This week we are taking a behind the scenes look at the preliminary steps of creating your own product and placement in the marketplace. We had the opportunity to meet with Co-founders of Kulfi &Company-Abed Moiduddin and Abdallah Khan. They were gracious enough to give us a breakdown on how they conceptualized their very first product.
Getting Down to Business:
Step 1: Find what is missing in the Food Industry and Create it!
Kulfi & Company has observed the Frozen Foods trend and found that Indian Ice Cream (ie: also termed Kulfi) was not readily available as an organic, natural Ice cream that was currently available in today's marketplace.
Step 2: Create a Mission Statement that will drive not only your business but also the cause.
Kulfi & Company would like to make globally inspired food that is readily available in supermarkets across the country and eventually around the world. Kulfi & Company would also like to give people the opportunity to make a difference and help others with every single purchase. They would like to use natural, organic, and earth-friendly products that provide excellence and authenticity on their product. Easy enough right? I think all have aclear understanding of the product. What Is your mission statement?
Step 3: Create a Strategy for building your company.
Kulfi & Company has devised a step-by-step process for bringing their product to market: product development and testing, manufacturing and distribution, brand building, and finally, sales partnerships.
Step 4: Create a set of Core Values on the product.
Whether it is the taste, inspiration, impact, sustainability, or the overall reach of the product. It is essential to have a clear vision of the creation/ distribution of your product.
Kulfi & Company focuses primarily on Organic Flavors, Eco-friendliness, Inspirational, compatibility, growth, Local Economies, and fair trade. This will allow for their company to:
- Introduce a portfolio of global inspired products
- Build an efficient, flexible supply chain
- Develop point-of-sale based opportunities to engage consumers
- Create consumer culture around food and philanthropy
- Demonstrate commercial Success of New Business Paradigm
Step 5: Figure out how to Market and Position your product.
It's time to do your homework and research products in the marketplace. Look a products that are similar to yours and where they are currently positioned in the market place. Kulfi & Company looked at the Philanthropic, Global foods, Consumer goods, Social Media, as well as beneficial products in the market place. They are now able to identify their product as a subsection of Gourmet Foods with companies like Kashi, Bonobos, Stacy's, Chobani, Stonyfields Organic,
Toms (similar philanthropic initiative), Revolutions Foods, and more!
Step 6: Who is your Target Consumer?
Are you looking at a niche product that will only appeal to a small group of consumers, or will your product become seemed by global inference?
Kulfi & Company described their target audience as:
- Values Health and Wellness
- Culturally inquisitive- curious about various cultural cuisines
- Generous and altruistic
-Quality Focused- well designed product with superior taste
-Socially Engaged- Share social responsible products and initiatives with peers
Step 7: Nailing down the Recipe for Manufacturing.
Many product lines start with a either a family recipe or hiring a chef to create the recipes for manufacturing.
Once the product has been created, it is now time to test the product with focus groups expanding from your target audience finally extending to people that have never heard of your product. At the beginning conduct various small focus groups so that their input is not only taken into consideration, but also more impactful.
From this your product has gone for conceptualization to realization. In our upcoming blog posts, we will further explore the manufacturing aspect of the product and placement into the marketplace.
Make a list of 5 products that you have observed in the market place.
ie: look at your day-to-day activities- what will make your life easier tomorrow by placing your potential product in the marketplace today? Share with us on this blog piece.
If you would like to follow Kulfi & Company through their journey feel free to:
Follow on Twitter @Kulfiandcompany
Facebook: Like them at Kulfi & Company.