Think back to the last time you considered making a change to the fountain or ready-to-drink options in your bar or restaurant. It can be easy to overlook, but your beverage selection is a vital part of your menu. Keeping your options fresh and updated builds customer loyalty and drives new sales.
Changing up your beverage product mix can be an effective strategy to refresh your business, attract new customers, and meet evolving consumer preferences. Whether you're running a vending machine business, a micro market, or a retail outlet, there are considerations specific to your market, industry, and niche.
But of course, that’s easier said than done. Believe us, we know. Determining the best product mix strategies for a beverage company can be difficult. So, we’ve put together a few tips that will help you make the best choices to guarantee happy, loyal customers.
Consider Market Trends
Functional and healthy beverages have become must-haves in most establishments. Recent data from Nielsen IQ indicates that customers are leaning toward healthier and more functional options than ever before. What’s the best way to gauge what’s available (and trending!) in the market?
- Stay up to date with the latest trends in the beverage industry. This includes shifts towards health and wellness, sustainability, or specific flavor profiles.
- Attend trade shows or industry events to discover new products and innovations in the beverage sector.
It’s helpful to start by gathering feedback from customers to understand their preferences. Use surveys, social media, or direct interactions to gauge what beverages they'd like to see in your mix. Consider the demographics of your customer base. Different age groups, locations, and lifestyles might have varying beverage preferences.
Whether for refreshment, satiety, energy, hydration, immunity boosting, sleep aid, blood sugar management, or any other functional benefit, consumers are demanding more than ever from their beverages. That’s asking a lot from a bottle of liquid, isn’t it? But that just means it’s an exciting time to meet customers’ needs. When your beverage product mix strategy provides a nice balance of classic drinks alongside newer, functional, better-for-you alternatives, everybody wins.
With the growing emphasis on health and wellness, consider adding healthier beverage options, such as:
- Low-calorie and sugar-free drinks
- Sparkling water and flavored water, including non-carbonated
- Kombucha, smoothies, and other probiotic beverages
- Plant-based milks and protein shakes
According to research from Global Market Insights, the global plant-based beverages market was valued at $28.06 billion in 2022 and is projected to reach $71.46 billion by 2030. This translates to—don’t sleep on veg-based beverages. Consumers are clamoring for leafy varieties even when it comes to what they drink!
Remember to diversify your beverage mix to cater to a wider audience, and consider all angles of preferences and tried-and-true favorites consumers know and love. This might include:
- Traditional soft drinks and energy drinks
- Coffee and tea (hot and cold)
- Juice and sports drinks
- Alcohol-free craft beverages (e.g., non-alcoholic beer or mocktails)
Be Proactive, Not Reactive
It’s always better to lead the charge than it is to sit back and react. By offering brands and options your customers are seeking, you can stay ahead of the competition. Once you offer a consumer the beverage they’re excited about, you’re likely to see that person return.
But how do you make the right decisions? It starts with your customer base. Nobody knows your customers like you do. Are sugary soft drinks your biggest movers, or are better-for-you options like water and flavored seltzers more popular with your clientele? Maybe your neighborhood is full of active people who prefer sports drinks, or busy folks looking for an extra boost with energy drinks.
While it’s important to offer a varied selection, your beverage product mix strategy should prioritize the types of drinks your most loyal customers drink most. Our team at Bernick’s is completely immersed in the world of beverages and finds great value in keeping our busy customers apprised of market and industry changes. We stay on top of these trends so that you don’t have to.
- Supporting local brands can resonate with customers who prefer to buy locally-produced goods. Find local beverage producers to add to your mix.
- Emphasize sustainability by sourcing beverages with eco-friendly packaging or those produced with sustainable practices.
- Rotate your beverage selection based on the seasons. Offer refreshing drinks in summer and warm beverages in winter.
- This approach keeps your beverage mix fresh and gives customers a reason to return for new products.
Because of this, when it comes to making proactive choices for your establishment, we can share information on the food and beverage industry to help you make informed choices that are best for your business and your customers. Relying on our team of experts to assist with forecasting, marketing, and product knowledge makes your job easier and your business more successful.
Track Your Fast and Slow Movers
Of course, sometimes decisions don’t pan out. That’s okay! As long as you track your successful and less successful beverage options, you can make informed decisions about what to keep and what to change.
- Start by analyzing your current sales data to identify which beverages are popular and which ones are underperforming.
- Look for trends in customer preferences, such as increasing demand for low-sugar or plant-based drinks.
For bag-in-box soda systems, this may seem difficult at first. But this helpful article provides an easy guide to calculating how many servings you can expect to get per box, making inventory a breeze.
Before making significant changes, test new products with limited-time offers or seasonal specials. This allows you to gauge customer response without committing to a full product line. Consider offering samples or promotional discounts to encourage customers to try new beverages.
Armed with this data, you can feel confident about adding another craft soda or non-carbonated drink to your menu.
The Right Mix
Sometimes, it all comes down to variety. We know that this can be intimidating. However due to the easy access and availability of options through a supplier partner like Bernick’s, it’s easier than ever to change things up.
You don’t have to change out every single line or replace fountains completely with new offerings. Though there are national declines in certain categories as well as “slow movers” in your particular business, it doesn’t make sense to completely stop offering a certain brand or kind of beverage.
People still want options, and limiting your menu or changing it up too often might negatively affect your bottom line. Our best advice is to add the beverage product mixes that make sense for your business, market them well, and make adjustments along the way with our support!
Let Us Help!
A beverage company's product mix strategies can be overwhelming. To boost sales, position high-margin or high-demand beverages in prominent locations.
- Use eye-catching displays or signage to highlight new products or promotional items.
- After changing your beverage product mix, monitor sales data to determine the success of the changes. Be prepared to adapt based on customer feedback and sales trends.
- Continuously iterate and update your mix to maintain customer interest and respond to changing market dynamics.
By following these tips, you can effectively change up your beverage product mix, attracting new customers and keeping existing ones interested in your offerings.
And when you work with Bernick’s, you’re working with a partner who is invested in your success as much as our own. We love to build relationships with other local businesses and see them thrive. If you feel like your beverage product mix could use a shake-up and don’t know where to start, download our free Beverage Options eBook today.
