Affluent Male Millennial Opps: Lucid Motors names marketing VP amid YTD spend declines (Score 64)

Sales lead: Get in touch with the new marketing DM for more information about his plans. 

• Lucid Motors (LM) appointed Andrea Soriani as marketing VP, effective April 2023. 
• Soriani spent the past couple of years as an independent marketing, sales, & strategy consultant. 
• Prior to that, he was the marketing VP of TAG Heuer. 
• We told you about LM's new creative agency last October. 

Target demographic: Affluent millennial men

The company will likely:

• Ramp ad spend back up
• Experiment with new ad channels
• Conduct agency reviews

Broadcast insights (TV ad creative spend, effectiveness, impressions, and performance)

• YTD spend: LM spent approximately $2m on national TV ads YTD, a 39% decrease from $3.3m spent in this channel during the same time period of 2022. 
• 2021-2022 spend: Full-year spend jumped from $2m in 2021 to $4.1m in 2022. 
• Ad programming: It placed ads during programming such as The Oscars, Squawk on the Street, Fast Money Halftime Report, Power Lunch, and The Exchange. 

Digital and social insights (digital ad spend, effectiveness, impressions, and performance)

• YTD spend: LM spent about $248.2k on digital display ads YTD, about half (59%) of the $423.1k spent in this channel during the same time period of 2022. 
• YTD data: 35.1m impressions via Instagram (94%), YouTube (4%), and desktop display (1%).
• 2021-2022 spend: Full-year spend skyrocketed from $280.6k in 2021 to $1.2m in 2022. 
• Ad location: It placed 100% of these ads directly onto sites such as instagram.com, youtube.com, cbsnews.com, sanfrancisco.com, and boston.cbslocal.com. 

Agency analysis:

• Opportunity: The new marketing VP will likely review these relationships or hire additional agency assistance. 
• Current roster:
  • mOcean: creative
  • Hunterblu Media: media buying AOR

Insight Sources: Broadcast insights estimated by iSpot; digital spend insights estimated by Pathmatics.