FACT: Every business needs buyer personas. Unfortunately, not every business has a buyer persona - 50% don't have one.
The article concentrates on wine trade, but the concepts are universal, and can quickly be applied to any person or business wishing to increase profitability over time.
Wine Sells, but Who's Buying?
Have you ever had trouble selling wine? Before selling any wine the most important concept to understand is exactly who you are pitching to. Make sure your wine is going to the person most likely to buy it: Are you making high end, premium, one of a kind, small lot wine? Do you deal in bulk juice? Is this a shiner project? Figure out your niche. Each of these commodities command a certain buyer persona and price, so make sure you are prospecting the right buyer persona to begin with. A fancy pants wine bar in Marin County wants something that commands scores, respect, fantastic winemaker, etc. At a casual pants Bevmo, you can sell your bulk juice/shiner projects to. Whatever it may be, focus your effots towards the persona who is most likely going to buy your unique product.
The wine industry has an annual $220 billion economic impact in the United States. The Big Data Analytics Market is worth $203 billion. Yet the terms "big data" and "wine industry" are rarely used in the same paragraphs, let alone the same sentences. Why is that? This is the question that Don White and John Lawlor set out to answer when they founded Label Analytics. In just three short years they've done something seemingly impossible; brought big data to wine.
In the alcohol industry, new and innovative companies are popping up daily. From brilliant apps, to smarter software programs, and game-changing websites, there's never been a more exciting time for the industry. Below are seven companies shaking up the way we learn about, purchase, and consume alcohol!
Whether you’re looking to expand your knowledge of wine, find out where wine fits in your life, or figure out the keys to wine success, we’ve got it all right here. TED talk presenters like Gary Vaynerchuk, Wojtek Bonkowski, Ben Wallace, Jeannie Cho Lee and Sarah Wolcott enlighten you with their insight to the wine industry. These TED talks will empower and inspire you to sell wine to any consumer, anytime.
Take a moment to think about the ballpark prices of alcohol. Do you know how much a bottle of Meiomi Pinot Noir should cost? A handle of Ketel One Vodka? A 12 pack of Coors Light? Were your answers around $20, $40, and $10?
Now, how much should a bottle of Ideology Chardonnay cost? You probably have no idea. You've probably never heard of it. Or better yet, your customers have never heard of it. This 2014 Chardonnay from Napa Valley, with beautiful packaging, is available in your store only. Your customers can't go compare the price of this wine at Costco, or Target, or Walmart. So you add a 50% margin, retail it for $20 a bottle, and sell out in two weeks.
Ladies and gentlemen, welcome to blind price wines.
Here's a mind-blowing statistic: the average supermarket carries 5 products per category, except in the wine category, where supermarkets carry roughly 900 different products. Let that sink in for a moment; a consumer who wants to purchase eggs has five options, but a consumer wanting to purchase wine must choose from nearly one thousand different options.
"...Research now shows that there can be too much choice; when there is, consumers are less likely to buy anything at all, and if they do buy, they are less satisfied with their selection."
- Barry Schwartz, Harvard Business Review
Since delighting customers should be the number one goal of every retailer, it may be time to re-evaluate your wine section. Here are the 10 things retailers should keep in mind when buying wholesale wine.
(Left to Right) Robert and David Trone - Owners of Total Wine and More
Have you ever wondered how some companies grow sales year after year while your company's revenue remains stagnant? Everyone always wonders how Google, Amazon, and Facebook grow their users base year after year. It's not luck. They are using data driven strategies that have the best results to achieve their goals.