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Disappointed that your wine sales aren’t seeing an impact from your social media efforts?
Then this study of the social media impacts experienced by nearly 400 U.S. wineries strongly suggests that you are approaching social media incorrectly. Which will come as a surprise to exactly.no-one who reads this big regularly.
A quick quote:
“The results show that 87% of wineries in the sample report a perceived increase in wine sales due to social media practices.”
That’s it, we’re done here, the end. Seriously, go read the summary, and then if you decide that you’d rather not increase sales, don’t bitch and moan if your winery or band tanks eventually.
The debate on this topic is over. If you still think social media has no/little place in wine, then in the words of Obi-wan Kenobi, “you are lost!” If that remains your stance, I cannot help you; go back to sticking your head in the sand in your flat, 3,000-year-old earth where humans didn’t evolve from primates and the climate isn’t warming.
My friend Paul Mabray, of Vintank, recently gave a speech at the 2014 Wine Communicators of Australia event. The topic was, roughly speaking, the digital divide in the wine world. You can read a transcript of the entire talk given by Paul here. And if you’re in the wine biz, you really, really need to read the entire thing.
Yes, all 70+ pages of it. Because this speech shows just how bad the wine biz is at digital right now. How bad? Calling the wine biz staggeringly, hilariously bad at digital is probably slightly understating the scenario a little bit.
This is the wine biz at digital in 2014:
And here’s what the wine consuming populace wants wine to be when it comes to interacting with them in the digital space:
The disconnect is immense, which is what Paul’s speech deftly demonstrates in the kind of blood-splattering, gory, Mortal Kombat (“FINISH HIM!!!”) detail that is representative of ass that the wine biz ought to be kicking when it comes to digital (but doesn’t). Now, while I certainly appreciate that there will likely be at least some complainy-pants moaning criticism regarding the details of this topic, please read Paul’s entire speech before levying them. Seriously, there’s that much ammunition in this lengthy but excellent talk.
Below I offer some of the money-shots from Paul’s speech (emphasis mine), that I think illustrate just how far we in the wine world have to travel before being able to collectively call ourselves up-to-speed on the digital consumption of wine media…
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We have (rather strong) anecdotal evidence that purchasing fine wines as investment vehicles is, for most people, an absurdly bad idea.
Those examples, as strong as they are, could be criticized as falling under the “fallacy of small numbers” category, however, which might lead the hopelessly duped eternal optimists out there to conclude that in their cases, investing in fine wine for profit will somehow be different.
A recent article in the Wall Street Journal, however, should dispel that myth for all but the most hopelessly duped. The bottom line is that the WSJ dug into what might be the most comprehensive scientific study yet performed on the returns of the fine wine investment market, going back over historical selling prices of the last one hundred years or so, and its conclusions are sobering (see what I did there?):
“After mining historical price data for top clarets going back to 1899, including the prices fetched in auctions before World War I, the researchers calculated that over the entire period, the prices of these wines beat inflation by an average of 5.3 percentage points a year.”
While that might sound encouraging, it’s not. Any such returns and performance have to be adjusted for expenses in order to show the actual rate of return. When that was done, the results looked a lot less profitable, particularly when compared to good old fashioned, boring stock index funds…
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