Rituals have the power to make life better. They can lead to habit creation, repeat purchases, and heightened involvement, making brand rituals a powerful strategy in any CPG entrepreneurs’ toolkit. Well-designed and popular brand-specific rituals are virtually impossible for competitors to imitate, no matter how similar or even superior their own products may be.

Should the advice “better safe than sorry” be universally applied in business? I consistently mention strategies that increase safety, such as financial buffering, stress testing your business model, and building operational resiliency, but what about brand positioning? Despite this trying economic environment, some CPG brands continue to thrive. These top-performing CPG brands work tirelessly to understand their core consumers. Additionally, they identify what those consumers want, where, when, why, and how they want it. Fact is, the CPG industry is bursting with growth opportunities for unique, compelling brands.

You’ve likely heard me say countless times that a “great product is only the entry fee to compete in today’s functional CPG market”, but what’s at the heart of that statement? The hard truth is that there has never been as many functional CPG brands and products as there are today, so if you think the answer to winning in today’s market is adding more product features than you’re in trouble.