There are a few important skill sets you must adopt in order to succeed as a CPG founder.
In order to provide a relevant and competitive new product in your category, you need to understand:
Your category competition
The needs of the prospective consumers who will actually eat your product
Your targeted retail customers to gain distribution
To gain perspective on pricing flavor preferences and shopping habits, you'll have to research and figure out what the market is doing where the market is going and how you can be relevant and differentiated in that space.
You have to connect to your consumers through your own unique brand story providing distinction through authenticity and giving consumers a reason to believe in your brand.
Utilizing data analytics and insights to predict shifts in consumer preferences, discovering ways to get ahead of and define the next big trend.
This is a serious one. You have to understand and comply with the various FDA guidelines related to labeling ingredients and claims. If you cut corners in this area, there may be unfortunate implications.
Understanding critical elements such as forecasting, logistics, operations, and p&l (profit and loss), and knowing when to scale and/or innovate.
Download The Full Skill Set Checklist