Skip to main content

New Hope


 


Should brands adjust their products to appeal to a larger consumer base?


I had a recent conversation with the co-founders of a brand. They were struggling with a tricky question. They were getting some product feedback from investors, industry insiders, and consumers. It caused them to pause and ask if they should change the taste profile by adding some ingredients, even if it pulled them away from their core consumer. It’s a great question to ask and a hard one to answer. It allowed me to walk them through the Tardigrade Circle Theory, which I believe, for an emerging brand, is at the heart of a capital-efficient go-to-market strategy.

I will use the above conversation to illustrate this theory walking you through an exercise that I hope proves helpful. I will anonymize it a bit to protect the innocent. If you want to play along at home, grab a blank piece of paper.

The above brand’s core consumers are whole food plant-exclusive eaters. In other words, people eating a healthy vegan diet. Those playing along at home, draw a small circle in the center of your page and label it Vegans...
Labels:

Comments

Post a Comment

Popular posts from this blog

Business 2 Community

Business 2 Community shared Elliot's article: I make a living of not knowing. That sounds like an odd statement, but it is true. I embrace not knowing and see it as a powerful tool. It took me years to understand this benefit. Our world is filled with purported experts; people who claim to know all. Common wisdom subscribes to the belief that in order to be a successful entrepreneur, you must have all the answers. That is incredibly flawed thinking. Shunryu Suzuki said,  “In the beginner’s mind there are many possibilities, but in the expert’s there are few.”  Using Suzuki’s term, the beginner’s mind is the place where innovation is found. It is the pathway to finding answers, to getting unstuck. Business 2 Community had over 1.1 million visitors in March. https://www.business2community.com/leadership/i-dont-know-jack-squat-02400523
Post a Comment
Read more

New Hope Network

How to stay nimble (and relevant) in 2021 Nothing is going back to the way it was Consumer purchasing patterns, both in terms of frequency and behaviors, have forever changed. Lean into it. Take calculated risks on  industry trends  from home cooking to direct-to-consumer e-commerce. “Nimble brands are already thinking about meeting consumers there,” says Elliot Begoun, founder and CEO brand champion of TIG. “The inefficient brands are thinking when this all ends it’s just going to be back to the way things were. They’re the ones that are going to be caught.” New Hope Network had 143K web visits in November, 2020. https://www.newhope.com/finance-and-fundraising/how-stay-nimble-and-relevant-2021
Post a Comment
Read more

Business 2 Community

Tardigrade Circle Theory I had a recent conversation with the co-founders of a brand. They were struggling with a tricky question. They were getting some product feedback from investors, industry insiders, and consumers. It caused them to pause and ask if they should change the taste profile by adding some ingredients, even if it pulled them away from their core consumer. It’s a great question to ask and a hard one to answer. It allowed me to walk them through the Tardigrade Circle Theory, which I believe, for an emerging brand, is at the heart of a capital-efficient go-to-market strategy. I will use the above conversation to illustrate this theory walking you through an exercise that I hope proves helpful. I will anonymize it a bit to protect the innocent. If you want to play along at home, grab a blank piece of paper. The above brand’s core consumers are whole food plant-exclusive eaters. In other words, people eating a healthy vegan diet. Those playing along at home, draw a small ci...
Post a Comment
Read more