In this episode of the Distillery Nation Podcast, I go solo for a quick concept that I wanted to share with you all!
The idea that has been on my mind for a few months, and it really came to be from a visit at a fairly large distillery.
While I was there we talk about the usual, stills, production, process, methods but really what stood out was the concept of the cash cow?
For example, Jack Daniel's is Brown-Forman's cash cow. It’s a single product that is generating so much revenue that no only its own brand, but it can allow for the business to use those funds to finance other aspects of the operation, from getting new locations, to upgrading equipment to hiring more people.
In that particular conversation, this stood out on why there were winning, they had a cash cow in their hands!
So I wanted to ask you, what is your cash cow? Have you thought about having one, do you already have one?
And in my opinion, this is really a great strategy to help not only finance business growth but also other project and long term goals.
So my next question was what makes a cash cow and if I could summarize from their example:
- Its most likely sourced base alcohol, although not confirmed but based on the label this is what I derived.
- Its lower proof.
- It’s a liqueur, but we can argue this can be anything given the success of Jack Daniels.
- Its priced very affordable, consumers do look for end price, especially in WA where taxes are high.
- Good branding with an easy to remember the name.
I hope everyone is doing well, look for your cash cow and if you do have one or feedback on this type of podcast let me know via Tweeter @GreekDistillery or via our Facebook Group.
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