Updated: Aug 26
Innovation in new or reformulated products can play a pivotal role in driving growth in a food or drink business. While some businesses might be pulling back from innovation and product development to save money in these turbulent times, they run the risk of not adapting to new market conditions. The spending patterns of consumers are likely to be changing, and, more importantly, your competitors might already be adopting new and more cost effective ways of working and launching more appealing products.
Product development is a complex, multi-disciplinary undertaking which needs a clear focus and to positively contribute towards achieving your overall business goals. It takes time, money and expertise to take your products from concept to launch, so you need to make sure that it will bring you the most benefit and is closely aligned to your business goals. This is truer than ever in today’s challenging market conditions with price inflation, cost increases, labour shortages and consumers changing their purchasing patterns as they have less money to spend.
The Sustainable Scale Up Cluster is here to support members with a Product Strategy Toolkit, which will provide a structured way of thinking about your products and your business tactics. Guiding you through a review of your business’s situation, the competitive landscape of the market you are operating in, and encouraging you to identify your unique offering, the toolkit will allow you to make better informed decisions about your product development agenda, increasing the opportunity to make a successful return on your product development costs.
When well-conceived and correctly executed, product development represents a significant opportunity to move your business forward in your scale up ambitions, so why not come along to the upcoming Sustainable Scale Up Cluster’s ‘Scale Up Surgeries’ and find out more about the Toolkit and how we can support you in aligning your product strategy with your scale up plans?
Pre-book your confidential 1:1 appointment now in Conwy, Wrexham, Narberth, Abergavenny and Bridgend – visit the webpage for more information and to pre-book your appointment HERE
A well-defined product strategy & focused NPD plan can…