A portfolio manager can be the backbone of a beverage company—the person who holds together supplier relationships, communicates go-to-market strategies, tracks inventory, sets pricing strategies, and maximizes margins, among many other tasks.
The position is so critical that Luke Bartelme, the senior vice president of marketing and sales at General Beverage in Madison, Wisconsin, says it’s the one role for which the company doesn’t mind a little turnover. “We want to give as many people as possible the experience of being a portfolio manager because we think it’s so valuable,” he says.
It can also be an important stepping stone into a senior leadership role at a beverage company for a candidate with the right combination of business skills and industry insight. To better understand how a beverage professional can land that all-important first job as a portfolio manager, SevenFifty Daily asked industry pros to share their tips.
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Gain Sales or Buying Experience
Most portfolio managers begin their career in distributor sales. “At our company, you start out with an execution team and move into a district manager role where you’re managing salespeople,” says Bartelme. “Then, you become a sales manager, where multiple district managers are reporting to you.” Portfolio manager can be a next step.
Though much of the portfolio manager’s time is spent behind a desk, they also work in the market assisting salespeople, according to Jessica Endsworth, who currently works as vice president of on-premise and education for NW Wine Company in Dundee, Oregon, but previously spent a year managing the Moët Hennessy portfolio in Oregon. “You want more density of placements from your portfolio in each account where it’s appropriate. Being able to close the sale is key,” she notes.
Distributor sales aren’t the only way into portfolio manager jobs. “Another path is to work on- and off-premise as a buyer or assistant,” says Endsworth. “Grocery roles teach you a lot. You can have firsthand experience about the approach and demand from suppliers and distributors and things like how to implement and execute seasonal programs and displays.”
“As a portfolio manager, you’re trying to match the needs of the supplier to the needs of the market, so having some experience with both helps you be that middle person.” – Danielle Ball, Galaxy Wine Company – Wilson Daniels
Danielle Ball, the portfolio manager at Galaxy Wine Company – Wilson Daniels, says working for a supplier is a great place to start. “As a portfolio manager, you’re trying to match the needs of the supplier to the needs of the market, so having some experience with both helps you be that middle person.” She previously worked as national sales manager for Oregon’s Patton Valley Vineyard and a regional sales manager at Rombauer Vineyards in Napa Valley, and found that experience with both a small and large winery helped her understand the differing needs and challenges.
Understand Numbers
Portfolio managers may be required to have a bachelor’s degree, and a major in business or accounting can be helpful. Ball has an MBA from the Sonoma State University Global Wine Business program and believes that helped her move into an executive position at Galaxy without prior employment at the company.
That being said, the most important thing is a solid understanding of numbers. “A portfolio manager role is a lot more financially driven than all of the previous roles someone should have been in, which are way more sales driven,” says Bartelme.
An aspiring portfolio manager must be able to set quarterly financial projections, understand the margin and gross profit on sales, manage a budget, and use data to anticipate and solve potential problems within their portfolio. People without a background in finance might inquire about training or mentoring opportunities at the company or look into finance classes at a local community college.
Learn the Back End of the Business
“To get to a higher-level leadership role in our organization, you have to understand the back-end processes,” says Bartelme. Because the portfolio manager is responsible for tasks such as tracking inventory, creating sales plans with suppliers, and removing obstacles for salespeople, just knowing the products and their stories isn’t enough.
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Work with a supervisor or mentor to learn about the company’s internal mechanisms. Tour shipping and receiving departments, storage warehouses, and other parts of the company where a salesperson might not typically tread. Ask plenty of questions and take good notes to develop a thorough understanding of the organization’s processes and workflow.
Build Relationships
It’s critical for a portfolio manager to have strong contacts and relationships with suppliers, salespeople, accounts, and their colleagues. Don’t wait to cultivate those relationships; start today.
“A portfolio manager typically is a liaison between the suppliers in that portfolio, the distributor, and the market,” says Endsworth. “The role has a lot of facets and often will dip into chain retail and on-premise. A portfolio manager has to be able to execute the programming and agenda that the supplier wants to accomplish on time within the distributor’s network of salespeople and warehouse.” This dance becomes much easier if a person knows and is respected by their potential partners.
Max Working, the portfolio manager for Spain, Portugal, Greece, and Cider at Skurnik Wines & Spirits, also built strong contacts within the company to increase his chances of advancing into his current role. “Get to know the people who are already in those types of roles and offer to help wherever possible,” he advises. “Communicate with your own managers about your interest and keep a dialogue open about potential openings.”
Working’s ability to speak Spanish was also a factor in the company’s decision to promote him to portfolio manager. “It’s a totally inescapable element of my relationships with some of my suppliers that we’re able to communicate in their mother tongue,” he says. While not a deal breaker, he explains, the ability to speak a second language made him a more competitive candidate.
Stay Abreast of Industry Trends
In this position, it’s not enough to look to the insights of others to determine what will drive sales. “You have to be able to look at the bigger picture and understand the role that marketing plays in end-consumer engagement,” says Bartelme. A portfolio manager must develop their own understanding of industry trends and have the confidence to make recommendations about communications and campaigns that will speak to buyers. It’s important to read, stay in touch with salespeople and other professionals, study industry reports, and otherwise stay abreast of industry developments.
In addition to being a seasoned salesperson, a portfolio manager must have a certain amount of charisma, impeccable manners, and good team-building skills, says Endsworth. So while hard skills around numbers are important, soft skills are equally valuable.
Ball agrees. “This job will give you a thick skin if you don’t come in with one,” she says. “Everyone wants your attention and for you to do something for them. It’s hard to feel like you’re being successful all the time. You have to have a decent sense of humor and not take yourself too seriously. People who are intrinsically motivated and have their own standard of performance for themselves, plus an inquisitive nature and ability to say, ‘How can I do this better next time?’, are more likely to be successful.”
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Sophia McDonald is a freelance writer who lives in Eugene, Oregon. Her work has appeared in numerous publications and on websites, including Wine Enthusiast, Eating Well, Sip Northwest, and 1859 Oregon’s Magazine.
