If you've ever launched a food product in the natural industry, you know the importance of a good first impression. While you might deliver a stellar nutritional profile, if you botch the flavor chances are consumers won't give you a second shot.
Hamdi Ulukaya, founder of Chobani Yogurt, knew the company "only had one shot and it had to work," when it came to his yogurt. And work it did, because 40-year-old Ulukaya has just become a billionaire, according to the Bloomberg Billionaires Index.
What's astounding is that in just five years Chobani controls 17 percent of the U.S. yogurt market. This is more than double the share of Yoplait Original, a subsidiary of General Mills.
What can your brand learn from Chobani's success?
Fast Company, which named Chobani one of "The World's 50 Most Innovative Companies," shares what makes Chobani stand out:
"Unlike most upstart food makers, Ulukaya refused to limit Chobani to specialty stores and pushed major retailers to let him do product sampling rather than pay fees for shelf space. Because he didn’t have money for advertising, he found an extra-large cup mold and chose a shiny label unlike anything in the dairy case. He introduced bold yogurt flavors such as pineapple and pomegranate. The moves cost more money—yet he simultaneously insisted on keeping the price lower than other Greek yogurts.
These counterintuitive plays have helped Chobani pop."
Your takeaway: Gutsy moves can pay off big.
What do you think about Chobani's approach to business? What will you implement in yours? Share in the comments.