A Step by Step guide to entering the FMCG Market
17th, July 2018 - Startup Event
India is one of the fastest growing economies in the world, with a rising income and a growing economy, there has been a shift in the lifestyle and one major change is food. Families have started choosing healthier lifestyles and are accepting the change by going for high protein and good quality products over the unhealthy counterparts
According to Research and Markets, one of the world’s largest market research database, the future of India Snacks Market industry is expected to grow by 25% for the time frame of 2018 to 2024. This double-digit growth is due to following factors lifestyle changes, rising urbanization, growing middle-class population, local availability and availability of snacks in small package size, low price and company's strategies to focus on regional taste. There probably hasn’t been a better time to enter the health food space in this country.
Like any other business, the FMCG market is a competitive one with giant players dominating the market. Before entering this space, the key is to be very clear on what of product you want to bring into the market, who would be your target audience and what would your brand stand for.
Once you have a broad idea about the kind of product you want to bring to the market, start with some market research. Identify your competitors, gauge your consumers’ likes and dislikes, buying power and trends. Studying the industry and scope of scalability of your product is essential.
The next stage is R&D – one of the most important steps in starting a food startup. This is where you experiment with flavors, recipes, product types, ingredients etc. Once you think you have a product you like, conduct an informal survey among a wide range of people, gather feedback and rework on it.
Next is choosing the correct brand name. Your brand name is what people will remember you by and give your product an identity. Choose one that compliments your brand thoroughly. We chose ‘all heart’ as our brand name because we wanted to give out the feeling of being pure, healthy but at the same time a super fun snack to have at any time of the day.
Packaging would be the next step in making your prototype into a business. In today’s competitive market, the packaging is the key that is going to help you differentiate from the crowd. It is the first impression of your brand.
At ‘all heart’ we wanted to be a healthy but fun brand and that is reflected in our packaging which has some fun quirky fonts and a lot of colour.
Apart from the brand names and design, registering your company and certain licenses are a prerequisite to enter the food space. Some of the licenses you would require are the Shop and Establishment, FSSAI marketing and manufacturing license, nutrition value, the shelf life of the product. Once you have all of this in place, you are ready to enter the market!
When you have finally launched your product into the market, you will need to concentrate on marketing your product well. Getting a good hardworking team in place should be your priority. Digital Media and PR help in spreading the word in the fastest and easiest manner. Participate in a lot of exhibitions so that your product is seen by a ton of people. On ground, feedback is very important and will help in a big way.
Lastly, running a business is no easy task. You need to be self-motivated to achieve your desired goals. As cliché as it may sound, but it’s as true as it gets, failing is important, if you aren’t failing you are doing something wrong, but the important thing is never to give up!
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Founded by Aniket Karia, all heart is a healthy food brand that manufactures healthy yet yummy snacks at a very affordable price. The need to come up with an entire range of healthy food crossed his mind when Aniket realized there were very few healthy, affordable options to munch on between meals while working at his previous corporate job. He wanted to create something that was tasty, healthy and still affordable to eat on an everyday basis.