Molson Coors' bigger bets on marketing pay off as sales grow
This article from Industry Dive may be of interest. Here is a section:
Molson Coors cited marketing initiatives as one reason for its strong Q1 results in a company blog post. A strong premionization program is named as another highlight.
The alcohol company’s Q1 sales grew 5.9%, its eighth consecutive quarter of growth, for a total of $2.35 billion. On a call with analysts, executives said the company will increase marketing investments this year compared to 2022 to support further growth.
Core brands Coors Light and Miller Lite each saw double-digit revenue growth in the first quarter, with executives saying that the brands benefited from a Super Bowl ad campaign, the company’s first in 30 years. Independent research shows the positive sales trend for these brands is accelerating in Q2 while a major competitor, Bud Light, takes a big sales hit.
The controversy around Bud Light’s marketing campaign hit earnings by 1% in less than three weeks and the company is in full damage control mode. On my trip to London last week, I saw at least three different locations giving Bud Light away for free. The share posted an upside key reversal today to confirm near-term support, which suggests investors don’t see lasting damage from the negative reception of its ad campaign.Click HERE to subscribe to Fuller Treacy Money Back to top