If you ever visit Naveego HQ here in Traverse City, Michigan, you’re likely to notice the prevalence of microbreweries in and around town. And it’s not just our frozen winters that drives locals to take solace in a frothy brew. Craft brewing has become a booming industry in the United States, with double-digit growth over the past year. In fact, the Brewers Association values the craft brewing industry at a staggering $22.3 billion dollars.
This boom has caused a lot of entrepreneurs to think that anyone can bottle some beer and make it big. But there’s a big difference between keping your doors open and building a constantly-growing company. So, what’s that mystical difference? We should ask Brady Duncan and Kenny McNutt of MadTree Brewery in Cincinnati. Their methodology for business success? Using data to help them conceptualize, implement and grow their business.
Both Brady and Kenny have backgrounds heavy in data analysis, as an engineer and data analyst, respectively. Data supported every decision they made during their planning, development, and fundraising efforts. Since the very beginning, Kenny maintained an Excel worksheet with hundreds of sheets to measure investment, costs, and growth projections for almost every business scenario imaginable. They relied on market data to predict growth based on national trends, regional trends, and even within specific industry segments.
During this this data-intense process, they determined that bottling cans instead of bottles would be an instant hit. Based on data accumulated on sales tests, they became the first brewery in Ohio to bottle using cans. In no small coincidence, they found themselves in the top five percent of brewers nationally by volume in just their second year of business.
What can we take away from the guys at MadTree Brewery? Having superior product and passion for your business will only take you so far. But relying on data to support your business decisions will help you run a more profitable business than relying on hunches ever could.
You don’t have to be data experts to start using data to run your business. Data management and data quality solutions have become accessible, affordable, and extremely effective in helping business owners in a variety of industries. Maybe it’s time for you to learn more in order to grow your business.