The biggest look back at next year could already be here.
Creative and media accounts across Coca-Cola’s brand list are available to choose from as the company redefines its agency models in the face of major structural changes.
In a statement, a spokesman confirmed that Coca-Cola is embarking on a full global review of its media buying and planning services. The creative part of the review includes creative, experimental marketing, production management, and shopper marketing. “We are on the way to fundamentally change the effectiveness and efficiency of our marketing investments and to improve them dramatically,” a Coca-Cola spokesman told Adweek. “By improving our processes, avoiding duplication, and optimizing expenses, we will generate significant savings to help reinvest in our brands.
“Media and creative agency services require significant investments from our brands. They are also an integral part of our ongoing digital transformation journey to drive our business forward. With this in mind, we decided to completely redesign our models for media and creative agencies in order to harmonize the strategic, operational and commercial requirements of our new, networked organization, ”added the Coca-Cola spokesman. “This requires a thorough review of our media and creative planning and buying practices, as well as our media and creative agency appointments, and our business relationships around the world. We expect this process to be completed by the end of 2021. “
The spokesman confirmed that Coca-Cola is partnering with MediaSense on the media review process, while PricewaterhouseCoopers oversees the creative review of the brand. Acting media agencies will participate in the review. These agencies include the Dentsu media agency Carat, the MediaCom of Group M, the UM of the IPG Mediagroup and the Publicis media agency Starcom.
In August, Coca-Cola granted MDC Partners’ Anomaly US creative obligations for its flagship brand, Coke. The change was made after 15 years at Wieden + Kennedy, although W + K continued to work on brands like Sprite and Vitamin Water. Anomaly has worked on Diet Coke and Minute Maid. Coca-Cola used a number of other creative agencies around the world. A Coca-Cola spokesperson declined to comment on which creative incumbents would participate in the review process.
According to data consultancy COMvergence, Coca-Cola spends around 2.5 billion US dollars annually on media worldwide, including 1.8 billion US dollars on traditional media and 700 million US dollars on digital media. It is unclear how the changes to Coca-Cola’s model could affect spending. The impact of the pandemic on out-of-home venues, an important part of Coca-Cola’s business, hit the company hard in 2020. Coca-Cola posted a 28% net sales decline in the second quarter of this year.