Female Millennial, Gen-X Opps: Edible shifts strategy under new CMO (Score 58)

Sales Lead: Edible's strategy shifts under its new CMO are already good enough to eat.

• Kevin Keith, who joined the company as CMO earlier this year, noticed that the company's sales had slumped and that while it overspent in Google search, it underspent on brand stories.
• Keith is reinventing Edible's strategy and plans to relaunch the brand in September 2023 with a focus on storytelling around convenience.
• Upcoming work will involve a lot more upper-funnel investment.
• Edible will remain on Meta but with a lot more brand advertising.
• It will also utilize programmatic linear TV and PR focused on the bottom funnel.
• The company will likely:
  • Implement additional strategy shifts
  • Continue increasing national TV spend
  • Seek new agency partners
• Target demographic:
  • Older millennial and Gen-X women, especially those in their late 30s with a skew toward moms

Recent leadership shifts:

• ​​​​​​​​​​​​​​In June 2023, Edible hired lifecycle marketing director Kristen Speagle and marketing director Lindsey Servold.

Additional spending insights:

• Broadcast insights (TV ad creative spend, effectiveness, impressions, and performance)
  • YTD spend: So far this year, Edible has spent approximately $3.2m on national TV commercials, down 9% from the approximately $3.5m spent within the same 2022 timeframe.
  • Last year: The company spent around $5.5m on this channel in 2022 after having spent 20% less, around $4.4m, in 2021.
  • 2023 ad programming: Edible's 2023 commercials have targeted Gen-X watching shows such as Fox News at Night, Deadline: White House, Gunsmoke, Reba, The Ingraham and Angle.
• Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
  • YTD spend: The company has allocated roughly $2.8m toward digital ads YTD, a 47% increase from the roughly $1.9m allocated by this point last year.
  • YTD data: Since the beginning of 2023, Edible has earned ~367.7m digital impressions via Facebook (42%), Instagram (35%), YouTube (19%), and desktop display (3%) ads.
  • Last year: The company's estimated full-year 2022 spend increased by 68% to $5.2m from that of $3.1m in 2021.
• Additional channel insights  
  • The company utilizes Google Ads along with print (newspapers), OOH, radio, digital, local broadcast, Facebook, TikTok, and online video (via Youtube IOS, Youtube Android, and Youtube.com) ads.
  • Edible invests in short-form DRTV ads.
    • ​​​​​​​It has incredibly widely dispersed network TV coverage and will not likely launch a new campaign soon.
    • Edible's top TV networks include FYI, NEWSNTN, COM, OVA, and HMM.

Additional agency insights:

• Opportunity: We haven't heard of any roster shifts following Edible's March 2023 CMO appointment, so get in touch soon if you haven't yet done so.
  • ​​​​​​​In fact, Edible has shown a high amount of recent interest in agencies.
• Current agency roster:
  • The Tombras Group: Creative and media AOR ​​​​​​​

Insight Sources: Broadcast insights estimated by iSpot; digital spend insights estimated by Pathmatics; additional channel insights estimated by Vivvix; DRTV insights by Media Analytics; agency intent insights by Bombora.