KEY TAKEAWAYS:

• According to WSWA’s SipSource Analyst Danny Brager, there are six broad consumer drivers: (1) Total Beverage Alcohol, (2) Experience, (3) Flavors, (4) Convenience, (5) Wellness, and (6) Trading Up.p

• There is a record number of craft brands in today’s beverage alcohol marketplace – and it’s only going to get more competitive. In 2020, craft spirits reached nearly $7 billion dollars in sales, growing at an annual rate of nearly 10%.

• As an entrepreneur, you must look forward. If you don’t see a product on the shelf, you could be the first to do it. Don’t copy past products or people – be an innovator.

• Growing a brand is about building relationships – especially a relationship with a distributor.

• As an entrepreneur, you must look forward. If you don’t see a product on the shelf, you could be the first to do it. Don’t copy past products or people – be an innovator.

• Growing a brand is about building relationships – especially a relationship with a distributor.

• Give your brand a personality. Consumers must see themselves in your brand.

• According to SipSource data, post-COVID recovery is going well and the on-premise is coming back, but it’s not back to pre-COVID rates yet. Spirits are doing better both on- and off-premise when compared to wine.

• The importance of on-premise to RTDs is significantly higher now than it was before COVID. This is due to the convenience for bar and restaurant workers and creates an easy “to-go” option.

• Brands must be flexible with how they approach on-premise sales. 2020 was a key time for brand flexibility and as the industry continues to change, this remains true. When the on-premise was disrupted, craft brands had to adapt their strategies quickly.

• In terms of allocating limited resources, our panelists suggested finding industry events to attend and share your product. “If you’re a new brand, go to WSWA [convention]…It was a huge help [to the success of BuzzBallz],” Merrilee Kick.