Growth Analysis For The Week of December 23 - 29, 2018
Happy New Year!
Maybe because of the year-end party spirit, last week we featured three growth stories focused on the food and beverage markets. Each company successfully deployed three different growth strategies. Let’s take a look at each success:
Birdfish Brewing’s growth seems to fly on a multi-prong strategy: commitment to quality, product innovation and distribution partnerships. According to Jim Cyphert’s article in The Vindicator, Birdfish Brewery’s owners increased their distribution by offering both barrel and can options. In addition to their own tasting locations, they formed strategic partnerships with over 60 other locations in the region. Their commitment to small batches (from one to seven barrel productions systems) allows them to maintain high quality standards.. This approach also allows them to develop a large number of product variations. In fact, by year end 2018, Birdfish will have created and registered over 180 different craft beers.
Old Chicago Pizza and Taproom growth strategy is franchise expansion coupled with community partnership. Their latest success featured in Restaurant News is the grand opening of the full-service restaurant in Missoula, Montana. One sign of their commitment to their operating communities is the donation of pre-opening event proceeds to the local non-profit, Big Brothers Big Sisters of Missoula.
Sotheby’s Wine earned over $100 million in auction sales and the strategy behind their growth success is right in line with their white glove service brand. Perhaps they have simply been fortunate to float with the rising tide of luxury goods. But, as Rebekah Bell points out in her Robb Report story, Sotheby’s is wise to focus their efforts on the new group of wine enthusiasts by offering bespoke consulting services to their prospective clients to help identify exactly what their preferences are in advance of a sale. This high touch approach and investment in expert resources to provide custom service is paying off.
The key takeaway for this week’ group of successes: growth doesn’t come cheap and it may not come quick. But, investment in quality (both product and service) and commitment to strong partnerships (distribution and community) generates business growth.