Krispy Kreme is set to accelerate its marketing strategy as it looks to appoint a new chief marketing officer to transition the donut brand into a “marketing driven company”.
The brand’s chief executive Tony Thompson told analysts on an earnings call yesterday (22 March) that it is continuing to raise awareness of Krispy Kreme’s stores and franchises but admitted that the company hasn’t “fully leveraged” the brand when it comes to its marketing efforts.
He said: “We need to become a more marketing driven company and transition from good to great in this area. We do not have the biggest budget, but we have an incredible brand that we have not fully leveraged.
“We are currently in the search process for a new CMO, as we continue to build depth in our organization.”
Krispy Kreme is also looking at how it can grow consumer engagement by utilising loyalty, a mobile engagement platform and its existing digital and social media platforms.
Revenues at the brand increased four per cent to $130.4m from $125.4m in the year ending 31 January.
Krispy Kreme’s new focus is part of a wider trend as brands change their perception of marketing from being viewed as a cost to a growth driver. Just today Premier Foods announced that it is to increase its marketing spend from £25m to £36m across its products after seeing long-term growth in its biggest brands, including Mr Kipling and Oxo, which benefitted from a healthy marketing investment.
Last year Krispy Kreme's UK marketing manager explained to The Drum a 12-month strategy to drive "cultural relevance" in the UK, 12 years after it first launched in Harrods.