Podcast
XChateau Wine Podcast
Hosted by Robert Vernick, Peter Yeung · EN
A podcast delivering wine perspectives ex-chateau. Insights, analysis, and perspectives on news and trends in the wine industry beyond winemaking, such as marketing, finance, and consumer trends. From noted wine blogger Robert Vernick (@wineterroir) and leading wine business consultant and author of Luxury Wine Marketing Peter Yeung (@winebizguy), this podcast navigates the business of wine with unique perspectives and insights.
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22episodes
Episodes
Newest firstAll episodes
The Blocking & Tackling of Building a Global Icon w/ David Pearson, Joseph Phelps
Nov 500:52:01Tap to summarizeWith over 40 years of managing some of the top names in wine (Opus One, Mondavi, Baron Philippe de Rothschild), David Pearson, President of Joseph Phelps, has developed a distinct point of view on how to build a globally iconic brand. Ultimately, it comes down to relationships and the effort required to maintain them. From focus and prioritization to spending upwards of 65% of time on the road, David hopes more wineries will follow in his footsteps to build the category of Napa and American wines globally. Detailed Show Notes: David’s background: started as a winemaker (Europe, SoCal), sensory evaluation for Hublein (now Diageo), post-MBA marketing job with Baron Philippe de Rothschild, Mondavi in France (see Mondovino movie), managed Byron, then CEO of Opus One, now President of Joseph PhelpsThe goal is to create personal relationships and care about mutual success and partnership with accounts“Focus is the hard part” - at Opus, initially London, Hong Kong, Japan; then emerging markets, Mainland China, Dubai; Phelps also prioritized KoreaSingapore distributor told him, “We’ll see you in 5 years, the French come every year.”Track people who buy wine and meet w/ them - 80/20 rule, focus on the top 20% of trade accountsAfter the top 20%, do second tier of accounts, then collectorsTravelled ~65% at Opus OneBudgets ~20-30% of marketing expenses for building relationshipsOpus One 1st 10 years - went to Asia, Canada, Europe every year, then put someone in Tokyo and Hong KongSends ~400-500 handwritten holiday cards to partners with specifics about their last visitTravel team includes a winemaker if they like it and are good at communicating, and a marketing team to better understand the marketPlease don’t make it feel anonymous, but give the meetings and message personalityAt Phelps, focused on Insignia and current vintage, show older wines to show aging potentialThe goal is to expand export to ~30-40% in 10 years vs. 12-13% of Insignia todayBrands need to think deeper about what’s unique and also where they are goingGet alignment between the story, the wine in the market, and where you’re goingThe winery owner had three objections to export: sell all the wine to US customers, don’t want to take any away from them don’t know who to sell to don’t want to spend the time and money to go thereLarger volume wines have different commercial relationships, same elements (knowing your partners, need to build), but margins tend to get squeezedBelieves that if the category is successful (e.g., Napa), everyone will be more successfulNegociants (La Place) respond to existing market demand well and are efficient distributors, but it is not in their DNA to build brandsPhelps uses the LVMH distribution network to build the brand and deliver directly to the core accountsMeasures quality of relationships w/ initial feeling, but then seeing the wines go to the market, need to see forward momentumTracks Liv-ex pricing a lot, seen upticks in InsigniaOther marketing elements: relationships happen over multiple channels now, need to do more social media, and be part of the discussionThe pricing goal is to have trade and consumer connect the innate value of the wine to the priceThe current neo-prohibitionist environment recalls the 80s and the “Mondavi defense” of wine as a potential solution Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Library Release - The Global Cork Market w/ Carlos de Jesus, Amorim Corks
May 25, 2022Tap to summarizeInterview with Carlos de Jesus, Director of Marketing and Communications for Amorim Corks in Portugal, the largest cork company in the world, which celebrated its 150th anniversary in 2020. We discussed the various uses of cork, the differences between corks and other closures, and how the business of cork has evolved over the decades. This episode originally aired in September of 2020. To access the rest of our library and support the show via Patreon!Detailed Show Notes: Amorim - 150-year history, largest cork company in the world, produces 5.5 billion stoppers per year, over 18,000 winery clients globally, most smallSources cork from 1,000s of property owners, mainly in Portugal and SpainUses of cork: wine, footwear, fishing, aerospace, flooring, and sportsDifferences between cork and other closures: technical, sustainability, and additional value addTechnical differencesOxygen transfer rate (OTR) - plastic (lets in too much oxygen), screwcap (lets in too little), cork (“just right”)Average cork has 800 million cells in itTCA - “we have defeated TCA” - mitigated to the point where cork is now gaining market shareConsistency of corks - not an issue for technical stoppers (micro agglomerates, twin top), a technology used to help with natural corksSustainability - people, planet, profitsCO2 - a single cork can have up to 562 g CO2 sink per stopperCork harvesting one of the best paid agricultural jobs, ~€125-135 / day for three months/yearCork forests are 1 of 36 hot spots for biodiversity in the worldCork forests help prevent forest fires, regulate water cycles, and trees live 200-250 yearsCorks are both compostable and recyclable (e.g., ReCORK America)Additional value add = the happy sound of a cork poppingOf the 100 most sold brands in the US (data from Nielson), the average price of wine with cork is consistently higher than other closuresClosure market19.5B closures per year12.5B closed with cork (~70%)1.8-1.9B single-use plastic stoppersThe price of cork ranges from €0.04 - 3.00 per corkScrewcaps (the lowest price), plastic, corkCork can now sometimes undercut the price of plasticSupply and demand for cork2.2M hectares of cork forests in the Western Mediterranean - lots of trees to supply the current industryIt takes 43 years for a cork tree to supply cork for a wine closure -> new research with micro-irrigation is reducing the first harvest from 25 years to 10-12 years Hosted on Acast. See acast.com/privacy for more information.
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