The new normal will be anything but for the Gin Industry after the crisis. What is the future for the category? Some great insights from the Gin Foundry
Here are our key takeouts:
The gin market was just too big: The Gin market was just way too big (Last year there were 361 registered distilleries in the UK according to figures released by HMRC. Sadly many established gin distilleries will not survive. For those remaining gin distilleries there are some key areas to look at and refocus time, effort and budget, those that do will find bigger and better opportunities and more market share.
Back to basics: Brand building, marketing strategies, and stripping back to core offering and not on multiple 'over stretched' brand expressions. Focus on your core offering and make sure any new expressions make sense. Just because you can make it, doesn't always mean you should!
Brand defining ideas: It's time to refocus on compelling ways to communicate to your audience. It's not just about short term sales, but long term brand building. Making sure you stand out with a unique proposition and capture the hearts and minds of the consumer. This is a long term strategy and will need investment. You have a great product, but ask yourself why should someone buy your gin against every other competitor?
E-commerce is now key BUT only as part of a wider marketing strategy: Direct to consumer digital presence should be priority, but this has to be part of a wider marketing strategy. Make sure your brand connects directly to your consumer in engaging ways, on and offline, building brand awareness and loyal customers. It's no longer good enough or effective enough to only focus on e-commerce, price point and sloppy social content. Make sure you produce quality content, built around a unique proposition and delivered through effective, strategic ideas that will tell your brand story across multiple touch points.