Whether you have perfected your formula, or are just about to start the process of creating a new beverage, it is essential to understand how the beverage industry works and how you can get the best of it.
The beverage industry is one of the largest in the world. When combined, the alcoholic and non-alcoholic beverage industries are estimated to be valued at nearly 1.5 trillion dollars. The industry is dominated by giants who know their cards well. To be successful as a new player therefore, you need to know certain fundamental rules.
Below, we’ve curated some of the things you need to know when launching a new beverage, here goes nothing!
1. Understand Your Consumers And What They Want
Satisfying your customers’ cravings and wants should be your goal. And if this is the case, you need to understand what they want and how they want it. Your product, drink, has to be a solution to their problem. If you identify the problem, you would be able to develop the right solutions, and they would buy it. Know what your consumers want and make sure your product satisfies that craving.
2. Branding is Vital
Show that you are unique. NielsenWire estimates that only about 10 percent of new products launched in the food and drink industry survive the first 5 years. This does not necessarily mean that new products are inadequate, rather it is attributable to the fact that businesses suffer identity crisis in their early days. This mainly serves to emphasize the importance of branding.
Branding simply means identifying your niche and what you stand for. It is your selling point and competitive advantage. While creating your brand, you should focus more on the distinct selling appeal of your product. These could be its outstanding benefits, pure ingredients, rare taste, and or excellent feel.
Branding also involves fashioning the appropriate packaging for your beverage. The ideal packaging should be so remarkable that customers can instantly identify it among 100 other brands.
3. Your Map to the Promise Land
Developing a brand and identifying your unique selling point may not be enough. You need to communicate well. You need to build the right strategy to let people know how you intend to solve their problems. Simply put, you need a marketing plan.
A marketing plan details description of your target market, which represents the people that are most likely to purchase your product. It includes the various advertising and marketing channels you will harness to reach these targets. It takes account of the sales strategies and distribution channels you would employ to get your products to your customers.
Regardless of where you choose to begin, whether it is the local or global market, understanding these underlying principles is crucial to a successful product launch.
You should recognize that there is intense competition in the industry, and thus, you need to create a brand that sells your uniqueness and calls attention to the privileges customers will gain from buying from you. With strict adherence to the golden rules mentioned above, your success rate in the beverage industry is guaranteed. Congratulations!