Tue 06.04 | 15.41
At Paragon Nordic, we feel truly privileged to be working with established top brands. However equally exciting are the growth journeys we’ve been part of. Where aspiring start-ups turn into successful ventures. If you, too, are on the road to launching a product brand, these concepts could help you move forward.
Our Product Development and Regulatory teams say:
Think carefully about which claims you want your product to live up to. You might want an effect that lasts a certain time, all-natural ingredients, packaging from recycled materials, a vegan formulation, or an innovative ingredient (and what that should deliver). Essentially anything you would like to say about your product. And write it down.
A skilled product developer will be able to recommend ingredients or components to best match your claims and how they can be verified, but also be upfront with you about what isn't claimable. From the regulatory perspective, claims have to be legally compliant, truthful, honest, fair, and with sufficient evidential support for customers to make an informed decision. This applies to both product labeling and marketing. The Responsible Person who brings the products to market is accountable for the claims made, including their wording and claims substantiation.
Our Account managers say:
Work hard to establish physical channels. Don't get us wrong, selling online is a great way of allowing people around the country, continent, or globe to buy and try your products (especially in this day and age). Nevertheless, our experience is that the brands we've seen go from zero to success have managed to get in-store visibility. Where customers can twist, turn, and get to know your products in real life - and more easily compare them to contenders.
Be persistent, network strategically, and approach retailers with:
- knowledge of their target customers
- pricing compatible with their profit margins
- photos/graphics to inspire a mental image of your products on their shelves
- a printed and digital summary, containing e.g. product advantages and your brand values (see our next tip for ideas)
Our marketing team says:
Put thought into phrasing your value proposition and positioning statement(s). They will help keep your product portfolio coherent and act as a strategic foundation for your marketing. Even if you’ve discovered a gap in the market, or are creating the product you’ve always wanted for yourself, the benefits and what sets you apart from the competition have to be clear to others for you to attract customers and spark the interest of potential investors.
Your value proposition encapsulates the promise you make to your users:
- What the product/brand is
- Who it's for, or what problem it solves
- Why it's great
Your positioning statement, on the other hand, describes your product’s advantages compared to competitors and pinpoints why this difference matters.
When assessing a new project, we consider things like your funding, marketing strategy, sales channels, and previous experience of product launches. Product development and production are of course highly important, but your business plan is a vital element of making the project a success for both of us.
Want to know more? Contact one of our Account managers today!