Nick says, “this is how I look at Consumer Packaged Goods (CPG). CPG is incredibly difficult. We all know it. Everyone that’s in it know’s it’s really, really difficult. You’ve got business-to-business (B2B). The brand to the retailer. You got business-to-consumer (B2C) sales, which is direct to consumer, Amazon, anything like that. And then you have B-to-B2C.
He goes on to say, “So when you sell it to Sprouts or Kroger or Target or whatever it may be, how do you then get a consumer product off of the shelf? Yes, you’ve sold it to Target. Target is now is buying your inventory, but if consumers don’t buy it, and this industry, you’re going to have to pay for it again. You’re going to have to buy it back with less of an expiration date and so on. That’s where it gets really, really difficult.”
Today we interview, we have a return guest and friend of the show (episodes #383/384), Nik Hall, Founder of Vitafive. Vitafive is on a mission is to provide high-quality, benefit-based supplements in eco-friendly packaging!
In this episode, we’re given a behind the scenes look at the products we love to buy, whether it’s online or at a retailer, and the challenging environment entrepreneurs face bringing products to market.
* His gratefulness for his wife
* Overview & update of Vitafive
* How retail has changed
* Why he believes in selling more to less retail stores
* Why you should not do consignment
* How to start with retail, including starting local and test
* How to get more sales through retail
* Why channel strategy is critical
* Growth versus profitability
* Advice to CPG founders, including pricing strategies and if you don’t think you can do it, don’t!
* And more…
For more on Vitafive, visit: https://vitafive.com/
This episode is brought to you by Sendlane.
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