The benefits of launching into retail are clear. For restaurants it enables them to further grow brand awareness, increase restaurant footfall and create an incremental revenue stream. And for retailers, it’s where market-leading innovation from tried and tested products from well-loved brands, add a point of difference and enable category value growth.
Here we share our advice for successfully launching your restaurant brand into retail:
- Identify your best loved products – what do your diners really love to eat on your menu?
- Identify your points of difference and evaluate whether these products could launch into the retail categories you’ve identified.
- Research your market – there are a number of different ‘categories’ that your products could be sold in. Look at all these different possible areas so as to really understand your opportunity potential.
- Think about where you’ll launch – evaluate the different retail options for you to launch products into, and match these up with your resources. Going for a major retail launch? Targeting smaller retailers? Launching your own retail platform? Clarity here will help focus your strategy and maximise your budget.
- Create a competitor analysis – identify your strengths vs the competitor set in the retail channel(s) you have targeted. Make sure you have some strong enough points of difference.
- Plan ahead – set out a clear roadmap of the opportunity and how you’re going to get there.
- Do your sums – is there really profit potential?
- Be realistic – understand that the process will take time and effort.
- Develop a robust retailer proposition – to build a strong retail business, you need a strong retail proposition covering key topics: brand & marketing planning, category and commercial
To find out how we can help you launch & grow in retail email: rebecca@williammurray.co.uk
