A company's name and position in the market and among its competitors are well-known. Its products and services command its legacy and the rationale for its place in the market. The same may be said for the Boost Juice corporation. Among Australia's most popular juice manufacturers, it's well-known to consumers.
About Boost Juice
The Australian food and beverage business is home to well-known companies like Boost juice. Janine Allis, a Retail Zoo employee, stumbled into it in Chadstone, Melbourne, as a spinoff in 2000. When Janine visited the United States, she noticed the popularity of juice bars and got the idea to create her own. With the help of an Australian friend, she started Boost Juice in Sydney.
The business expanded to 175 locations in Australia and New Zealand just four years after incorporating her concept. Even though it failed to generate revenue in New Zealand, its outlets were sold to the juice brand Tank in 2006. On the other side, the company began expanding its operations into new nations, such as the United Kingdom, Chile, Singapore, and Thailand.
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Juice and smoothies are the company's primary product offerings. Major food companies such as Nestle collaborated in 2008 to produce fruit smoothies in the United Kingdom. As a result of these setbacks, the corporation was forced to reconsider its plans for expansion into China.
Despite this, it was able to grow its operations in India during the year 2014. Today, the company conducts business in both developed and developing countries, and it has a total of 550 locations where it provides specific consumers with its products and services. Furthermore, the corporation has expressed concern about the long-term viability of the environment. In 2017, it introduced the environ cup, and in 2018, it switched to a stainless steel cup to further reduce its environmental effect
Boost Juice Australia Market Statistics
The company\'s annual revenue is over AUD 135 million, and it's expanding year by year. However, Retail Zoo is the company's parent, and the majority of its shares are owned by Bain Capital, which generates $ 1.35 million in revenue annually. Retail Zoo also expects to expand and reach eyewear network sales of 4448.1 million in 2020. This is a sales increase of 0.6 per cent (Thompson & Macdonald, 2020).
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The business expects to generate $34.1 million in EBITA from Boost juice Australia, making it the top earner among Retail Zoo's subsidiaries. It's estimated that Boost International will bring in $2.2 million in revenue for the company. Because of its stronghold in Australia, this corporation will likely continue to develop in the future
With operations in several countries, the Boost Juice company need an effective global marketing plan for product promotion. This often includes the advertising approach, product pricing, distribution strategy, and so forth. Boost Juice's numerous marketing methods and tools are examined in this section.
Marketing Mix of Boost Juice
Boost Juice's primary offerings include a variety of juices and smoothies. Blended drinks and crushed drinks are also included in the list of beverage types. The items are also classified according to health benefits, with lower-calorie, dairy-free, and gluten-free options available based on consumer requests.
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Some of the things are banana buzz, berry crush, cookies & crème, coffee dream, immunity juice, and so on (Boost Juice Menu Prices in Australia, 2020). Boost Juice is committed to keeping its clients healthy and well-nourished by offering them juices tailored to their tastes
Customers are confident about the company's ability to provide them with fresh juices and smoothies. Pricing for Boost juice is built around this principle. The company uses a cheap and competitive pricing strategy, with juices starting at $6.10 and going up to $9.20. (Boost Juice Menu Prices in Australia, 2020). Prices are kept lower than their competitors to draw in more customers under the pricing strategy.
The corporation has implemented an extended distribution plan to provide its items to customers all around the world. Customers can purchase the products through the company's retail locations as well as major retail outlets. In addition, the business of the firm has been extended to numerous countries. It has a distribution plan of 550 locations to gain a more significant part of the market. Additionally, it has 270 locations in Australia alone, allowing it to establish a substantial market share.
The marketing mix wouldn't be complete without promotion; thus, it's critical. It's vital to raise client awareness of your product or service. As a result, Boost juice has employed various marketing strategies to help spread the word about its offerings.
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Instagram and Facebook, for example, are places where customers can find out more about the brand. It uses these channels to share images and videos of its products, customer testimonials, and contests with its audience, keeping them informed about changes to the brand.
In addition, the corporation advertises its products to customers using other media such as television, banners, and newspapers. Thus, Boost Juice has an active product promotion approach to raise client knowledge and interest.
Boost Juice STP
Boost juice has offered a wide selection of goods to clients. Variety comprises fruits, vegetables, coffee, other items, and a wide range of caloric content. As a result, it serves a vast consumer base and offers a wide range of products to meet those demands. As a result of the STP strategy, the company's target market will be better understood.
The company has segmented its market clients based on demographics, geography, and behavioural characteristics. The company targets customers aged 10 to 40 years old with an average income level based on demographic segmentation. Customers from more than 30 countries are represented in the geographic segmentation. Among these, urban areas receive particular attention. Boost juice has separated its clients into behavioural segments based on competitive costs and customers' high-quality items.
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Teenagers and adults who are health concerned and seek out low-calorie, low-sugar energy beverages are the company's primary target market. This market niche is targeted by the company's healthy and nutritious drinks. The intended audience includes people of all sexes and socioeconomic backgrounds.
Quality, variety, and pricing have helped the company gain a competitive advantage among its clients. The company differentiated its products from its competitors on the Australian market by offering low prices and nutritious drinks. Boost juice's location about its rivals is depicted in the following positioning map:
Beverage Industry Analysis Using PESTLE and Five Forces Model
The beverage sector was once one of the most valuable businesses on the planet. Customers and service providers alike benefit greatly from this industry's numerous options. It's becoming increasingly popular because of its tremendous growth potential. This section explains Porter's Five Force Analysis in more detail. It's a fantastic way of assessing a market's potential.
The Threat of New Entrants
There are numerous reasons why new entrants to the beverage business pose less of a danger.
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Organizations that are already up and running enjoy a financial and performance edge. This is because the existing businesses have a good market reputation. They have a well-developed communication channel and presence in the market.
Existing businesses have a better chance of introducing new products and services because of their well-known brand name in the industry. Most significantly, it will have a difficult time seizing control of the distribution routes.
Threat of Substitutes
This particular section has high potential. It is due to the following reasons.
There is a good chance that new players will enter the market. It's mainly because the business sector has such bright growth prospects. Due to their cheap price policy, clients may decide to switch to another brand. Many customers place a great value on being able to afford new things.
Additionally, some consumers enjoy trying out new brands, raising the stakes even further.
Bargaining Power of Suppliers
In the beverage business, suppliers have limited negotiating strength. This is the case for the following reasons:
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Companies have a greater tendency to change suppliers. As a result, suppliers have a tough time getting their point across to established enterprises.
In the beverage industry, there isn't much competition. Bottling equipment makers and packaging material providers fall under the supplier category.
Many companies provide these products, which weakens the negotiating strength of vendors.
Bargaining Power of Buyers
Because buyers have a lot riding on this industry, they have a lot of negotiating power. There are numerous reasons for this:
Buyers, in this case, are members of the younger generation who are open to trying new things. These people are continually on the lookout for new flavours to satisfy their preferences. As a result, they have the upper hand when it comes to pricing strategy.
Also, a supplier's price adjustment may cause a buyer to switch brands. The suppliers are therefore constantly on the lookout for measures to keep beverage prices stable.
It takes years of high-quality delivery to earn the customers' loyalty. Changing the price or flavour can be bad for a company's brand and public image for various reasons.
Rivalry Among Existing Players
Because of the intense competition in the beverage business, there are more opportunities for rivalry among the current companies. Some of the most critical factors are as follows:
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The beverage business is growing slowly, making it challenging for newcomers to establish themselves in the market.
Brands are significant to buyers. Thus existing brands will always have a following. They have an advantage over newcomers or competitors because of their popularity among the users.
New brands have a much lower likelihood of succeeding because of the already-established tastes and preferences.
Boost Juice Marketing Strategy
When it comes to the beverage market, Boost juice has created a name for itself. One way to see the company's progress is to look at the growth metrics. From the owner's kitchen, the company has expanded to the global market. The company's successful marketing strategies are one reason for its remarkable growth.
Boost juice has always taken great care in selecting the marketing methods it would use. The organization uses unconventional marketing strategies to pique customers' interests. The company has used a wide range of marketing strategies, from creating new product lines to making Boost juice a household name.
It adheres to both over-the-top and under-the-line marketing strategies. Social media, television, radio, direct mail, and an exciting website are all examples of included marketing outlets. For smartphone users, the company offers a highly engaging app. This software aids the organization in establishing direct touch with its clients and stay current with the help of client feedback.
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Even local marketing is encouraged by the business. This is accomplished with the assistance of a wide range of local merchants who customize their marketing methods to attract new clients to the brand. This juice company collaborates with its local sellers to participate in community activities like block parties and other social gatherings.
Clubbing with school fundraisers, joining gyms and clubs, and participating in other social events are examples of this. It has a vast green mascot named Barry to encourage participation further. As a result, the business can better connect with children and extend its affiliation through warm hugs and smiles.
Popular Marketing Campaigns by Boost Juice
Every year, the corporation creates a calendar detailing its marketing strategies. This is done in consideration of the industry's preferences, dissatisfactions, and foreseeable future trends. It also makes sure that the interests of its clients are respected. A few of the famous marketing campaigns run by Boost Juice Company are:
To increase brand awareness and in-store sales, boost juice conducts several national marketing campaigns every year. Boost juice's national marketing calendar runs all these campaigns. Each year, it outlines the various marketing efforts that will be implemented.
Recommendations To The Company
Boost Juice is an ever-growing and loved brand among people of all origins. Although it has a stellar reputation in the beverage business, Bars Est & Top Juice are fierce competitors. The following are a few adjustments that the company should make to stay ahead of its competition both now and in the future.
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It's essential for the corporation to consider expanding into the food industry as well. This will widen the base of the company's profit umbrella.
It's time for the corporation to start thinking about expanding their retail presence. This could be close to crowded areas like a market, a college campus, or even a beach.
To properly convey business values to customers, the organization must focus on internal strategy.
It can also offer improved training facilities to its personnel, ensuring smooth business and service transactions between the organization and clients.
The Boost Juice firm can benefit from new technical breakthroughs. These improvements would help both current and future customers of the organization.
The brand of Boost Juice has grown considerably over time. For this reason, it is a critical part of the global beverage business. The company's success can be attributed to the freshness of its products and marketing techniques. However, this is only one of many areas in which the business is actively active.
The company can intend to expand into other food-related companies to maintain its favourable growth. Better prospects and strategies for the company can result from this. It can also assist the business reach new markets by bringing in new clients worldwide.