ESTABLISHING A MARKETING PLAN & BUDGET FOR YOUR SPIRITS BRAND
Whether you are a startup or an established producer looking to expand, developing a realistic and well-thought-out marketing plan and budget is crucial to success.
irst and foremost, always remember you are in the business of selling more than you are in the business of producing. Many a passionate producer has failed in thinking that the exceptional quality of their product alone would trump a well-
thought-out marketing strategy. The truth is your ability to influence consumer trial and cultivate brand loyalty are in large part dependent on how your product is positioned, priced, and perceived in the marketplace. Developed
properly, your marketing plan will be the roadmap you follow to win customers and dramatically improve the viability of your brand.
THE 7 ESSENTIAL COMPONENTS OF YOUR MARKETING PLAN:
.SITUATION ANALYSIS (SWOT).
A SWOT analysis is an evaluation of your internal Strengths and Weaknesses and external Opportunities and Threats. Take a 30,000-foot view snapshot of your organization, products, and the competitive landscape to see how you stack up. Even though the truth sometimes hurts, be honest with yourself and your organization.
UNIQUE SELLING PROPOSITION/BRAND ESSENCE
This is the most elemental part of your brand: a one-to-two sentence encapsulation of the underlying values, guiding principles, and hidden attributes that distinguishes your distillery from the competition. This message should be carried through all of your marketing materials and should be an integral component of your go-to-market strategy. WWW.ARTISANSPIRITMAG.COM
Describe the customers you are targeting including their demographics, psychographics and their wants and needs in relation to your product. Consider other products they are buying within the alcohol beverage space as well as their broader lifestyle and consumption trends. Pro-tip: develop verbal and visual descriptions of your target consumer for your marketing plan.
.YOUR PRICING AND POSITIONING STRATEGY
Develop a clear vision of your product offerings, tiers of products if applicable, and their respective pricing in relation to their position in the market. For instance, if you are building a luxury brand it is critical that your pricing strategy supports the luxury position — price your brand too low and your consumers may
have concerns about quality. For the same reason it is also critical to make sure that your packaging, marketing collateral, website and all touch points for your brand support both the price and positioning. If your package looks cheap, but your positioning and price are luxury, it will dissuade consumers from trusting your product for initial trial.
.MARKETING STRATEGY & MATERIALS
Marketing Strategy: This is your strategy for tracking the market opportunities you identified in the situation analysis along with your specific revenue goals.
Marketing Materials: The collateral you will use to promote your business and product, support your strategy, attract your target consumers and trade “gatekeepers.” Choosing