It becomes incredibly easy to get ahead of yourself when beginning your growth journey in retail. Many CPG brands jump into retail as soon as they can because that’s what they think will bring them success the fastest and that as long as they get their product on the shelf, it can only go up from there. Well, that just simply isn’t true. In fact, one very important step is very often overlooked in this process and that is making sure you are building velocity from the very beginning.
Many brands think they have to reach a certain stage of growth to begin building velocity. This is why we see so often that brands just count themselves out assuming that they are just not ready for it. What you’ll come to find out is that this is actually one of the biggest mistakes you can make, as a growing CPG brand.
Building velocity from the moment your brand is alive ensures that once your product hits the shelf you’ll already have the customer base for it. There is nothing more defeating than finally getting your brand in-store and your product sits stagnant on the shelf for months until eventually the spot is lost. Therefore, it is absolutely crucial that you plan for the moment ahead of time, get to know your audience, build those customer relationships and devise a strategic growth plan around your consumer.
How are you expecting to build velocity when you don’t understand your audience to the fullest extent? Whether this means understanding their preferences and habits, where in the world they reside or specifically where they like to shop, knowing this information is incredibly important.
Reaching this kind of understanding opens a whole new door for your brand. With this data, you are able to visualize your market potential, compare your results regionally and leverage them as proof of demand for retailers.
Building strong customer relationships is the cornerstone of accelerating velocity ahead of distribution. Engage with your audience on various platforms to not only understand their needs and gather feedback but work to foster genuine connections, as well.
You want to feel a sense of loyalty from your customers before you even land on the shelf at their local store. Word-of-mouth referrals and brand advocacy is where the magic happens and therefore, it should be your goal.
The trust and loyalty you build with your customers will fuel the momentum of your product's distribution and position your brand for sustainable success in the market.
Now that you understand your audience a bit better and have formed a strong connection with them, you can use all of this data to invest in a strong branding strategy that will resonate with your target market.
Craft a compelling brand identity aligned with their preferences and specifically tailor your marketing strategies to connect effectively with your target audience.
Once the data is in front of you, the process becomes a whole lot easier and your path to retail growth quickly becomes clearer. All you have to do is utilize these data-driven insights and direct your focus on the right distribution channels.
Don’t waste your energy on retailers you don’t have strong data for. Focus on what you have and the rest will come later. Remember you only want to form partnerships with retailers where there is a demand for your products so that once you launch on shelf, all you have to do is activate your audience.
Moving through these key steps will help you build velocity from the start, achieve successful distribution and drive your customer base in store.
If you would like to learn more about how you can do this through WeStock, book a demo!