Energy drink is a new popular drink in the whole beverage market. That is why beverage businesses need to be masters at making a new energy drink marketing plan to gain attention at the first step.
This writing will provide fundamental knowledge about the energy drink market and tips to make a new launch stand out.
Why is a practical marketing plan essential?
A formal marketing plan serves as a clear reference point for activities throughout the planning period
A marketing plan is well-prepared material that details the actions to sell a product, service, brand, or corporation as a whole. Marketing plans can last anywhere from one to five years.
Key Points
- Every marketing strategy is written and developed with a specific, well-defined target audience in mind, such as employees, stakeholders, or collaborators.
- The marketing planning strategy of a company is derived from and sometimes drives, the overall business strategy.
- A business plan is broad in scope and includes various department functions, such as information technology (IT), finance, operations, human resources, and marketing.
A formal marketing plan serves as a clear reference point for activities throughout the planning period. However, the planning process is perhaps the most crucial benefit of these plans. This typically provides a one-of-a-kind opportunity, a forum, for information-rich and productively focused discussions among the various managers involved.
The project, along with the associated conferences, then provides an agreed-upon context for their subsequent management activities, including those not explicitly mentioned in the plan.
In essence, a marketing plan:
- Makes the marketing team examine their previous decisions and comprehend their outcomes; makes the marketing team examine the environment in which they operate;
- Establishes a future course of action that all members of the organization should understand and support;
- Assist in obtaining funding for future initiatives.
Marketing plans are included in business plans, and they provide data that shows investors how the company will grow and what kind of return on investment they can expect.
Thus, marketing plans are written to:
- Fulfill the requirements of the marketing department’s yearly planning process;
- Describe a strategy for launching a new product or resolving a current issue.
- Obtain funding from outside sources.
Eventually, marketing plans serve a purpose both within and outside the organization.
Recommended reading: Beverage packaging: An amazing tool for your marketing strategy
Energy drink market overview
Global energy drink market: Market size, by region
The energy drinks market is predicted to rise at a CAGR of 9.12 % between 2021 and 2026.
Fitness clubs and other sporting arenas were closed down in significant parts of the world following the onset of the COVID-19 pandemic.
The governments took this step to limit the spread of the coronavirus, which harmed energy drink sales in the global market in 2020. However, consumers continue to cling to workouts and engage in various exercise regimes in the comfort of their own homes, resulting in continued demand for energy drinks.
Furthermore, many economies removed strict lockdown measures by the end of 2020, resulting in the opening of fitness clubs and sports clubs, resulting in the recovery of energy drink sales.
Increased urbanization, rising disposable incomes, and rising health consciousness among consumers contributed to increased demand for non-carbonated beverages.
Young people consume a lot of energy drinks because they claim to improve their performance, endurance, and alertness. At once, long and erratic working hours come along with the increasing frequency of social gatherings are driving Indian consumers to consume energy drinks.
Besides, an increase in the number of health-conscious consumers and increased consumer awareness about active lifestyles, and rising rates of lifestyle-related diseases influenced health-conscious consumers to choose healthy and sugar-free drinks. The energy drinks market is also expected to expand as promotional, and advertising strategies become more complicated.
Competitive Landscape
The energy drinks market is highly competitive, making it difficult for new and small businesses to compete. Many companies with significant market shares in the energy drinks market are Monster Beverage Corporation, Red Bull, The Coca-Cola Company, Rockstar Inc., and PepsiCo. To scale their energy drink production in the region, companies in the market are focusing on personalization and convenience and providing healthy, zero-calorie, and low-sugar functional energy drinks.
Furthermore, product launches may assist businesses in capitalizing on the enormous growth potential in developing regions. The majority of manufacturers raise product awareness through advertising and celebrity endorsement. In addition, energy drink manufacturers sponsor major sporting events.
North America dominates the energy drinks market
In the United States, energy drinks are an essential part of social gatherings, parties, and celebrations.
The high consumption of energy drinks, combined with the massive coffee culture in the United States, has pushed the concept of energy shots into the mainstream, which is a major factor driving energy drink sales in the country.
In the United States, energy drinks are an essential part of social gatherings, parties, and celebrations. Manufacturers such as Red Bull, Monster Beverages, and others offer their energy drinks in various flavors and two major packaging formats, including PET bottles and cans, giving consumers a wide range of suitable drinks to choose from in terms of both packaging and flavor.
Furthermore, soda consumption in the country is dropping, which has created an enormous opportunity for manufacturers such as Coca-Cola and PepsiCo, attempting to harness the name awareness of their legacy brands by making a bigger mark in the rising energy drink sector.
For example, in 2019, Coca-Cola announced the release of its first energy drink under the brand Coca-Cola Energy, Coca-Cola Energy Zero Sugar, Coca-Cola Energy Cherry, and Coca-Cola Energy Cherry Zero Sugar.
Recommended Reading: Private label energy drinks: Fundamental knowledge for successful
A winning marketing plan – 4 Easy ways to gain attention for a new energy drink launch
Products that gain traction early on have a better chance of succeeding
A new product launch is critical to the success of a small business. Unlike larger firms with more expendable resources, small businesses frequently cannot afford for their new product to fail.
Thus, it is critical to establish a new development in the minds of consumers as soon as possible. Products that gain traction early on have a better chance of succeeding, whereas those that fail to gain traction may fizzle out. Organize your marketing efforts and employ specific strategies to generate interest in your new product.
1
Increase your advertising before the product launch. According to Michael John Baker, author of “The Marketing Book,” you should utilize more advertising during a product’s introduction than at any other time in its life cycle. This is because you want your customers to recognize your product as soon as it is accessible.
2
Distribute product samples to provide customers with firsthand experience with it. You can distribute products through various channels, such as in-store promotions, mail-outs, or by publishing coupons in print advertisements.
3
Send out press releases. According to David Meerman Scott, author of “The New Rules of Marketing and PR,” press releases can be an effective way to gain publicity.
Your press release should outline the product’s benefits and emphasize how it differs from existing products. It should also include images that news organizations may use and contact information for anyone wishing to speak with company officials.
4
Organize a launch party. Invite industry professionals and the media to a launch party for the new product. These are influential individuals whose views can impact the purchasing public. Make product samples available, and center the theme on the product. For example, if you’re launching a strong energy drink, throw an energy-themed party.
Wrap up
These days, it’s easy to manufacture but hard to make new launches stand out and stay stable in the rapidly changing market. That is why marketers need to know how to catch customers’ attention in the first place.
This writing briefly suggests you some easy ways to make customers remember your new energy launch, but it’s just the first step to making your product striking through time.
If this topic is valuable to you, you can learn more about other marketing tips or similar issues on Tan Do’s blog any time!
