Coca-Cola looks to innovation and digital marketing

The Coca-Cola Company says it is innovating and delivering bigger, bolder bets, and backing them with digital marketing. 

Four types of innovation 

• The renovation of core brands, eg Fanta recipe refinements to improve taste.
• Re-engaging with consumers in a novel way to drive relevance of the core brands, eg Coke Creations.
• Product innovations, eg Minute Maid Zero Sugar, Jack Daniels and Coke.
• Non-product-based innovation: eg new bottle/can sizes.

What does success look like 

• “We do not set ourselves an artificial strategy objective of ‘it has to be x percent [of sales] from innovation’,” CEO James Quincey told an earnings call. “As it happens, about 25% of the growth comes from innovation, but it is not set that way.”
• “As it relates to product innovation, we have a very clear set of metrics on whether it’s still growing in the fifth quarter after its launch,” he added.

Key quote

“We’re building on our innovations by driving awareness and excitement through an increasingly digital marketing media mix” – James Quincey, CEO at The Coca-Cola Company.

Sourced from Seeking Alpha