It’s a given that most beverage entrepreneurs are constrained by limited financial resources, and when it comes to spending a sizable amount of money to establish proof of concept, it’s imperative to look before leaping.
So what’s the best way to create the foundation for a successful product launch without breaking the bank? Start small. That’s the advice of Bob Burke, the founder of Natural Products Consulting, and a longtime advisor for beverage industry start-ups.
In this BeverageSchool.com video, Burke recommends that brand owners test market their products in a small number of local merchants as a way to identify key retailing elements, including optimal selling price and effective promotional techniques.
“You can do that in half a dozen stores, and really figure out… what are the key variables that really help it take off, get some trial from the consumer, and get that validation that you’ve really figured out how to make this thing go,” Burke said.
Watch much more from Burke about the critical steps to a successful product launch, and gain extremely valuable information on product development, operations and retail management, and the cultivation of a powerful distribution network.