Brands must over-invest in product and packaging because they are the biggest drivers of adoption and referral.
The pandemic brought many challenges and forced beverage brands to have a different outlook towards their business model. These days’ people do not just look for a brand; rather they connect it with a story, emotion and relate it with an ongoing change. According to experts in the beverage sector, consumers who appreciate a product borne out of labour of love are willing to pay a premium where it deserves. Hence, today it is no more just about opening or launching a beer brand, you need to indulge in personalization, premiumisation and localization of the product. Here are few of the learning since not just the pandemic, but since the launch of top beverages brand in the country:
Category creation takes time: Brands are not born over night. One needs to have a proper research and be patient when looking for a long term orientation. For ex: if you want to launch a gin brand, you will have to research well about the market, customer, backend etc before setting up a factory for the production. As we see Goa becoming the top hub for gin brands in India.
Selling the brand idea to the trade is as important as selling it to the consumer: You should not just focus on customers but you need to also create a B2B presence for it. For ex: if we look during the pandemic, it was impossible for brands to cater to restaurant and bar customer; it was only through multiple trade channel that they could reach out to multiple customer.
Creating a community of brand lovers is valuable: there is no denying that repeat purchase and word of mouth is gold. If you really want to get success in whatever you build you need to create customers who love your brand, offering and who is loyal to you. As per research, brands that have come back or repeat customers have very less record of failures.
Consumers are willing to co-create a brand: 58% of businesses are now piloting co-creation projects to help drive innovation. Customer co-creation means inviting customers to participate in a design or product ideas, ways to market etc. It can have a lot fun, learning exchanges like influencers promoting your brand on social platforms etc.
Packaging has to be quirk: Brands must over-invest in product and packaging because they are the biggest drivers of adoption and referral. As we move ahead with pandemic as normalcy, customers are welcoming and are attracted to brands who are offering a top notch packaging.