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Marketing Expert: Debunking Myths with Larry Lockshin. Using DATA + EVIDENCE
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- Опубліковано 15 сер 2024
- We're Thirsty! Buy Us A Glass Of Wine!: ko-fi.com/wine... We're Thirsty! Buy Us A Glass Of Wine!: buymeacoffee.c... Get Larry's e-Book: 'This Little Pinot Went To Market' Here: bit.ly/49mnFS2
Larry Lockshin, a wine marketing expert, discusses evidence-based marketing, the challenges of data-driven marketing, the myth of customer loyalty, the 20/50 principle, the impact of iOS updates on digital advertising, making marketing efforts data-driven, the cost of marketing and hiring external agencies, and the efficacy of wine shows and medals. In this conversation, Larry Lockshin and Brendan Carter discuss various topics related to wine marketing and consumer perception. They explore the impact of wine shows on winemakers and the importance of interaction at these events. They also discuss the shift in consumer perception of third-party endorsements and the evolving role of wine ratings and reviews. The conversation delves into the history of wine evaluation methods and the influence of wine critics. They also touch on the significance of label design, the potential of alternative packaging options for wine, and the challenges and potential of sustainable packaging. Finally, they explore the revitalization of wine regions and the importance of building brand associations to change consumer perceptions.
TAKEAWAYS
- Evidence-based marketing relies on large sample sizes and data analysis to make informed decisions.
- Customer loyalty is often overestimated, and acquiring new customers is crucial for growth.
- Digital advertising has become more challenging due to privacy concerns and changes in tracking capabilities.
- Smaller wineries can benefit from hiring external agencies to handle digital marketing efforts.
- Wine shows and medals have limited impact on consumer behavior, especially for high-involvement wine buyers.
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TIMESTAMPS
00:00 - Introduction and Background
03:36 - Evidence-Based Marketing
08:25 - The Challenges of Data-Driven Marketing
13:59 - The Myth of Customer Loyalty
15:40 - The 20/50 Principle
16:36 - The Importance of Acquiring New Customers
23:21 - Making Marketing Efforts Data-Driven
25:43 - The Cost of Marketing and Hiring External Agencies
28:47 - The Efficacy of Wine Shows and Medals
36:12 - The Burden of Wine Shows and the Importance of Interaction
37:30 - Shift in Consumer Perception of Third-Party Endorsements
39:04 - The Evolution of Wine Ratings and Reviews
40:28 - The History of Wine Evaluation Methods
41:46 - The Influence of Wine Critics and the Role of Peer Recommendations
42:39 - The Impact of Negative Reviews and the Power of Consumer Opinion
43:54 - The Significance of Label Design and Consumer Preferences
45:06 - Exploring Alternative Packaging Options for Wine
46:56 - Consumer Acceptance of Alternative Wine Containers
50:02 - The Challenges and Potential of Sustainable Packaging
52:25 - The Role of Monopolies in Driving Sustainable Practices
53:52 - The Importance of Retailer Support for Sustainable Packaging
56:30 - Revitalizing Wine Regions and Overcoming Negative Perceptions
01:03:07 - Building Brand Associations and Changing Perceptions
@Wine For The People
This might sound silly but I came across Unico Zelo via this channel and happily bought a 6 pack. Knowing there was a new release 'Birdwood' could we possibly get a video running through the Unico Zelo range itself and understand the wine behind the wine makers?
Put these on spotify/podcast platforms
Great interview! As someone not in the trade but who is an amateur wine lover, it was really interesting to hear about those other aspects of the wine business.
Re wine reviews/ratings/shows, I have mixed feelings about them too. What I’ve found most helpful though is finding wine critics/reviewers who appear to have similar palates to mine, which is often, but not always, a good shortcut to decision making when I don’t have the time to go tasting at cellar doors, or money to buy a few bottles in the one go.
Keep up the great work Brendan and co.!
Oh thank you so much! We think the future is in finding the people that truly speak to YOU about wine - rather than a non-descript 'score'
loved this 'deep dive" into wine marketing. Would be great to be able to listen as a podcast too. keep these coming please.
I'm a new subscriber and would like to see more interviews like this one. Also with winemakers themselves and their processes. In my experience they're usually a super passionate, all around smart bunch!
I had the honor and pleasure of studying under and working with Larry back in 2008. Truly an incredibly knowledgeable and great guy.
I’ve been diving deep into this channel lately and love this interview! I do the same half bottle trick to save wine and it works great.
Looks like we've both mastered the art of saving wine! Cheers to that!
@@wineforthepeople Cheers!
You're most welcome!
Adored this interview. Would appreciate a part two!!
Oh thank you so much! We've been chatting to Larry, he's keen for a part 2 too!
People have been recycling cask liners into pillows for years! What’s the problem?!?
Bahaha! No problem here sir!
So interesting how marketing is so caught up in that neo liberal paradigm. I wander if stepping back a bit and ask why people make the decisions they do. Looking at the idea of bound rationality and combining with the power of AI could be the future. For example creating a GPT that you have trained it on decision making processes that can chat with the customer and guide them based on trying to work out their tasting profile etc and other data that you have provided it on your wine product. Possibly using it to educate the potential customer on wine etc. I think feeding the GPT with the transcripts of all your shows etc would be VERY powerful in training the GPT. If that was on your web page and helped me to make a decision AND it hit the nail on the head you will most likely have a repeat customer. The GPT will talk your language and assuming your clientele are educated by your content, that may be very powerful in raising sales
That sounds freakin' WILD! Most transcript programs really struggle with our thick Aussie accents - I wander how GPT would interpret them!
@@wineforthepeople you just copy and paste the text from UA-cam? 😂🤣it seems to get your southern daaance and praaaance correct
@@safmyk1 Hahaha! This is totally a discussion for our discord, I bet someone there could help us build an auto-WFTP customer guide haha. 'Henry Says: Buy Chardonnay'
I have no idea what discord is but happy to help…. Henry should really redirect to Chenin Blanc - Chardonnay is so passé