Running a successful beverage company does not come down to luck, in fact, quite the opposite. A successful beverage company learns quickly and adapts to the market around them as quickly and as efficiently as possible. There is no one size fits all approach to breaking into the beverage market successfully, however, there are reoccurring themes present across various successful companies. Here’s our guide to things to be aware of when entering the beverages market.
1. Finding your Niche
Often, when you create a new product you have been working so hard on, you want it to sing from the rooftops for everyone to hear. However, the increased availability of products through eCommerce, shifting work habits, and rising inflation amongst a myriad of seismic events have all contributed to consumers becoming more discerning now more than ever before. So what does this mean for start-ups? It has become increasingly difficult to get your voice heard amongst all the buzz. It is imperative that start-ups entering the beverage market hone in on a niche to differentiate themselves from the long list of alternatives available to their target market. So, how do you find your niche? There is no definitive way to answer this question. Rather, take the time to understand your customers, what need or want of theirs is your product fulfilling? In what ways are other competitors fulfilling this need/want? How is your product better suited to the customer than competitor brands?
2. Start Locally
Local retailers are a great way to test the market and their reaction to your product. Whilst you can start online through an eCommerce platform, online sales, and retail sales don’t exactly correlate. Retail sales are a great way to find out what the initial reaction to the product is when tested against the general public and also to experiment with different product features, recipe tweaks, and pricing structures. With all of this in mind, it also helps build credibility and momentum. Going to a retail chain buyer with a product that has been on the shelf before tells them that your product is not a liability and will not sit on a shelf collecting cobwebs.
3. Avoid Temptation
Consumer trends are constantly evolving, especially when platforms such as TikTok and social media influencers play a significant role in consumers’ decision-making. What is important is to stick to your guns rather than chase the first opportunity that arises from a viral TikTok trend. Is it much more effective to focus on long-term success and establishing credibility in your area than going after a short-term gold rush.
4. Marketing, Marketing, Marketing
Let’s set the record straight here. Marketing should be a priority, not an afterthought. For startups and small businesses alike, a lack of resources is a barrier to expansion. However, once the operational foundations for the business have been laid down, marketing is the next step you need to take to get your product out there! Whether you’re looking to attract or retain new customers, marketing is what will get you there. Amongst other things, it is what will get your product in front of customers and what will differentiate you from your competitors. Visibility is critical for small businesses. Marketing is accessible now more than ever before, technology has evolved to allow businesses to reach any customer. Paid online advertising such as Meta Ads and Google Ads, allows small businesses to set the budget of their choice and send out the message of their choice when just 15 years ago there was no cost-effective solution to reaching a large audience.
Navigating the waters as a start-up beverage brand can be difficult. At InnoBev, we will take the heavy work away from your start-up with our recipe development, contract bottling, and consultative services. Leaving you to focus on what’s important to you and your brand. Schedule a call with our team today by emailing us at info@innobev.ie today!