“I think, in general in the wine business, people don’t understand the need to build brands. That will become more and more of a problem among mid-sized wineries.” – David Higgens, Brown-Forman Beverages Worldwide Wine Group President.
According to brand valuation consultancy Intangible Business, brands are playing an increasing role in a number of categories. In wine, the importance of country or origin and grape variety is diminishing in favour of brand. Laroche, for example is a classic old world French Chablis which is building a brand around its heritage.
Yellowtail is another good example. Yellowtail is a relatively basic wine but at a good price point and with a good brand image. Whether Yellowtail’s growth is sustainable will be the challenge for the Casella family. Maintaining its relevancy as people’s wine tastes develop will be instrumental in ensuring Yellowtail’s longevity.
You will know that your brand is winning in the marketplace whenâ€¦
The brand is mentioned to customers and potential customers, and they brim with enthusiasm in their response.
Your brandâ€™s external messages â€œring trueâ€ with all employees.
Employees are enthusiastic and consistent in recounting what makes their brand special.
The brandâ€™s market share is increasing.
Competitors always mention your brand as a point of reference.
The press canâ€™t seem to write enough about your brand.
Your CEO has a strong vision for the organization and its brand. He or she talks more about the vision than financial targets.
Your organizationâ€™s leaders always seem to â€œtalk the brandâ€ and â€œwalk the brand talk.â€
Adapted from Winning Brands by Derrick Daye.
By Mike Carter.