / Brand Launches 

➡ BEHAVE has launched a brand new line of gummies (Mayssa Chehata)➡ Genexa has released two new kids cold and flu products (Arik Johnson)➡ Shroomi® has a new line of Mental Performance Mushroom Coffee (Taylor Chavez Goggin)➡ Tenzo has come out with a Pumpkin Spice Matcha Latte (Steve 🍵 O'Dell’dell)➡ Rind has released a new Cocoa Berry Remix line. (Matt Weiss)Have an announcement? Shoot me an e-mail.

JOYFUL CO.

    BFCM PREP   

As a gifting company, the holidays are a big time for Joyful Co. I'm building an all-new audience and customer base, so the next few weeks are all about filling the pipeline with customers and warming them up.I'm curious, what have been the most effective ways to gain new e-commerce customers this year?- Organic TikTok?- Organic IG?- Paid TikTok?- Paid IG / Facebook?- Influencers?- PR?Let me know, genuinely curious. 

WEEKLY UPDATES

  OPTIMIZING YOUR E-COMMERCE     REVENUE CONVERSION RATE  

We all hear how profitable e-commerce can be for CPG brands, but it’s not always easy to get there. Most of us just build our website and just hope people will buy, without actively investing in continuously optimizing it.

In this workshop, we’re going to break down exactly how to build a continuous improvement process and optimize for increasing revenue. Best of all the tactics are all pretty much free to test.

We’ll also be breaking down site performance to understand where you can gain improvements.

Register Now

  TAKING YOUR PRODUCT FROM     RECIPE TO FORMULA  

Let’s be honest, most businesses will fail and every business will go through challenging times. How do you maintain resiliency through your entrepreneurial journey?Join me as I share my personal story along with Keith Kohler and Kristoffer Quiaoit in our webinar, 'Failure and Resilience: Thriving in Difficult Times,' on Tuesday, October 17th at 2 pm CT via Zoom.

Register Now!

  TAKING YOUR PRODUCT FROM     RECIPE TO FORMULA  

Taking a recipe from a raw concept into a tangible product is a path paved with challenges and tough decisions. But there are huge rewards on offer for those that can successfully navigate the journey.

A delicious prototype is one thing, but when it’s time to invest significant money in manufacturing and scaling your recipe, there are serious considerations at play.

Does your recipe scale into a saleable product? How much is your ideal customer willing to pay? These questions must be answered using research and careful planning. Only then can you embark on the product development journey and start turning your recipe into a formula for commercial success.

Read Full Article

  LEVERAGING LINES OF CREDIT     FOR CPG BUSINESSES  

Running a Consumer Packaged Goods (CPG) business demands substantial working capital to sustain inventory and daily operations. However, in a landscape where cash often gets tied up in existing inventory or accounts receivables, strategically harnessing lines of credit becomes a pivotal resource for sustainable growth. In this article, we will delve into what lines of credit are, when and how to utilize them effectively, and the steps to secure one for your CPG business.

Read Article

STARTUP TO SCALE PODCAST

142. Using Data to Unlock Retail Success for Emerging CPG Brands

Join us in this insightful podcast as we dive into the world of data-driven decision-making in the retail industry. Discover how emerging CPG brands can leverage data not just to measure success but to inform and drive growth strategies.

Learn from experts like Patrick Dougherty from Nielsen IQ as we explore the importance of understanding market dynamics, measuring incrementality, setting meaningful benchmarks, and integrating data across the organization. Whether you're a small CPG brand or an industry enthusiast, this podcast will equip you with the knowledge you need to navigate the competitive retail landscape successfully.Get Free Data Access

Listen on Apple Podcasts or Spotify

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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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