A senior Coca-Cola executive is calling on agencies, media firms and the entertainment industry to take a fresh approach to marketing as returns from existing promotional tools slide.
Steve Heyer, Coke’s president/chief operating officer, told an Advertising Age conference that the drinks giant would be investigating new marketing models.
This will include a shift in emphasis away from television – a medium suffering from declining ratings and the rising cost of ads. “We will not reflexively turn to TV advertising,” he warned.
Heyer also told entertainment firms that they should join forces with marketers so both can benefit. “You can be our added value, and we can be yours,” he declared, using a recent deal to use artists of Interscope Records in Coke ads as an example.
“I just put a big sign in the window: Partners wanted,” he concluded. “We are open for business.”
Data sourced from: AdAge.com; additional content by WARC staff