Like many things, growing a business is not a linear process, where each step forward is the same height as the last. This next step that they want to take is a big one, because now they have to find a way to reach their consumers outside of the Restaurant channel, and that means going direct to market, or direct to consumer, and of course eCommerce is a booming channel.
Sounds like a cunning plan, that can only make them millions until they realise that they’re not a household name like Wagyu, people don’t know or understand their story, and to date they’ve relied completely on the profile of the restaurants, and the chefs, to put a face on their product.
You see when any of us buy a luxurious or prestigious product, a large part of why we are willing to pay a premium for it is so that we can show it off.
There’s a very good reason that the Mercedes logo is featured so prominently on the hood of their cars.
You would never invite friends over for a dinner party, and fork out $90 a kilo for your Dry Aged Wagyu beef without telling them about it, and most of us wouldn’t go and eat at a fancy hatted restaurant on our own.
When any consumer buys a luxury brand, part of what they are buying may well be self indulgence, but by and large it is self promotion that they are after.
Luxury brands are most lucrative when they can be shared.
Any attempt to sell a luxury item to any consumer that has no brand will fail, no matter how good the actual product is. And if your strategy is simply to put your product out there and let it stand on its own two feet, you are crazy. None of us have control over organic social media, and your competitors certainly aren’t going to sit back and let you get a free kick.
Now let’s look at this same scenario and replace the word marketing, with growth.
Instead of your marketing strategy being an afterthought, suddenly your strategy for growth is fundamental to your future success.
A marketing strategy is more likely to have an end date that is short term, plan it, print it, distribute it, and it’s done. Whereas a strategy for growth is ongoing, longer term, bigger picture stuff that comes up much earlier in your business planning – if not right at the conception stage.
Planning for growth is usually ‘why’ you’re in business in the first place. Most people go into business because they see an opportunity for the future. They see a chance to have something more than just a job. Building a company employs others, sure, but that entity is what you’re directing, and the dreams are usually big.