Coca-Cola has wooed us with those cheeky Diet Coke Break ads and have had us rooting through fridges for our own name. Yes, that personalised labeling was a winning marketing strategy. They’ve been backed by Joey from Friends (sorry, Matt leBlanc), Kate Beckinsale, Taylor Swift and many other celebs and have even become part of Christmas. You know what we’re talking about – “holidays are coming, holidays are coming.”
Marketing diversity is Coca Cola’s thing and now it seems there’s another trick up their sleeve, let’s take a look at their marketing strategy..
Keeping It Fizzy: The Importance of Staying Relevant
As young people become more health conscious and cut down on their daily sugar consumption, fizzy drink sales have declined across the globe – but that hasn’t deterred Coca-Cola from pushing boundaries and getting more creative. To plug the sales shortfall, they have branched out into water, coffee and tea. And now they’re experimenting with alcopops which they plan to release into the Japanese market at some point in the future.
So, why Japan? Well, people go crazy for carbonated drinks with a little extra something-something over there (wink, wink). Drinks with an alcohol content of between 3-5% have surged over the past five years and are particularly popular with female drinkers. This seems to have given Coca-Cola the nudge needed to create their first alcoholic drink in 130-years.
So what can we learn from such a bold move? Here are a few pointers:
Takeaway 1: Develop a marketing strategy that embraces current and emerging trends. Understand the demographics of your audience and tailor your marketing messages to those who care – after all, not everyone will be interested in what you’re doing but those who do will be keen to hear what you have to offer.
Takeaway 2: Keep a close eye on sales figures and other statistics to help take your business to new and exciting heights. Never ignore key data and be proactive rather than reactive as this will help you to stay head and shoulders above your competition.
Takeaway 3: Be courageous without being foolish. Explore new avenues that could benefit your business but always look at the future potential of new markets before jumping in the deep end. Utilise the skills of expert strategists and planners.
From 0 to Hero: Remember Your Flagship Products
They’ve made no secret about entering new markets and developing new products. However Coca-Cola has refused to change the secret recipe of their flagship product. Why? Well, a spokesman for Coca-Cola European Partners – which is the bottler for Coca-Cola products in Western Europe – said it’s because “people love the taste… and have told us not to change.”
This decision was made in spite of the UK sugar tax which will be coming into effect in April 2018. To offset the impact of the tax, Coca-Cola will use smaller bottles and sell at higher prices but won’t make any alterations to a product which is undoubtedly loved across the world. Instead, they will be launching three new drinks in the UK throughout 2018 including the ice tea drink Fuzetea, ready-to-drink cold coffee, Honest Coffee and the dairy-free smoothies brand AdeZ. All in a bid to satisfy and serve consumers in a new way.
So what can we learn from the decision to keep hold of their sugar-laden recipe and nurture other Coca-Cola-owned brands?
Takeaway 1: Your marketing strategy shouldn’t include abandoning your flagship products unless there’s a significant reason to do so. If you’re thinking about making changes or exploring new markets, always conduct research and listen to the thoughts and opinions of your target audience. If a change is needed, a phased approach may be necessary to avoid unsettling consumers.
Takeaway 2: If you’re faced with a hurdle (such as a decline in sales), you must get to the bottom of the issue. Be sure to analyse statistics and come up with a productive way to move forward based on your findings. Don’t be afraid to explore new markets.
Takeaway 3: If a new rule or regulation comes into play which could affect your bottom line, be financially-savvy and work out what you need to do to cover costs.
At Contentworks, we know how to keep the fizz in your marketing strategy, so contact us today for more information – don’t let your efforts go flat.