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INSIGHTS & JOY
A business newsletter with Pizzazz! "We help leaders become better marketersusing a holistic business approach!"
Good news is meant to be shared. The story of Tito Beveridge's success with 'girl vodka' is one I think you will thoroughly enjoy. It's happening in Austin, but I noticed the story in the business section of The Dallas Morning News. My other good news is that I have finally completed the first edition of my book, Marketing Facets - The Market-focused Guide to Company Analysis. Marketing Facets has been a labor of love, played out over the past twelve years. I use my workbook in many ways as part of my consulting practice. It finally dawned on me how helpful the same question and answer format would be to others who face the daunting task of determining the current health and future prospects of commercial businesses. Please wish me luck! Feel free to forward Insights & Joy to friends and associates Subscribe directly by e-mail to rpmorgan@morganmarketingsolutions.com and writing "subscribe" in the subject box. Check our web site for $ Million Marketing Tips, Insights & Joy Archive, Speakers Bureau, and our Article Library! www.morganmarketingsolutions.comIN THIS ISSUE
The improbable entrepreneur Here's a success story so intriguing I just
cannot stop thinking about it. Tito's Handmade Vodka is the product of Tito
Beveridge, a geologist from Austin, Texas. The story of how Tito won the Double
Gold Medal at San Francisco's 2001 World Spirit Competition is nothing short of
amazing! He topped every other vodka in the world with his 'girl vodka.' That
includes Smirnoff, Stolichnaya, Absolut, Skyy, and Ketel. His term 'girl vodka'
means a clean, smooth, high-quality liquor that women would like and buy, and
that guys would gladly buy for them. Now, that sounds like a winning
combination!
Mr. Beveridge started with the 'girl vodka'
idea, no license, no distillery, and no experience. He was searching for
something interesting to do after trying a series of other careers. The idea of
producing world-class vodka in Austin, Texas (a state previously without a legal
distillery) was considered by investors to be preposterous. To get started, he
read up on microbrewing and distilling, put up what little cash he had and went
into hock with credit cards. Tito built his first 16-gallon "moonshiner's" still
and began to experiment, finally getting up the courage to taste his
brew with the fourth batch. It was pretty tasty and he didn't die, so he
pronounced it a success.
His distillery, consisting of a group of metal
buildings and a double-wide trailer, brewed about 1,000 cases of vodka in 1997.
In 2004, Tito and his staff delivered 58,000 cases, most of which stayed in
South Texas. Today, Tito distills Handmade Vodka in two additional 330
gallon units along with a huge 12,000 gallon still. The additional capacity
will probably mean 120,000 cases of 'girl vodka' this year. When Tito reaches
300,000 cases, he will join the Top 100 brands by volume! That sounds like a lot
of booze, but Sweden's Absolut vodka, sells 4 million cases per year
in the United States. Overall, vodka is 26 percent of the total distilled spirit
market in the U.S. and its popularity is steadily increasing. Tito inadvertently
chose a growth segment of the market.
Friends suggested that he put his name on his
vodka. People don't get to meet Jack Daniels or Johnnie Walker, but they can
actually meet Tito. It is a pretty good marketing strategy for a cult-type
distilled beverage. A number of the high priced cult wines, like Grace
Family, from California employ a similar positioning. For proof that Tito's
Handmade Vodka is catching on, consider that he now ships his vodka to 38 states
and four Canadian provinces. Critic Robert Plotkin said, "Tito's Handmade Vodka
can go head-to-head with any of the world's best and not break a sweat."
The next time you hear of some whacked-out
character touting some weird idea for starting a new business, it might be well
to withhold judgement for a little while. Once in a while the "improbable
entrepreneur" turns his or her idea into a profitable and rewarding
venture!
Tito's story was featured on the
front page of The Dallas Morning News Business section on February
17th.
Marketing Facets - The Market-focused Guide to Company Analysis I have recently completed Marketing Facets - The Market-focused Guide to Company Analysis. Marketing Facets is a practical resource for those involved in determining the current health of a company and gauging its future prospects. I designed my 103-page guidebook to be a supplement to other evaluation procedures and the highly detailed information normally gathered during a thorough due diligence or business valuation process. The workbook takes a holistic approach, assembling facts and management assumptions in key areas for analysis and conclusions. Marketing Facets is a valuable resource to private investment fund managers, individual investors, venture capital specialists, investment banks, and valuation specialists. Marketing Facets can also serve as a guide for C-level executives who wish to perform their own company analysis as part of normal business planning, or in advance of efforts to refinance or divest. Company executives may also use Marketing Facets to evaluate potential acquisitions or when the firm conducts in-depth competitor analyses. In the foreword to Marketing Facets, Charles Martin, Managing Principal/CEO, Amerimark Capital Corporation, made the following comments: "I have looked at many deals during more than twenty-five years as a merchant banker and mezzanine fund manager. When a deal goes sour, the root cause can often be traced to poor financial management and/or shallow marketing and sales competence. The general lack of marketing and sales expertise within investment teams makes this workbook a valuable resource. Investment groups tend to consist of accountants, lawyers, and bankers. Our due diligence examinations thoroughly audit past operating statements and financial records. We evaluate inventories, receivables, payables, fixed assets, legal documents, intellectual property, etc. We examine cash flow, ratios, leverage, and the firm’s ability to service debt. One of the areas most often glossed over is the future revenue generating ability of a company. Few investment teams include an individual with broad, real world marketing and sales experience who can evaluate a candidate’s marketing capability and future growth prospects. Dick Morgan provides a well-structured approach for evaluating the marketing and sales functions of a commercial enterprise. The Marketing Facets TM workbook analyzes twenty-five functions that relate to marketing by posing specific questions and requiring a firm’s management to supply detailed answers and examples."Marketing Facets is available in electronic form via the Internet, on CD/ROM, or in print with a ring binder.
Smiles make the
day!
$ Million Marketing Tips TIP: Deliver value and joy!
Clients will love you for it. Be remembered...be a high value person with a
sense of humor.
TIP: Trust and a comfortable
relationship are important decision points. "No hassle" spells repeat
business.
Amazing facts!
P.S. Ninety-five percent of our engagements originate as a referral from helpful people like you! If you know someone who:
I would appreciate the opportunity to discuss the situation with you. Our ideal client is a business owner or CEO between 30 and 60+ years old. Usually with a financial, engineering, or production background. Who is often impatient, and interested in improving company performance. Comes alive when you ask, "How's business?" He, or she, is practical but also enjoys the finer things in life.So, you may see my ideal client driving a Lexus or SUV to Neiman Marcus...and to Sam's Club. Who do you know that fits this description? A client
speaks: "Nice job with our
group. You were very much a part of our success as you helped us stay on course
through directed action plans. You brought your worth to the program Saturday
afternoon late by requiring those action plans with dates for accomplishment.
Thanks." Jimmy Moore, AmeriCAD, Inc. To unsubscribe, e-mail to rpmorgan@morganmarketingsolutions.com and write "unsubscribe" in the subject box. ©2005 Morgan Marketing Solutions, Inc. All rights reserved. Other distribution permitted with proper attribution.
Richard P. Morgan CMC Telephone 972.931.7993 fax 972.931.0542 www.morganmarketingsolutions.com ******************************************************************************************** "We help leaders become better marketers using a holistic business approach!" ******************************************************************************************** CMC (Certified Management Consultant) is a mark awarded by the Institute of Management Consultants USA, and represents evidence of the highest standards of consulting and adherence to the ethical canons of the profession. Less than 1% of all consultants have achieved this level of performance and dedication. For more information go to: www.imcusa.org
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