As CEO of Rumi Spice, Patti Doyle oversees the brand’s mission of bringing ethically sourced spices to home cooks and Michelin chefs alike. She is passionate about setting a strong business foundation, like acing a product’s pricing strategy, to drive success.
Doyle will cover everything a business needs to know when pricing products, during SFA's The Basics, taking place on Saturday, June 24 at the Javits Center in New York. The Basics is an all-day course for geared to startups and earlier stage entrepreneurs who are still considering launching a brand, featuring founders and principals from some of the most iconic brands in specialty foods. The Basics is sponsored by Bank of America.
SFA News Daily spoke with Doyle about her experience as a CEO and what attendees will learn in the session.
What are the key considerations when building a brand?
You must understand your consumer. Make sure that you are solving a true consumer need, and that consumers understand the benefit, difference, or value your brand provides.
Do you have any advice for CEOs looking to incorporate a clear social or environmental message into their brand?
Be honest and transparent about the message you are incorporating and, if possible, make it relevant to your brand. For example, don't have a message about eliminating plastics if that's not relevant to how your products were made or could be made.
What topics are you most excited to cover in your session?
Well, naturally I have a passion for all things pricing related, but right now I'm excited to discuss the implication of inflation and price pressure that today's economy is having on new products.
What would you like attendees of your session to walk away with ready to implement in their business?
I want to make specialty food businesses comfortable with how they're pricing their products, whether they are new or already on shelf. Even if it might not be quite right, understand the drivers of pricing, making sure that you know what variables are in your control and how to make money on your product so that you can have a successful business.
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