You often hear me say “a great product is only the entry fee to compete in today’s CPG market”, but what’s at the heart of that statement? The hard truth is that there have never been as many CPG brands and products as there are today. If you didn't realize that, the easiest way to experience this reality is to do a non-branded search on Amazon within some sizable CPG category. I guarantee you will be overwhelmed at the endless shelf of interchangeable substitutes. Regardless of the current “COVID-19 Effect” aided higher than normal barriers of entry, it’s still relatively easy for interested entrepreneurs to enter almost all the CPG product categories, ultimately creating extreme levels of competition. Those low barriers of entry are a double-edge sword for entrepreneurs. The same ones that likely helped your CPG brand get products made with less investment or seen by more target consumers with less investment or offered for sale nationally with less investment are also the same ones that upstart competitors are using to fast-follow you. Having a unique product used to give you at least a few months of lead time over other players, but that advantage seems to matter less and less. In this context, how do you stay ahead of your competition when you know it’s only a matter of time before they copy your best product features? The solution is having a solid strategic narrative. This is what I mean when I say, “it’s what you build off that great product that determines the long-term winners.” A strategic narrative is a concept that enables brands to create a unique story that will guide their entire business activity.

Simon Sinek TED Talk - https://youtu.be/qp0HIF3SfI4

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