When devising my plan, the Cola industry was another one I was going to go into. However, I was not the only one who thought to go into the business to Keep it Fresh. Two competitors were already there, ready to battle it out as their brand ratings were through the chart.
Lessons to Keep it Fresh:
1. Everyone is hunting for opportunities
Cola was very interesting to get into, but it wasn’t just me who thought that as competitors got in and made a huge brand name before I entered the game.
2. Be ready to lose in the short-term to win in the long-term
Cola for instance has huge brand and price influences on the overall rating. Branding only comes from massive advertisement and you need to lose money to advertise heavily but then gain the reward down the line.
3. Keep checking the supply and demand along with the market share
If there is white space in the market share space, you need to start retailing more, if your demand surpasses your supply you need to manufacture to be able to retail and ultimately fill in the market share gaps.
What do you think? Leave your comment below 🙂