4 Ways to Remain Competitive in the Beer Industry
It’s clear that the craft beer industry is changing, as breweries are dealing with a more mature market than previous years. With the rate of growth slowing, how are breweries remaining competitive in the craft beer industry? Calculating the changes in the market, it’s important to stay ahead of the game in order to keep your brewery thriving and successful. Here are 4 ways to stay competitive in the mature craft beer market.
Innovate Your Styles
Now is not the time to rest on your laurels in the craft beer industry. The market is becoming saturated and it makes it harder for breweries to survive. If you continually rely on everything you have previously brewed, growth can be much harder.
Large breweries are already making the change and evolving beer styles. For instance, Firestone Walker and Founders Brewing have both introduced a lager. They are tapping into part of the craft beer industry that has yet to really be explored. Producing beers for the mass market in order to stay ahead of the market. Introducing new styles where you present the consumer with fuller flavors and more variety, is a key to remaining competitive.
Monitor Growth and Track Financials Accurately
Lately there has been a string of craft breweries running into financial hardships. The market was thriving for so long that breweries took the opportunity to expand. Now with a more saturated market, breweries are realizing they aren’t keeping up with the growth they once had.
It’s important to keep an accurate record of your financials in order to stay a float in this industry. That’s not to say there isn’t room for breweries to expand. However, breweries need to make the best business decisions in order to really excel in the industry. Having accurate accounting tools, enabling you to easily see where your business succeeds and struggles is necessary in order to have continued success.
Planning ahead might sound simple, but what happens when you run out of your most popular beer on a Friday night, or you’re unable to sell distributors the beer you promised? You take a loss in profit, cutting into the trust and reliability of your brand.
Know what beer you need to make and make it. Of course, there are one-offs that you expect to sell out of although you might still be unsure of what the demand will be. However, if you’re accurately tracking your beer data, you shouldn’t run out of flagship beers. You should also be able to know how much beer you will need based on past sales, plus the fermenting and packaging times, if you’re using the correct system.
Engage the Community
In order to stay ahead in this market you need to build brand loyalty by engaging the community and making them feel apart of your brewery. Keeping customers happy and coming back, while also making sure they choose your beer when deciding at the store, are important in keeping your product flying off the shelf.
Engage your community through events at your brewery. Whether it be yoga night or pet adoptions at the brewery, or a community engagement where your team volunteers. Make everyone that comes to your brewery feel like they are a part of it, and they will keep coming back.
The question is how do you put all of these tips together and successfully blend them for your business? Knowing the vision your have for your brewery is important, but so are the right tools. A software like OrchestratedBEER will empower you to make the best business decisions, and will put everything in a single place so you know you’re making the best decisions.