Five Killer Marketing Strategies for Food and Beverage Businesses
The food and beverage industry is one of the most exciting businesses out there that will sustain itself even in the time of economic hardships. This is because food is one of the basic needs of any human being. However, it doesn’t imply that running a F&B business without a strong marketing strategy will guarantee […]
The food and beverage industry is one of the most exciting businesses out there that will sustain itself even in the time of economic hardships. This is because food is one of the basic needs of any human being. However, it doesn’t imply that running a F&B business without a strong marketing strategy will guarantee profits. It’s actually highly competitive; it wouldn’t be surprising to see multiple food chains on the same street or hundreds of brands selling the same food product.
So how do you ensure survival and profitability in this highly competitive yet lucrative market? One of the most obvious answers is devising a highly effective marketing strategy. But of course, that comes after being able to make good food. It is equally important to tell people how good your food tastes. So what are the critical factors to consider while creating a marketing strategy?
How do you develop a marketing strategy?
When it comes to food, the play area is limited, so most of the players will try to go for superior taste. However, that doesn’t create differentiation and a lasting brand positioning. It is essential to establish perceptions in the mind of the consumers when it comes to specific attributes.
For instance, restaurants can position themselves as the place to get the spiciest food, place with a unique experience or theme, super-fast service, authentic American steaks, or a family friendly restaurant.
Many studies have concluded that when consumers are shopping in a retail setting without the motive of any particular purchase, the buying decision is highly driven by attractive packaging. Who can blame consumers for picking up an attractively packaged chocolate only to find out the taste doesn’t live up to the expectation. So everything from logo design, use of elements, fonts, and packaging style to the material used will be analyzed by customers before making the decision. After all, consumers have a perception that what you see is what you get.
Marketing strategy and advertising work quite differently in the food and beverage industry. Instead of being influenced by advertising, people try out new food or drinks based on reviews, personal opinion, and recommendations.
As a result, implementing an influencer-based marketing strategy is vital for the food and beverage business to be recognized amongst the foodie community and gradually gain mass popularity. A single post by a food blogger on a particular food brand will generate thousands of impressions with impressive conversion rates.
Intense competition in the food and beverage industry has made it difficult for niche food brands to fight for consumers’ attention. People usually search for a particular food or beverage before making the purchase, and it is crucial for brands to be present when they are making such decisions right from searching for information to finalizing the purchase.
It is essential to list the business in online directories and review sites and apps such as Yelp, Zomato, OpenTable, Zagat, and Dine. Such listings not only build the brand reputation but also increase the brand visibility.
Social media marketing
Apart from each brand having a unique marketing strategy and a USP, each brand has its unique personality. Social media is the best place to build on such a personality and connect with the consumers.
Driving brand engagement via social media can build brand loyalty and drive sales. Brands such as Wendy’s, Burger King, Taco Bell, and Oreo are known for witty ways of interacting with the customer. Apart from that, people also love sharing good experiences when it comes to food and beverages. A well presented or well-packaged food has a high probability of being shared on an Instagram story or a Facebook post.