News

Technomic, a Chicago-based research and consulting firm, predicts that over the next decade, Americans will dramatically change how and where they spend their money for food as compared to the previous decades when demands (and demographic trends) were more predictable.

It’s a question that has long challenged entrepreneurs: how do I learn more about my consumers? Granted, industry reports from leading marketing firms can be helpful in formulating a business and marketing strategy, but they are often very expensive to acquire.

We had our second Food and Beverage University event of the year in the amazing city of Chicago this past Thursday. The industrial Moonlight Studio space was transformed into a chic and modern food and beverages classroom for nearly 100 entrepreneurs.

In the second part of our interview with Massachusetts’ Small Business Administration (SBA) district director, Bob Nelson, FBU focused on the specific resources that the agency can offer entrepreneurs.

“You know, I’ve never thought about that question before.” That’s what I’ve been hearing almost exclusively lately when I ask whether there’s anything alarming about the lack of racial and ethnic diversity that I found remarkably easy to observe at Natural Products Expo West.

Wouldn’t it be nice if brands could identify the reasons behind consumer purchasing decisions and then use that information to develop their marketing strategies? In its recently released “The Why Behind the Buy” report, Acosta Sales & Marketing examines what drives consumers when they shop.

All startup brands know how difficult it is for new product launches to make an impact, especially during the first year. In its annual New Product Pacesetter report, IRI, a Chicago-based market research firm, featured the top food and beverage launches of 2014 (based on year one dollar sales in measured channels) and examined what they did right.

Many entrepreneurs think that you only go to the Small Business Administration (SBA) when you want to get a loan. While the SBA is indeed a key resource for business loans — it assisted in the lending of almost $30 billion to small businesses in 2014 — the agency also works with entrepreneurs on launching and managing their companies.

Food and beverage entrepreneurs may need to be cautious when it comes to putting the word “healthy” on their labels, especially if they are working with high fat ingredients such as nuts.

You’ve made some headway with farmers’ markets in your area, where sales and feedback about your brand have been pretty good. So what’s next? How do you get your product into local retailers and, eventually, on the trucks of regional distributors?