Caffeine Overload: 5 Tips on Gaining the Upper Hand in a Saturated Market
The global coffee market is easily among the biggest industries out there. Period.
With coffee as the number 2 most traded and valued commodity after crude oil, it’s no wonder why coffee and caffeine-based products are making insane amounts of profits for investors. And if market predictions will come true, things are just going to skyrocket further soon.
Industry analysts project that the Global Caffeinated Beverage Market is set to hit the $310 billion mark by 2020, riding on a 6.8 percent compound annual growth rate (CAGR) from 2019 to 2025. Additionally, the industry is also expected to make at least $349 million by 2027 on a 4.7 percent CAGR from the forecast period of 2019 to 2027.
These staggering numbers rely heavily on the increasing consumer demands for caffeinated beverages and drinks, as well as medicines and food products with caffeine as one of their main ingredients.
If you’re currently one of the millions of business-savvy individuals who have a coffee or caffeine-based business or product, one of the biggest questions that you probably have is how you could stand out in such a competitive industry.
While these are not a guarantee of success, they would offer you a great boost marketing-wise so you could put the word out there and get hordes of coffee lovers knocking at your business’ doorsteps. Here are five marketing tips on how you could gain an advantage in a highly saturated market:
The so-called ”young and caffeinated” segment of the population consumes the highest amount of coffee and caffeinated products. As such, you should try to make your products appealing to the younger generation and there are plenty of great ways you could do so. One is by sponsoring popular local athletes the same way Red Bull does. You could also try offering new products that have caffeine content but are hipper like caffeinated water. The key is to determine what the younger generation of coffee lovers want and then try to offer products that satisfy such a demand.
Offer alternatives to traditional coffee products
There are far too many restaurants, diners, and sellers offering traditional coffee and caffeine-based products that the ecosystem is practically a jungle with little wiggle room. One key marketing hack to stand out is to try to develop and promote great and innovative alternatives to such staple products Among the highly feasible products that you could explore is clear fruit-flavored water or caffeine-infused water, which is essentially water that tastes not exactly like coffee but has the effects offered by normal coffee. It has less sugar, offers hydration benefits, vegan-friendly, non-GMO certified, and gluten-free. Each bottle typically contains around 60mg of caffeine equivalent to one espresso shot — perfect to keep someone awake and alert to fulfill urgent and critical tasks.Encourage online marketing content from consumers
According to Foresight Factory, user-generated coffee-related content on Instagram increased by a whopping 4,500 percent beginning 2015. If you happen to have an online presence, this just means one thing: you should capitalize on this trend by encouraging your online followers and potential customers to generate buzz on your behalf. You could allocate one portion of your website or social media account for followers to post their content featuring your business or the products you offer. You could also encourage them to use hashtags in their online posts targeted towards promoting your brand. Urging them to leave reviews about your products or services should also do the trick of making your online presence felt strongly by your target market.Be upfront with your products’ caffeine content
To date, manufacturers and sellers of coffee and caffeine products are not legally mandated to disclose the caffeine content of their products. As a result, companies and businesses do not see the need to include such detail in their product labels or promotional materials. If you want to make your products and your brand stand out as a responsible and upright business, you should disclose just how much caffeine per serving your products have. This simple detail could spell a world of difference that would help put your brand in a positive light among consumers.Appeal to the younger generation
The so-called ”young and caffeinated” segment of the population consumes the highest amount of coffee and caffeinated products. As such, you should try to make your products appealing to the younger generation and there are plenty of great ways you could do so. One is by sponsoring popular local athletes the same way Red Bull does. You could also try offering new products that have caffeine content but are hipper like caffeinated water. The key is to determine what the younger generation of coffee lovers want and then try to offer products that satisfy such a demand.