After Ferovinum closed its recent $550m asset-backed securitisation program, the fintech company looked to further deepen its expansion into the US market. It has now added industry veteran Joe Swanson, who recently joined Ferovinum, to its ranks as the head of market strategy, US. With over 20 years experience, Swanson brings a deep understanding of the drinks industry, with previous roles including brewing, distilling, brand building, and international market strategy.
Joe discusses his love of the drinks industry, his over 20 years of experience, what he loves about Ferovinum and, despite the current challenges in the US, what opportunities there are to grow in the world’s largest drinks market.
Q: Who are and what’s your role at Fero?
My name is Joe Swanson, and I’m the head of market strategy for the US at Fero. I work remotely out of my office in Maine.
Q: Tell us a little about how you ended up at Fero.
JS: I’ve been in the beverage industry for over 20 years. My first job was as a bouncer at an Irish bar in Boston, but soon after I persuaded Harpoon Brewery to take me on as a brewer – despite having no experience! That led to roles at Allagash Brewery in Maine, and then into distilling, where I worked for more than a decade at one of the earliest US craft distilleries.
From there, I shifted into sales and marketing, helping to build a national portfolio of spirits, wines, and artisanal brands for the import division of a large US distributor. I led brand strategy, pricing, and distribution across the US, working with hundreds of distributors across all of the US markets. Later, I started my own consultancy, guiding domestic and international drinks brands through the US three-tier distribution system.
Eventually, I met some Fero folks at a whiskey expo in Dublin and the rest was history. I have been working for Fero on building US routes-to-market and earlier this year joined the team full-time.
Q: What do you love most about your role?
JS: Honestly, it’s the team. After years of working solo as a consultant, joining Ferovinum has been a breath of fresh air. As a solitary operator, the only help is in the mirror, and that can be challenging. When things go great, there's nobody to tell, and when things go bad, there's nobody to tell. So just having a team was great.
However, the really enjoyable part of joining Fero has actually been the quality of that team. The people on the Fero team are exceptional – everybody is running at full speed at challenges, and nobody's afraid to get their hands dirty and get work done, and nobody wants to stop. It’s inspiring to work in that kind of environment.
Just knowing you’re swimming with the fast fish when you're swimming in the Fero school, it's really a great feeling.
Q: How does the US market fit into Ferovinum’s strategy?
JS: The US market is highly regulated, complex and not particularly innovative when it comes to supply chain and go-to-market models. It’s very heavily layered and it’s also very brittle. That creates real challenges for producers trying to scale.
Our opportunity is to apply Ferovinum’s unique resources to solve those pain points – bridging the gap between how brands build inventory in waves and how the market demands products in a steady stream. Fero can operate as a bit of a shock-absorber to this ‘tension’ that naturally occurs between these two different needs in the market.
That means there is a big opportunity to add value for both our clients in the domestic market and also for those international clients looking to enter the US market. The US is absolutely a major opportunity for Ferovinum.
Q: What are the biggest challenges you see drink brands facing in the US?
JS: Many producers still rely on traditional asset-based loans or equity funding, rather than unlocking the value of their inventory to fund growth. Shifting that mindset is a big challenge. The market is also highly regulated with the three-tier distribution model and each state has different compliance and licensing requirements, so navigating that can be challenging for newcomers.
As I said, for growth brands in particular, getting stock levels correct with their distributors, who have a real fear of being overstocked and having to liquidate excess inventory, managing cash flow and on-hand inventory levels can be difficult. With many distributor models looking at past performance instead of future demand – growth brands can find they leave money on the table. That really is where we can help.
On a broader level, the US market is dealing with declining volumes but growing premiumisation – people are drinking less, but drinking better quality products. That means underprepared or undercapitalised brands will struggle, while stronger brands with real stories have a real opportunity to thrive.
Q: Despite these challenges are there some opportunities in the US market?
JS: There are some really exciting growth areas like low/no alcohol, premium agave spirits, American single malt whiskey (now officially recognised as a category) and premium rum. These seem to really be high growth opportunities.
Ultimately, if you’ve got a great product and a compelling story – and are prepared to put boots on the ground – you can succeed in the U.S.
Q: What advice would you give to producers looking at expanding into the US market?
JS: Do your homework and build a rich, clear and repeatable value proposition. Develop a strong key state strategy where you can measure and scale incremental success. Drive partnerships with distributors that can guide your brand into the correct trade channels and help you understand how native market segmentation impacts your go-to-market strategy.
Also don’t be afraid to look at competitors. Study brands that are succeeding and learn from their strategies.
Be ready to invest in people and presence – you can’t be an “absentee landlord” and expect to grow in the US. Again find key states where you see a gap in the market and can put feet on the ground.
Make sure you’re commercially prepared: if you can’t answer some basic questions about market structure, portfolio fit and on-the-ground execution, then you may not be quite ready yet to enter the market.
Lastly, don’t underestimate the importance of a powerful partner, like Fero – it can be a game-changer.
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