By: Eric Voyer, VP of Sales & Marketing – TraQline
The Stevenson Company is proud to call Louisville, “home.” With the Kentucky Derby upon us (always the first Saturday in May), I found it only fitting to pay homage to one of the world’s best known and well-respected spirits – Bourbon – which also happens to be the key ingredient in a Mint Julep (a.k.a. ‘the official drink of the Kentucky Derby’). I’m a pretty serious bourbon fan, and given that a certain part of my brain is always thinking about bourbon, a conversation I was having here at the office made me realize that bourbon and market research actually have quite a bit in common.
Let’s clear one thing up first…contrary to popular belief, bourbon does not have to be made in Kentucky. However, there are many things that make bourbon, bourbon:
- Produced in the United States
- Made from a grain mixture that is at least 51% corn
- Aged in new, charred oak barrels
- Distilled to no more than 160 (U.S.) proof (80% alcohol by volume)
- Entered into the barrel for aging at no more than 125 proof (62.5% alcohol by volume) and bottled at 80 proof or more
Not all bourbons are created equal – This goes without saying. Among other things, the master distiller, the recipe, and the quality of ingredients are paramount in the bourbon making process. Likewise, there are many facets of market research that have to come together for a quality outcome.
So how about it? Care to learn more about bourbon – errr…I mean market research?
9 Ways Market Research Is Like Bourbon:
Distiller – While there is no official definition of “master distiller”, that won’t stop us from calling the craftsman behind the bourbon one. The traditional master distiller decides everything from the ingredients, the recipe, the barrels, the aging process and more. At each stage, he is testing and measuring the bourbon to ensure it matches the high standards he and his customers have come to expect. Each stage of distillation dictates the taste of their branded bourbon.
Project Manager – The Project Manager’s ideas and ability to translate your needs into a study may be the greatest factor in dictating a positive or negative outcome for your project. It is critical for the PM to listen to your needs and involve you in the design process. At each stage in the research process, the Project Manager will test and measure to ensure the outcome is a guaranteed success.
Quality Ingredients – Distilleries are very particular when it comes to selecting the crops to use for their bourbon. While the formulas are specific for different bourbons, the main ingredient in bourbon is corn which varies from 51% to 79%. The other ingredients are rye, malted barley (10-15% each), and wheat (10%). Yeast is used at the end of the distillation process to break down the sugars. Different strains of each (including yeast) may be used to achieve a particular flavor profile. Here in Kentucky where 95% of bourbon is made, we use our spring water, which is rich in limestone and calcium and has a high PH (also why our horses are bred so strong!). Here’s a good source for understanding how bourbon is made.
Quality Resources – Research is a process involving many people. Like using the right ingredients in the right proportion, it is essential to ensure your researcher is using the right tools and methods for the job. All of these require the right mix of resources from a team of seasoned professionals. The quality of your researcher’s network may very well dictate whether the outcome will provide insightful and informative research results that you’ll be proud to present to your company.
Recipe – First of all, not everyone even likes bourbon, but among those who do, not all agree with what’s “good.” Some people like the sharp rye notes, while others look for a smooth finish, and there are those who prefer to focus on the aroma. All of this depends on the mix of ingredients the master distiller decides to use.
Methodology – Above, we mentioned the right resources, but a great researcher must be able to sort out which resources should be used and at which point in your product design process. Each project is different, BUT – without quality partners who have experience and a firm understanding of the proper methodology, the research design will fall apart. Ensure the researcher has the right tools at her disposal before committing to your project.
Aging – “Good things come to those who wait.” Bourbon is definitely one of those things and a good batch takes time. While there is a process for instantly-aged bourbon (using pressure to infuse the oak staves into the bourbon) most bourbons take at least 4 years of aging before they can take on the distinct flavor bourbon drinkers have come to expect.
Experience – Some new companies may seem to have high-quality talent, but strong relationships and experience in the market research field are critical. With experience comes in-depth knowledge of different markets, familiarity with how others in a category are performing, creative applications of research tools, and the ability to uncover meaningful information. Moreover, established relationships with field facilities, contractors, and even other companies in your industry brings to the table efficiency and a familiarity that provides an ease of use throughout the research process.
The Batch – Most bourbons blend together multiple barrels to obtain their signature flavor. A distiller will taste each barrel when it has aged for the right amount of time, detecting the flavors for that barrel. A bourbon “rack” (where they store the bourbon in the warehouse while aging) up high will actually impart a different flavor on the bourbon versus one stored on a lower rack. This is a result of temperature, humidity, and airflow variations in the warehouse causing the barrel to expand and contract, forcing the bourbon in and out of the charred oak sides. Single barrel bourbon comes from just one barrel which makes it incredibly difficult to achieve the exact flavor you have come to expect.
Group Synergy – A great market research team should consist of many different experts: those who have marketing experience, as well as quantitative and qualitative specialists. Depending on your project, you might have more. This ensures a well-rounded group of professionals and experts who will bring different ideas and perspectives to the table.
Price Tag – Expensive isn’t always better. Each year, I hold a bourbon tasting party for my close friends to have some fun and introduce them to the differences in bourbons. We’ll brown bag each bourbon and see who can guess the right brand from the given list. My favorite finding of the night is usually when many of the guests realize that their favorite bourbon isn’t the 80 dollar bottle, but the one that’s more moderately priced.
Cost – While some market research projects are expensive, don’t assume that more expensive firms will automatically deliver the best results. Talk to the project managers, understand their philosophy, and see if they listen to your needs rather than projecting their opinions on you. You may just find that the best firm isn’t the one that breaks the bank (especially in our case!).
Packaging – Does a great-looking bottle make your bourbon taste better? Of course it doesn’t. It may be exquisitely designed and looks impressive on your shelf, but ultimately has no real bearing on the bourbon’s taste.
Branding – An attention-grabbing website or graphically rich whitepaper doesn’t necessarily make a great market research firm. While these things help illustrate the professionalism and design skills of the company, what’s really important are the insights they can provide. Make sure to take the time to have a conversation to determine if the firm really “gets you” and understands what you need from the market research.
The Pour – There are dozens of way to drink bourbon, but all that really matters is how you enjoy it: neat (no ice), up (chilled), on the rocks (with ice), on the rocks with one cube, with sipping stones (soapstone rocks that don’t melt but keep the drink cold), in an old fashioned, etc. But you don’t have to try it every single way to know whether you’ll like it or not. Talk to others, understand what’s important to you – do you want sweet? Hearty? Earthy? Once you get a good sense of what you like, it’s easy to find your new ‘signature drink.’
Type – In market research, if you want all fluff and no substance there are plenty of firms to accomodate you! If you are looking for cheap, there are thousands of ways to accomplish that as well! But if you want it right the first time, make sure you have a good conversation with the partner to understand what you’re looking for. This will dictate which type of methodology will work best for your project and what they can deliver.
The best bourbon is from Kentucky – This one might be my opinion (there are in fact, lots of good bourbons being made in Texas). To be called ‘Bourbon,’ it needs to be made in the U.S. and technically, because 95% of the world’s bourbon comes from Kentucky, it’s pretty safe to say that most of the world’s best bourbon comes from Kentucky.
You know where this is going – Ok, maybe I’m kind of biased, but I like to think that some of the world’s best market research comes from the great state of Kentucky, especially the Louisville area…particularly from the company below. But hey, I suggest you give us a call and have a talk…and if you’re lucky, I’ll recommend some of my favorite bourbons for you to try.
Contact us today for more details on how The Stevenson Company and TraQline can help you answer your toughest business and research questions! Send us an email or call us at 502.271.5250.
Additional Sources:
Electronic Code of Federal Regulations
http://www1.american.edu/ted/kentuckybourbon.htm
https://en.wikipedia.org/wiki/Bourbon_whiskey#cite_note-cfrb1i-20
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