This week, I attended the DISCUS Annual Conference & WOTVS Global CONNECT! event to join in on the conversation with spirits industry leaders, decision-makers and supply chain partners. This was an incredible opportunity to dive into some of the mission-critical policies concerning the industry, connect with various industry executives and gain important insights from thought leaders in the spirits space. For me, one of the most interesting discussions of the event revolved around the importance of focusing on ways to generate value and growth as a brand in the spirits industry.
As anyone in the industry knows, there have been tremendous changes taking place over the past few years. New products and competitors like cannabis-infused products, new legislation and regulation, and increased levels of responsibility stemming from diversity, sustainability and moderation initiatives – it can be a lot to navigate and easy to lose your path as a brand.
That’s why, amid all this change, there is an increasing need to focus on the things that have always generated value and growth in the industry. So what does that look like?
Let’s take a closer look at some of those tried-and-true strategies.
[Tater definition]
The infamous “tater.” In the world of liquor, the term “taters” takes on a different meaning, referring to avid and discerning consumers who have a deep passion for premium and rare spirits. Liquor brands find themselves in an ongoing tango with the tater community and consumers find their bottled hopes and dreams slashed by the allocations already cornered by a more aggressive consumer.
Taters do, however, play a crucial role in shaping brand perceptions, as their reviews, recommendations and preferences can significantly influence the purchasing decisions of other consumers. A tater’s impact extends beyond immediate sales, as their endorsement can elevate a brand's reputation and contribute to long-term success in the dynamic and evolving world of liquor. As such, creating the currency of “the insider” by building relationships with tater through exclusive releases, personalized experiences and engagement on social platforms is paramount for brands looking to thrive in the competitive landscape of premium spirits.
Here are five key learnings that can be leveraged from how taters operate.