With an established brand name, existing accounts, repeat consumers, and the logistics of everyday transactions in place a company should look to new products to spur growth. Successful new products absorb overhead, attract additional trade accounts and consumers, improve margins, and can replace sales volume and profit erosion on existing lines.
The failure rate on new products for both mass market consumer goods companies as well as smaller specialty food suppliers is substantial. Careful analysis of marketplace opportunities, changing consumer needs, competitive actions, developing technologies, and raw material/ ingredient availability combined with old fashioned creativity and experimentation are all necessary to the process.
Blackpoint works with clients to balance enthusiasm and excitement with defined steps designed to build support and confidence behind new products demonstrating a strong success pattern while identifying likely failures early enough to make corrections or avoid additional investment.
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