David Benzaquen is one of the world’s leading experts in the plant-based food sector. In his work as an investor and advisor, he has supported more than 150 companies, including plant-based-bacon manufacturer Hooray foods, the dairy-alternative company CHKP, and ProVeg Incubator alumnus Plantcraft.
David has also founded several companies, such as the plant-based seafood company Ocean Hugger Foods and the consulting business Mission: Plant LLC. He is also one of the mentors we work with at the ProVeg Incubator.
David has built up a wealth of experience in strategies for company positioning when entering the North American market and has built a strong network with food accelerators, incubators (such as us), and venture capitalists.
Throughout our fireside chat, David explained the core points of positioning, provided examples, and asked valuable and thought-provoking questions about the topic. Knowing how to position your startup is essential to your success and it requires you to follow several steps. So let’s get started with the basics.
What is positioning?
“Positioning is establishing who you are and where you fit in the market”, says David. “It is understanding how to create a space for yourself in the market”.
In order to understand your place in the market you will need to do your research. This requires you to understand not only your customers, but also your competitors and your suppliers. This is so essential because it shapes every decision for your company throughout your journey.
When you define your positioning, you also define who your consumers are – and not merely vague demographics, but where they buy, how much money they are spending or willing to spend, what things they like, their routine, and so on.
Why are these points relevant to your positioning? By knowing how much money your consumers spend, you can define your price. And by understanding where they shop, you can determine where you will sell. The examples are endless, as the value of positioning affects every decision one makes.
Bearing in mind that these customers do not know your product and will already have their existing preferences, how does a new product differentiate itself in the market and stand out? David answers this question with a better question: what is it about your product or service that is going to be more valuable to your customers than the things that they are used to spending their money and attention on?