Fine wine 2010 The art and science of selling fine wine

Fine Wine 2010 III Congreso Internacional de la Ribera del Duero

Sesión 2

El arte y la ciencia en la venta de vinos de calidad

Session 2

The art and science of selling Fine Wine


David ScotlandChairman, Wine Intelligence

Michael Yurch President, Sherry-Lehmann

Ernst Loosen,Owner, Dr. Loosen

Ryan OpazCo-founder, Catavino


The Art & Science of Selling Fine Wine

Michael Yurch

Fine Wine Retail in the United States

Fine Wine 2010III Congreso Internacional de la Ribera del Duero, 28 al 30 de abril 2010 4

The Challenge of Marketing High Quality Products in the Post-Recession Economy








Global Competition for the Attention of the Wine Consuming Public

We exist in an era of experimentation. Quality Wines are now being made almost everywhere, giving the customer a new found luxury of “gambling” on new wines, but seldom losing.

To address these factors, each region must work hard to distinguish itself from the other.

Emphasis on Unique Factors-Cuisine-Tourism


All Regional Promotions


In Store Promotions



Window Displays



In Store Tastings

Education: Trade-Wholesale & Retail


Staff Education at Sherry-Lehmann

Education: Trade-Wholesale & Retail


Staff Education at Sherry-Lehmann

Education: Consumer Outreach


Free Wine Tastings

Education: Consumer Outreach


Consumer Events


Pricing & Value.

The importance of the Press.

Not relying on scores alone.

Not running ahead of the Consumer.

Sticking with the basics...even if it bores you.


Visit Us!



Muchas Gracias


Ernst Loosen

Dr. Loosen

Text in external word document


Selling Wine Online

Ryan Opazwww.catavino.net

To sell wine online

Depends where you are and how much creativity you have.

Sometimes the answer is not so obvious

Fine Wine 2010III Congreso Internacional de la Ribera del Duero, 28 al 30 de abril 2010

Truths

Wine is not the same as shoes.

Wine is a drug according to most governments


A definition of “ecommerce”

E = Electronic Commerce = selling


“Ecommerce” for wine

A map of where to find your wines for sale is “ecommerce”

A phone number on your website is “ecommerce”.

It’s more information than many wineries currently have.

Start small.


Ecommerce = Brand Building

Selling wine without a brand is simply, dumb

Waiting for someone to create your brand for you is even dumber...



The Lottery

27

Truths


Win vs Lose

Win and you’ll sell out this vintage Lose and you can try again

Losing, ironically, might be healthier for your brand


An Example

At a blind tasting last year of 2005 Bordeaux’s all with high “Parker points”, Robert Parker stated at the end of the night that his favorite wine of the tasting was the “Le Gay”

Of all the wines tasted that night, Le Gay was the wine with the lowest Parker points.

source: http://bit.ly/blind2005


Makes you think

What day will Parker rate your wine?


The 1% Dilemma

A 1% increase in spending on making a better wine has no direct correlation with increased sales.

A 1% increase in building a stronger brand can correlate to increased sales and a stronger brand awareness

Let me explain.


Budgets

Let’s take a mythical winery:

Yearly Budget - 500,000 €1% = 5.000€


Truth is...

With 5.000€ you can have a very nice website


Why the web?

How about some true stories?


The Journalists

Couldn’t find any information about your winery

Didn’t include the winery in a story as the winery offered no way to contact them

Website wouldn’t let them skip the 2 minute flash intro, or turn off the music at work

Couldn’t copy the text and use it Found no way to download photos So they found some stuff on a 3rd party site


The Consumer

Wanted to buy this wine and looked online Looked for what “tempranillo” meant on the

back of your wine bottle Wanted to ask a question Thought they might visit Where do they find more of your wines? Does this go with their steak?


To sell wine online...

You first need to be online


But the consumer wants more

They want to ask you questions They want to share your stories They want to visit your winery They want to feel like they matter


Your biggest challenge

To quote a recent speaker Doug Richard, at the online media event: #s4startups,

"your greatest peril is not competition,

it is Invisibility"


Remember

The web is about community and connections


The truth is

You are not online if you are not linked to others


Where to start?

Where your customers already are...TwitterFacebookGoogleFlickrYoutubeAdegga, Cellartracker, VinfolioTheir Blogs


Manual Punchdown Sucks

But you do it to make your wine better Social media takes time, but it helps you to

sell more wine.

You don’t have to like it, you just have to do it


Or not...

For those who want to start, a free tool:http://bit.ly/5freetips



Sesión 2

El arte y la ciencia en la venta de vinos de calidad

Session 2

The art and science of selling Fine Wine

Documents

Fine wine 2010 The art and science of selling fine wine