So you have probably heard about the Pepsi Refresh project?
The Pepsi Refresh Project (PRP) was a 2010 initiative by PepsiCo to award $20 million in grants to individuals, businesses and non-profits that promote a new idea that has a positive impact on their community, state, or the nation. The project is completely separate from the Pepsi Corporate Foundation and uses money budgeted for marketing. In early 2012, Pepsi abandoned the Refresh Project. One opinion is due to declining market share and falling to third place behind Coke and Diet Coke.
The project accomplished its goal with 3,500,000 Facebook likes and 60,000 Twitter followers. Despite the huge numbers, it failed to do one thing that advertising is supposed to do – sell more product and increase market share. As a matter of fact, The Wall Street Journal reported that Pepsi and Diet Pepsi market share dropped by 5% and dropped to number three from number two in the market behind Coke and Diet Coke in that year . Pepsi also decided to abandon their Super Bowl ad that same year.
So does traditional media still have value. I know from personal experience that radio can build a brand and increase revenues substantially. As a Director of Marketing for a funeral and cemetery company, we were able to increase sales for a very daunting product, your funeral, tenfold.
Marketing is simply about telling stories to build your brand. The best approach is to educate consumers about your product or service consistently over time as well as making certain to identify the benefits of your offering and what makes it different from the competition.
For more information on building your brand through storytelling, email me at firstname.lastname@example.org