With Diageo recently appointing a head of culture and Bacardi instating a VP of fashion in April, it has become clear that brands are increasingly eager to stay culturally relevant. But they should be careful not to lose credibility.
While Bacardi and Pernod Ricard’s marketing structures represent opposite approaches – one with a focus on brands and the other on “consumption moments” – the goal for both drinks giants is the same: getting closer to consumers.
Bacardi is switching its focus to brands rather than categories as part of a number of changes to its marketing structure, including the launch of marketing Centers of Excellence (CoEs), the appointment of Shane Hoyne as Europe CMO and the departure of Dima Ivanov as global CMO.
Whether it’s through creating ‘credible’ content, driving conversations around social issues or ‘contributing to culture’, brands such as Skype, Elle UK and the Jamie Oliver Media Group believe it’s crucial for brands to have a purpose beyond profit.
McDonald’s announced last week that as part of its turnaround strategy it will stop “sweeping talk to millennials”. Nonetheless, reaching the 18 to 34 age group through aspirational marketing is a strategy many brands are still racing to employ.
In the latest instalment in our video series exploring new technology, Marketing Week looks at how and why brands are using artificial intelligence to calculate the return on investment on sports sponsorship.