Do you know how your spirits, wine, and beer brands perform at various bars and restaurants? If not, you’re leaving valuable data on the table. This information can help you reach customers, increase sales, and determine your target audience.
As you know, the beverage industry is highly competitive, with major players controlling a significant share. Knowing the details of your on-premise sales performance can help you set yourself up for success, steering your brand to the venues and markets that will help it thrive.
Let’s see how you can accelerate the growth of your brand by determining which venues have the highest probability of the most sales and which markets drive these sales.
The Importance of Data-Driven Decisions
Today’s world is all about data, and the businesses that take advantage of this are finding exponential growth. According to the McKinsey Global Institute, data-driven organizations are 23 times more likely to acquire customers and six times as likely to retain customers.
While those numbers appear extraordinary, leveraging data helps make informed decisions, and these decisions affect all aspects of a business, from the customer experience to the target market and promotions. Today, there is no aspect of business that is not touched and somehow defined by data.
So, how do you take advantage of the data coming out of the venues that are selling your brand?
That’s where F&B Insights comes in.
The Data Mine: POS Systems
At F&B Insights, we clean and enrich monthly on-premise sales data from bars and restaurants. Then, we deliver these actionable reports to alcoholic beverage brands. The result is insightful awareness of trends and sales performance specific to different types of establishments.
When you know your share of the category sales and who is leading the charge, you can change your marketing and focus venues accordingly. F&B reports share the total volume sold, the share of the cocktail menu, and sales and performance trends. You can also uncover food and drink pairings and share this information with other venues, spurring sales of your brand.
The Target Market
Do you know your target market? There was a time when these markets were fairly straightforward. Those times, however, have changed. For example, consumers younger than 60 have a much lower share of wine consumption. Brands took notice and started to tell their story and change their labels, and those companies began appealing to the Millennials.
The same could be said for whiskey as its fan base grew older. Instead of standing idly by, the Scotch whisky industry began recruiting a new generation through innovative flavors and digital marketing changes explicitly designed for the younger crowd.
Grow Your Brand
Using clean, organized data, you can determine industry trends, identify new behavior, and make data-driven marketing and brand-based decisions. Do you target specific venues based on a customer profile that aligns with your market or a detailed venue profile?
Now, you can use this data to determine if your marketing approach is working, or if it needs tweaking. Is your company aligned with the demographics you were hoping for? If not, it’s time for a change. If it is, pat yourself on the back and stay focused on the end game that’s clearly in sight.
The F&B Insights marketplace offers the perfect place to meet new restaurant and bar partners. And now, with your keen insights, you can choose venues that have a proven track record of success.
Are you ready to take advantage of the data that restaurants and bars accumulate daily on your brand? To get a demo, learn more about this exciting opportunity for beverage vendors, or schedule a consultation, contact F&B Insights today.
FAQS
Who is the target audience for alcoholic beverages?
That depends entirely on the brand and the type of alcohol. For example, millennials make up almost 33% of craft beer consumers. Each brand finds different target markets depending on its marketing strategies and focused intention.
How do you market an alcohol brand?
There are nearly limitless ways to market an alcohol brand. One of the essential considerations is directing your message to the right audience at the right time and in a way that appeals to the particular demographics. Digital marketing and telling your story are also extremely important to today’s consumers.
