Pricing Your Wine

If only the wine sold itself.
You want to create it and share it with friends and visitors to your winery. If only someone would take the bulk of the production from you at a great profit to you wouldn’t life be great?
Unfortunately, you must sell your wine, and to sell it the wine must be correctly priced.
Price the wine too low, and you don’t make enough to cover the costs. You also feel like an amateur (chose your own word) for not reading your market correctly.

Price the wine too high, and you will be storing it in inventory.

Correct pricing is not guesswork.
It is the result of selecting your market segment, knowing what your customers like, why they buy from you, and assessing competitive offerings. Your own costs come last.
So how well do you know your market? Are you selling

directly to the consumer,
to restaurants,
and/or to the LCBO?

If you said all of them then you may want to reconsider.
The table below illustrates four broad segments related to wineries that require different strengths and provide different rewards. Not all wineries need to play in all arenas.

Why […]

By |September 30th, 2015|Wines|Comments Off on Pricing Your Wine|

Making Great Wine and Great Money

I stand in awe of the individuals I have met that established and operate a vineyard and a winery here in the County. They had a dream and the strength to carry it out.
Having a dream, a vision and passion are necessary ingredients of creation. They permit a dream to become reality. These visionaries have talents and energy that the rest of us can only dream about.

However, once the vision has become reality a different skill set may be required. The ship builder needs a captain to pilot the ship. The winemaker needs someone to sell their wine.

Few of us are blessed with the ability to visualize the dream and then continue on to create an enterprise that is self-sustaining, grows over time and produces the financial and psychic satisfaction to reward the efforts that have been invested.
Most of us are good at some things and less strong in other areas. So once the dream has become real we often need a team to help carry on and build a healthy and vibrant enterprise. The early building blocks of that team are the right […]

By |September 30th, 2015|Wines|Comments Off on Making Great Wine and Great Money|