Marketing – Maybe A Milli?
You have your product, now it’s time to move it off the shelves. “People will not buy that which they do not know exists,” said Vaughn. “You have to figure out with limited funds how best to get people to know that it exists so that there’s demand, bottom line.”
Although you have a wholesale rep in place, the work of creating buzz ultimately rests with the brand owner. Considering that marketing is an expensive venture, with Vaughn setting $1 million as an adequate marketing budget, one must exhaust all resources to get the word out.
“Word of mouth is the cheapest and most effective way if you are on a tight overall budget,” said Moore. “The acceptance and use of your brand by “tastemakers” or influencers of the industry including journalists, bloggers, and of course top mixologists and bartenders are key to a brand’s success.”
Both experts agree that social media constitutes the most inexpensive means by which to promote your brand. As for getting the product onto bar shelves and into the hands of bartenders, there is a creative mix of marketing and money involved. The wholesaler will help you get on store shelves, but a marketing allowance helps to really push your visibility and push demand for your product.