Budgets can be very tight in the early days of a new product launch, so every penny is under scrutiny.
The ideal situation would be to strike a balance between investing enough to create a strong food brand image and not overspending before starting to sell and begin recouping your costs.
Here are some places to consider spending and others where it might be wise to hold back until more money is available.
Begin by considering all of the unique selling points that set your product apart from others on the market.
Reflect on your reasons and motivations for launching the company and bringing the product to market.
Your branding consultant or creative agency can help you package all the information you want to convey into a cohesive brand.
Research suggests that almost a third of product purchasing decisions are based on packaging, with 66% of consumers claiming that they have tried a new product simply because of the packaging.
Getting your packaging right will be fundamental to your successful arrival on the shelf.
Ensuring your product meets food safety standards by providing honest and transparent labelling before bringing it to the market is essential.
Your brand must display specific information, list ingredients, and disclose allergen warnings, which may vary depending on the markets you serve.
This is not somewhere to cut corners.
Marketing is one area where it’s easy to let your budget run away from you.
The options are virtually endless, but it’s important to remember that your budget is not.
Social media, online advertising, editorials, sponsored content and influencers are all ready to take your money. Still, many of the best ways of getting your product talked about are a lot cheaper.
If you focus on getting your product into customers’ hands (and mouths!), word of mouth can be a formidable power.
Ultimately, the amount you should invest in food branding before starting to sell will depend on your budget and goals.
However, it’s important to remember that branding is an ongoing process, and you can always refine and improve your branding as you grow and evolve as a business.