This article is designed for any manager in the Food and Beverage Industry who wants to grow their business by executing a successful marketing strategy. This quick guide will help you plan your marketing strategy for 2022.
1. Conduct a SWOT (Strengths, Weaknesses, Opportunities & Threats) Analysis
Before you even start planning the 2022 marketing strategy you need to conduct a SWOT analysis for your food and beverage business so that you have an idea of the status of your company.
Use this information to decide which products or services would contribute significantly to the growth of your company in 2022 and which should be discontinued.
2. Create an Objective Statement for Yourself
Every marketing plan should have a clear objective that is specific, measurable, and achievable. Once you conduct a SWOT analysis and identify the areas where you need to make improvements in your business, create an objective statement for yourself.
For example, your company is planning to roll out a new range of products by 2022. Your objective statement could be: “To launch a new range of products to increase the revenue from this segment by 30% in 2022”.
3. Develop a Target Audience Profile
A lot of work goes into developing a target audience profile. The reason behind developing a target audience profile is to ensure that your marketing strategy is successful and you are able to target the right audience for each product or service that you develop in the future.
A target audience profile can be developed in many ways. One way is to look at the characteristics of a person who bought a product or service in the past and find out if they are likely to buy that product or service again.
4. Determine the Market Share For Each Product or Service
Determine the market share for each of your products or services so that you have a true indication of the sales potential of each product or service.
For example, take a look at your company’s current market share for each product. It might be:
Revenue (Current Market Share) = $100 million
5. Identify The Distribution Channel That Will Provide The Potential Customers For Your Business In 2022
Depending on the characteristics of your target demographic, identify the distribution channel that would cater to their needs by providing them with a variety of products and services.
You have to decide whether you want to sell your products and services directly or whether you want to sell through distributors and retailers.
6. Identify The Consumer Buying Behavior For Each Product or Service
Once you identify who your target demographic is, look at the consumer buying behavior of your target audience in order to understand their needs and common purchasing factors.
7. Analyze Competitors in Your Market Research
In order to look at all opportunities for improvement, it’s important for you to take a close look at the competitors in your market research so that you are able to identify what strategies have worked for them and what strategies could possibly work for your business as well.
8. Develop a Marketing Plan That Is Unique To You
Every company or entrepreneur is unique in some way. So, it’s important for you to develop a marketing plan that is unique to you and your business so that you are able to showcase your strengths, build on your weaknesses, and create opportunities.
Planning your marketing strategy in 2022 is just the starting point. You have to implement the food and beverage marketing plan that you came up with during this planning process by 2022.
It’s important for you to remember that there is a lot more that goes into creating a successful marketing plan for your business than just developing a marketing strategy in 2022. Planning your marketing strategy in 2022 means that you have identified what beverage marketing strategy would work best for your business and how the opportunity can be improved if necessary.