Few leaders would dispute the notion that knowing more about your customers is good for business. Business Intelligence (BI) has become the standard for helping leadership gain visibility into business operations and make data-driven decisions. This is no less the case within the wine industry, where aggregated consumer data is popping up in places we never expected. Yet, while we know that the analysis of data is vital to maintaining a healthy brand, becoming overwhelmed with information overload is an almost inevitable side effect.
So how do you, as a winery owner or tasting room manager, get the most bang from your BI?
Over time, the benefits of business growth can be undercut by a loss of connection to customers. As your wine SKUs and channel types diversify, it can be all too easy to lose track of which customers or types of customers have affinity with which products across channels. Companies can learn how to restore that connection through a focus on personalization. Key ingredients of data-driven personalization are:
In most organizations, the heads of marketing, sales, and service usually have only limited views of one or a few sources of data. It seems obvious, but it’s worth mentioning that in order for data to have a significant and sustainable impact, all departments should be sharing insights with each other and figuring out different ways to integrate them into their operations. This not only provides a more complete picture of the status quo, but will increase efficiency.
Keeping up with the latest consumer trends, technologies, and shifts in the economy (to say nothing of the environment) is enough to make anyone who runs a wine business want to rip out their hair. With so many variables constantly impacting the way business has to be done, decision-makers often need to react rapidly to new information and make decisions quickly. As the old adage goes, the best defense is a strong offense. Make a habit of analyzing your most impactful data regularly, so you’re not blindsided by changes or trends that you didn’t expect.
Want to learn more about which metrics matter the most for running a successful wine business? Register for our free webinar on Wednesday 8/9 at 11am (PDT), as we dig deeper into business intelligence for wineries.