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Not Seeing Bottom Line Impact From Wine Social Media Efforts? Then You’re Using It Incorrectly!

Vinted on July 11, 2014 binned in commentary, wine news

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.

http://www.winebusiness.com/news/?go=getArticle&dataid=135492

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.

Cheers!

Investing In Fine Wine Is (Still) For Fools

Vinted on June 19, 2014 binned in commentary, wine news

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…

Read the rest of this stuff »

“David, The Wine4.Me App Is Here. Hello Jeanine.”

Vinted on June 6, 2014 binned in wine appreciation, wine news

Those not getting the title reference today need to hang their heads in total shame! No wine for you!!

Anyway… remember, about a year ago, when we talked about the data behind a new wine app, Wine4.me?

Well, I’m pleased to tell you that the Wine4.me app is (finally!) available for download in iTunes.

The full disclosure part of all of this is that I was paid to be one of the expert tasters on the panels that formed the basis of Wine4.me’s data, and I am an ongoing contributor to their consumer-facing blog.  But they’re not paying me to tell you about the app’s release; I’m doing that because I’m genuinely excited to see it go live. Finally.

The bottom line is that while the mobile wine app space is insanely crowded right now, no other wine app out there (that I know of, anyway) is so steeped in data and the scientific method (we already know how I feel about that stuff, right?), so consumer-focused with a for-real value proposition (using that data to significantly increase your chances of finding a similar wine you will enjoy), and actually pops the corks on bottles themselves to get there. There also happen to be some lovely human beings involved in this project, and working with them has been nothing short of a total pleasure (and hey, it’s better we highlight the work of nice people, instead of that of a bunch of douchebags, I suppose)…

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More Proof That Social Influence Is Eroding The Power Of Traditional Wine Reviews

Vinted on May 22, 2014 binned in commentary, wine news

As if we needed any more evidence that consumer perception of wine isn’t all that materially different than how they interact with every other produce available in the market today, the results of a study titled In Vino Veritas? Social Influence on ‘Private’ Wine Evaluations at a Wine Social Networking Site published by Wine-Economics.org provides more proof that wine is not immune from the same type of crowd-sourced review influences that have become the norm of on-line product searching.

The study was conducted by staff from Seton Hall, Oxford and the University of Exeter, from their departments of Diplomacy and International Relation, Experimental Psychology, and Psychology departments, respectively (if you want to go up against their level of smarties, be my guest; I know when I see a battle not worth fighting). Their subject was an analysis of Cellertracker.com reviews, which makes sense since it’s currently the largest such repository on planet Earth.

To the tape (emphasis mine):

“We conducted analyses based on 6,157 notes about 106 wines posted by wine drinkers at a wine social networking site. Our findings suggest that social influence on private wine evaluations occurred by communicating a descriptive norm via written information. We provide empirical evidence that there is social influence on private wine evaluations that is greater than the effect of experts’ ratings and prices combined. This influence comes mainly from the first few group members, and increases as a function of source uniformity. “

Hmmmm. Science and data deal uninformed, incumbent opinions a blow yet again

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