Topics discussed in this podcast include the analysis of GTC and depletion data for wineries, integrating technology into the slow-moving wine industry, the surprising growth of vineyards in England, insights on brand building, marketing challenges and viral memes, supporting wine and hospitality initiatives, the influence of wine-drinking politicians on wine laws, deficit and challenges in the alcohol industry, the DTC Wine Symposium and the journey of Walter Carter, contacting wineries on Instagram and challenges of becoming Masters of Wine, exploring luxury wine buyers and collecting fine wines, regulations and requirements for text messaging businesses, using texting for DTC programs, consumer behavior in the wine industry, the evolution of marketing, the impact of COVID-19 on businesses, the connection between smell, memory, and wine tasting, the role of an advisor in personal and business growth, books on business and work in the age of data and COVID, the long-term impact of COVID-19 and changing mindsets, reflections on DTC Wine Symposium, a discussion on stolen Taylor Swift merchandise and dinner shout out, Valentine's Day sushi dinner event, exploring the potential of Granage and making it a collectible luxury product.
The Gerard Basset Foundation supports diversity and opportunities in the wine and hospitality industry through grant funding.
The fight for direct-to-consumer wine shipping across state lines continues to address concerns about taxation and regulation.
Luxury wine consumers are categorized into collectors, true buyers, aspirational buyers, and enthusiasts.
Collectors focus on investment-grade wines, while wine geeks explore unique and lesser-known wines.
The future of the luxury wine market involves diverse consumer segments and shifts in the secondary market.
Personalized interactions and compelling narratives are essential for wineries to meet various consumers' needs.
Deep dives
The Gerard Basset Foundation
The Gerard Basset Foundation was established in 2021 with the mission to support not-for-profit organizations, institutions, and academic providers that promote diversity and opportunities in the wine and hospitality industry. The foundation has provided over $2 million in grant funding to 40 organizations worldwide, funding initiatives such as wine education programs, training for single moms in the hospitality industry, and scholarships for wine certifications.
Direct-to-Consumer Wine Shipping
The fight for direct-to-consumer (DTC) wine shipping across state lines has been ongoing for many years. In 1985, the first legislation was introduced in California to allow DTC shipping, and since then, many states have followed suit. However, some states still prohibit DTC wine shipping, citing concerns about taxation and regulation. Organizations like Free the Grapes have been advocating for the expansion of DTC wine shipping, arguing that it provides consumers with greater access and choice, while still ensuring tax collection and accountability.
Challenges and Wins
Over the past decades, there have been victories in the fight for DTC wine shipping, such as the opening of states like Pennsylvania, Massachusetts, and Ohio to DTC shipping. However, there are still states like Delaware, Mississippi, and Utah that prohibit all forms of DTC wine shipping. The battle continues to improve and modernize regulations in favor of consumer access and choice, while addressing concerns about taxation and regulation.
Luxury Wine Marketing and Consumer Segments
The podcast episode highlights the topic of luxury wine marketing and the different consumer segments within the luxury wine market. The speaker, Liz Tosh MW, explains that luxury wine consumers can be categorized into four segments: collectors, true luxury wine buyers, aspirational buyers, and wine enthusiasts. Collectors are those who buy wine as investments and may sell some of their collection. True luxury wine buyers purchase high-end wines for personal enjoyment and sharing. Aspirational buyers aspire to be luxury wine buyers but may not have the financial means yet. Lastly, wine enthusiasts are passionate about wine and enjoy drinking it, but may not have the funds to become collectors. The episode also touches on the changing dynamics of the secondary market for California wines and the influence of celebrities on luxury wine trends.
Influence of Collectors and Wine Geeks
The podcast episode discusses the impact of collectors and wine geeks in the luxury wine market. Collectors are known to follow indices like LiveEx, which tracks the resale prices of collectible wines. Liz Tosh emphasizes that collectors often focus on investment-grade wines, such as Bordeaux, Burgundy, and Napa Cabernet Sauvignon. On the other hand, wine geeks, represented by Liz and her colleague Peter, are passionate about exploring unique and lesser-known wines. They prioritize experiencing a diverse range of wines and are enthusiastic about discovering new and unusual varieties. While collectors tend to focus on high-value investment wines, wine geeks appreciate wines they can afford and enjoy.
The Future of Luxury Wine Market
The podcast episode delves into the future of the luxury wine market and its evolving nature. It highlights the diversity of luxury wine consumers, ranging from collectors to aspirational buyers and wine enthusiasts. The episode also touches on the changing dynamics of the secondary market for Californian wines. Additionally, it emphasizes the importance of wine geeks, who are passionate about exploring unique and diverse wines. In conclusion, the luxury wine market continues to thrive, attracting different consumer segments, while the secondary market and collecting trends may undergo shifts.
Importance Of Meeting People Where They Are
Meeting people where they are means understanding and catering to their level of interest, knowledge, and preferences. It involves creating experiences and messaging that resonate with a wide range of individuals, from casual wine enthusiasts to connoisseurs. By personalizing interactions and avoiding assumptions, wineries can make everyone feel welcome and valued.
The Power of Compelling Copy
Effective copywriting goes beyond mere text and provides a compelling narrative that evokes emotions and resonates with the audience. Hiring a professional copywriter can help wineries craft engaging and persuasive brand messaging that stands out and creates a lasting impression.
Narrowcasting and Personalized Marketing
Marketing has transitioned from broadcasting messages to narrowcasting and personalized approaches. The advent of online sales and social media platforms allows wineries to target specific segments of their audience with tailored messages and content. By utilizing data, wineries can reach the right people at the right time with personalized marketing strategies.
The Influence of Storytelling and Visuals
Storytelling and visuals play a crucial role in marketing wine. Captivating narratives and visually compelling content can create an emotional connection with consumers. By sharing stories about the winemaking process, the vineyard, or the unique experiences they offer, wineries can engage customers on a deeper level.
The Role of Reviews and Critic Scores
Reviews and critic scores can help reinforce the confidence of customers who have already made a purchase. While high ratings might not be the sole reason someone chooses a wine, they can serve as validation and reassurance that they made the right choice. However, it's important to strike a balance and not solely rely on critic scores, as individual preferences and experiences vary.
AI and its Impact on the Wine Industry
The keynote speaker discussed how AI (artificial intelligence) is becoming increasingly revolutionary in all industries, including the wine industry. With advancements in technology and data availability, AI is becoming more accessible and affordable. It will have a significant impact on all aspects of the wine industry, from grape growing to marketing and sales. The speaker emphasized the importance of embracing AI as an opportunity rather than a threat. While AI can enhance efficiency and decision-making, the differentiation factors in the wine industry will continue to be quality of product, community, service, craft, and storytelling.
AI's Role in Farming and Grape Growing
The speaker highlighted how AI can improve farming and grape growing processes. AI tools, such as Google's advanced weather prediction, can provide accurate and prescient knowledge of weather conditions, enabling better decision-making for growers. AI's ability to analyze large datasets and correlations can help identify optimal grape growing conditions and make more informed choices. By leveraging AI, growers can enhance their understanding of nature's patterns and adjust cultivation techniques accordingly. This technology can empower growers to align their vineyard rows based on sunlight exposure rather than arbitrary factors, improving overall grape quality.
The Power of Embracing New Technology
Embracing new technology can be a powerful lever for personal growth and success. It allows individuals to improve and adapt their skills and processes, freeing up time for other endeavors. The key is to learn about and use new technology, seek mentorship, and be willing to make mistakes and experiment. Additionally, it's important to recognize that new technology, such as AI, can complement human skills and open doors for more people to participate and succeed. The future of work is changing, and embracing new technology is crucial for staying relevant and thriving in various industries.
The Role of AI in Enhancing Consumer Experiences
AI technology is already enhancing consumer experiences and will continue to do so in the future. With AI, consumers can expect more personalized recommendations and answers to their questions. In the wine industry, for example, AI can help identify potential flaws in wines and provide valuable insights. The use of AI in marketplaces and online sales can also improve the overall wine buying experience by facilitating knowledge-sharing, creativity, and community engagement. The growing number of alcohol drinkers and their increased curiosity and willingness to try new things present a great opportunity for AI to enhance consumer experiences and expand access to a wider range of products.
If you make wine, sell wine, ship wine, or drink wine, the conversations and presentations that took place here matter to you. We learned about emerging technologies, new tactics, eminent legal threats, changing consumption and much more over 2 days in Concord. If you couldn’t make it to the conference, missed a speaker you wanted to see or want to learn more about a presentation, this episode is for you. Over the course of 10 guests and nearly 4 and half hours of recording, we bring the DTC Wine Symposium directly to you! So buckle up and maybe head out for a road trip, this one is a journey! [Ep306]
Timestamp list of guests:
Cathy Huyghe, Enolytics 00:35
Lulie Halstead, Gérard Basset Foundation 22:03
Steve Gross, The Wine Institute 47:43
Walter Carter, Danza Del Sol Winery 1:23:40
Liz Thach MW, Wine Market Council 1:47:00
Jennie Gilbert, Red Chirp 2:12:05
Kat Gordon, The 3% Movement 2:38
Jennifer Freebairn, Lasseter Family Winery and Philipe Theibaud, Stone Edge Farm Winery 3:08:25
Rishad Tobaccowalla, Publicis Groupe 3:48
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