Did you know that 60% of wine/spirits sales take place in OND (October-November-December)? For most of us, this time of year is all about upcoming holidays – Halloween, Thanksgiving, and the holiday season. However, for those in the beverage alcohol industry, this time of year is extremely busy and important for driving revenue.
Your organization will need all the right strategies and tools to capitalize on opportunities in Q4. Here are some tips on how to increase sales and drive revenue for OND.
- Incorporate analytics to understand your business
It’s important for those within your organization to understand your business. However, you can’t properly understand your organization without having all the right information. Analytics helps your organization understand your customer base and sales process, and it helps identify new revenue opportunities. By gathering all your customer data together, you can gain better insights about your working relationships with customers. Analytics can help companies monitor product trends to gain insights into consumers’ purchasing decisions. Finally, organizations can use KPI measurements to understand how they are achieving key business objectives.
In addition, analytics can help you monitor performance, track pricing, and manage programs. For example, Duckhorn Vineyard is using Diver Platform to analyze market trends, understand their account base growth, and increase sales. Diver Platform has allowed the winery to go to market with different sales strategies in different geographical regions, and better understand brand and SKU penetration at the account level.
- Use technology to increase information delivery
In the beverage alcohol industry, time is money, and time moves quickly, especially at the end of the year. For your organization to be successful, your distributors and salespeople need the right information at the right time. Implementing the right technology can help your organization do this. For example, with technology, your organization can:
- Eliminate manual data, which results in increased employee productivity.
- Automate your program management process, which allows your organization to capture revenue-generating opportunities. Program management would then allow your company to spend more effort into sharpening your sales focus.
- Implement a price management solution. Properly understanding pricing and the impact of pricing changes enables your company to maximize margin, profitability, and revenue.
One of our customers, Boisset Family Estates, has been able to gain insight into key metrics with Diver Platform. Boisset uses Diver to track and generate reports on inventory as well as shipments at the SKU level. Additionally, Diver has helped the organization manage brands, distributors, and geographies as well as help it run its organization more efficiently.
- Adopt marketing and social media strategies
Adopting marketing and social media strategies could create more sales opportunities, as you can better understand your customer base. For example, you can better understand how often consumers are buying your products, what is selling well and what isn’t, and how much of your products are being purchased. This information could help you create strategies to help promote specific products to increase sales and drive revenue.
For example, Biltmore Wines is using Diver Platform to analyze product trends and budget for marketing and brand growth. Diver helps Biltmore Wines understand their data to plan marketing initiatives for key products. Furthermore, Diver allows the organization to understand current data to strategize future brand growth.
It’s important for organizations to optimize their strategies and tools to optimize their sales and drive revenue for OND. However, you need the right information to analyze KPIs, understand your business, and know your customers. With these tips, I hope you can make the most of OND and increase sales.