Gen-Z, Millennial Digital Opps: Beyond Meat set to increase spend to promote new burger as CMO departs (Score 72)

Beyond Meat (Beyond) had a successful year in 2020 as it increased YOY revenue by 37%, per its recent earnings report. This was primarily due to an 85% increase in Q4 retail sales as consumers did more in-store shopping in 2020 because of the coronavirus pandemic. Beyond is releasing the Beyond Burger 3.0 this spring and will support it with a "robust marketing program," per executives. The campaign will promote the health benefits and taste of Beyond Burger 3.0.

We received word that Beyond CMO Stuart Kronauge left the company last month to become CEO of The Juice Plus+ Company. While it does not appear a direct replacement has been named, Ann Wahlgren was promoted to SVP of marketing, strategy & innovation in January. Keep in mind that any turnover at the top of the marketing department could trigger a slew of spend shifts & agency roster change-ups. We will keep you updated as we learn more.

According to Pathmatics, Beyond has earned 8m impressions YTD through Instagram ads (82%) and Facebook ads (18%) - all of which were placed site direct.  It has spent ~$54.5k on digital display ads YTD, a 40% decrease from $76.2k spent during the same period 2020. Full-year spend jumped 74% from $199.7k in 2019 to $347.2k in 2020. 

Sellers-- Beyond mainly targets health-conscious millennials and Gen-Zers through digital display ads. It placed all of its ads directly onto Facebook and Instagram, which should effectively target this existing demographic. Offer space that can potentially widen Beyond's audience & introduce the company's offerings to a new - possibly skeptical - consumer base. It was increasing spend before the pandemic began, but overall YTD spend is down compared to the same period 2020. Expect spend to go back up soon, once it begins promoting the new burger. It also invests in OOH ads, per Kantar. Sellers should start reaching out soon to secure extra campaign ad dollars. 

Agency & martech readers-- We believe the only agency Beyond works with is creative shop Mythology.