How Data Can Be Used to Increase Sales of Alcoholic Beverages?

Data is the king, empowering nearly every aspect of the business industry in the current world. This holds true for the food businesses as well. Talking about sales, data is the goldmine that can drive your sales to unimaginable heights. Many types of research have shown that including data in the sales strategies make your food business more profitable as compared to your competitors.

“Data” here means insights on trending products and restaurants that are using the ingredients or beverages you are producing, and the list is endless. That being said, don’t you consider data as your best friend already? Well, if you don’t, you have a long way to go. But if you do, you are at the right place. Here, we will unlock the secrets of how data can be used to increase sales of alcoholic beverages. Are you excited? I am as excited as you to explain these tips. Without any further ado, let’s dive in.

Pricing and promotion optimization

Restaurants and bars selling drinks are quite competitive. There is no denying the fact that pricing and promotion can make or break the profitability of your business. If you want to make profits as a supplier, optimize your pricing strategies to have an edge over others.

You can invest in data analytics tools to find out which restaurants deal with the alcoholic drinks or ingredients you are producing. Gaining these insights helps you contact those food establishments and develop a good pricing strategy while keeping their order needs in mind.

Data helping in brand management

Do you want to establish yourself as a good brand? If yes, you can’t refrain yourself from using data-driven insights. You need to delve into the insights delivering you the figures of how many restaurants use your ingredients to prepare their recipes. You can specifically put the filters of location, business type, and beverages to look for as many details as you want.

The insights you gain fill you with information on how much quantity to produce to meet the demands of the food businesses. For instance – You produce a wine named Cava. Contact those food establishments that serve their customers with Cava. You can even offer discounts to the bars you are supplying to. Tell the restaurants how premium your alcoholic beverage is by letting them know the superior ingredients you use and the hard work you do in producing them. Thus, it is not wrong to say that useful data can help you manage your brand well.

Data-driven predictions

Data-driven predictions help not only in brand management but also in sales forecasting. How can you make predictions about the future when you don’t know the past? Take a look at past figures. Get the average of your sales figures from month to month, quarter to quarter, or year to year. This way, you can know better what influences your sales results in the long term.

What’s more? Having data insights by your side, you can group the restaurants on the basis of similar characteristics to predict their needs in a better manner. Regardless of your data predictions, being flexible is the key to taking your sales number up a notch. Because there are several other factors that can truly affect the sales forecast, like holidays, weather conditions, and the economic situation of the place.

Selling trends

The tastes of the people are ever-evolving. Data serves as the guiding light to the B2B food industry by providing real-time insights. Monitor the purchasing behavior of the other food businesses to quickly adapt to emerging trends. Whether the trend is towards rising spirits, low-alcohol content options, or sustainable packaging, data-driven insights ensure that your food business stays ahead of the curve, ultimately meeting consumer demands effectively.

Look at it this way. Imagine you have witnessed that fortified bottle of wine named Sherry fly off the shelves too quickly. Now, you want to know about its hidden secrets and what made that possible. Don’t you think having that information can help you tweak your sales number? Of course, it does. Analyze geographical trends. Some regions where you deliver your services might have restaurants that purchase more of A and less of B. Having this knowledge allows you to unleash upcoming sales opportunities in that area.

To make a long story short

Believe it or not, data is invaluable to increase sales for alcoholic beverage suppliers. Not only this, but it can also let you uncover hidden opportunities for pricing optimization and brand management, help you make informed decisions, and ultimately foster adaptability. Treat data as your strategic partner and leverage its benefits. Because it is going to be proven as a key to thriving in the competitive food and beverage industry. May you soon be able to reap the transformative impacts of data on the success of your establishment.