Sunday May 21, 2023
Sunday May 21, 2023
Welcome back to Making Bank. On today's episode, we have Brett Berish who is the president and CEO of Sovereign Brands, a family owned international wine and spirits company headquartered in New York.
They sell a portfolio of products in more than hundred countries globally together with a proven ability to create powerful resonant brands. The international partnership, Mr. Berish, has created some of the world's finest wine and spirit and has given sovereign brands an extraordinary and unique portfolio of wines and spirits.
Don’t miss this episode of Making Bank with Brett Berish!
Brett’s dad was in the liquor industry for 45 years at the same company as kids. That's all he talked about. His brothers and him would sit around the dinner table listening to their dad talk about. That’s what inspired him to go into the liquor industry. He loved it and has a tremendous passion for the industry.
(5:20) People Build Brands
People build brands. At the end of the day, you have to find people who believe in what you're doing and you build your army. Getting people to embrace brands is the key. You got to get in their soul and it's by getting out there and talking to them.
(6:54) Brand Connections
Try to get people to be aware of the brand, and if it's a good brand, they'll talk about it. It’s called organic brand building because it's not in a transaction. It’s a relationship. Make it real. Make it authentic. To everybody you will ever work with, they should be your friends because of the brands. It's not because you saw some data.
(11:44) Brand Story
“In the 14th century, merchants would travel to the West Indies and they didn't like the taste of traditional rum. They'd call it grog and they'd blend their own out of it. And what that was referred to was bumbu. We brought that brand back to life and now this brand has eight different sugar canes from eight different countries and we bond it and distill it in Barbados, which is the original rum island. And we don't have to filter the water because it's all natural and it's got authenticity and it's real.”
(13:46) Secrets To Success
“I don't have a black box. I think it's, I think our success is blood, sweat, and tears and we're all in and it's night and day. It's constantly educating and constantly talking to people. The package has got to stand out. The name's has to be different. The look and feel has to be different. It needs to have a story. You need to have a beautiful package.”
(15:38) Taste Profile
“We created this blend. It took three years to create, but it's wild. It’s specifically different from everybody else. And if I can achieve what the profile I'm looking for, I think I'm the average consumer. I think I'm now giving myself to somebody who wants to try something different and something unique in a different profile, something completely different.”
(18:33) Biggest Challenges
You can't put pressure on a brand. You have to let it grow at its own pace. The biggest challenge will be having to have patience for it to mature. If you rush it, it will not work and you will end up falling short.
(20:37) Key Tips
You have to trust your instincts. Don’t assume everyone is smarter than you or that everyone knows better than you. At the end of the day, if you're going to jump into a business, it has to be your decision. You can take people's input, but trust your gut.