Male Opps: Taco Bell announces CEO shift following CDO hire (Score 81)

Sales Lead: On January 1, 2024, Sean Tresvant will become the CEO of Taco Bell (TB).

• Tresvant joined the company in January 2022 as global CBO and was promoted in February 2023 as its chief global brand and strategy officer and international growth lead.
  • During his time as CBO, Tresvant led celebrity partnerships with people such as Dolly Parton and Doja Cat.
  • He also oversaw the returns of menu items and the strengthened focus on TikTok marketing.
• He will succeed incumbent Mark King, who will retire at the end of 2023.
• Tresvant will report to David Gibbs, the CEO of parent company Yum! Brands.
• TB has not yet announced Tresvant's successor as chief brand and strategy officer.
• The company will likely:
  • Seek additional influencer partners
  • Shift strategy, especially when these changes go into effect
  • Continue increasing digital spend
  • Seek new agency partners
• Target demographic: 
  • Gen-Z and millennial men

​​​​​​​Additional recent strategy insights:

• Lately, TB has focused on breakfast items later, and it has enlisted the advertising assistance of Pete Davidson.
• Per TB's US CMO, Taylor Montgomery, TB's current strategy also revolves around "brand buzz, innovation, value, and digital initiatives."

Additional spending insights:

• Broadcast insights (TV ad creative spend, effectiveness, impressions, and performance)
  • YTD spend: TB has spent approximately $102.1m on national TV commercials YTD, down 27% from the approximately $139.4m spent by this point last year.
  • Last year: The brand spent around $249.7m on this channel last year after having spent 4% more, around $260.6m, in 2021.
  • 2023 ad programming: TB's 2023 commercials have targeted male sports enthusiasts watching shows such as NFL Football, NBA Basketball, College Basketball, College Football, and NHL Hockey.
• Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
  • YTD spend: So far this year, the fast food chain has allocated roughly $51.8m toward digital ads, 49% more than the roughly $34.7m allocated within the same 2022 timeframe.
  • YTD data: TB has earned about 5b digital impressions YTD via YouTube $47%), Facebook (27%), Instagram (17%), and desktop video (9%) ads.
  • Last year: In 2022, the brand's estimated full-year spend reached $74.4m, 31% less than that of $107.3m in 2021.
• Additional channel insights  
  • The brand utilizes Google Ads along with OOH, radio, digital, national broadcast, Facebook, Instagram, TikTok, and online video (via Youtube Android, Youtube IOS, and Youtube.com) ads.
  • TB sponsors podcasts such as The Glenn Beck Program, The Joe Rogan Experience, My Favorite Murder, The Charlie Kirk Show, and Conan O'Brien Needs A Friend.
  • The restaurant chain also invests in short-form DRTV ads.
    • ​​​​​​​It has incredibly highly concentrated network TV coverage and will not likely launch a new campaign soon.
    • TB's top TV network is CN.

Additional agency insights:

• Opportunity: Tresvant's successor may conduct agency reviews, so reach out soon to be top-of-mind.
  • ​​​​​​​Digital hires are especially likely since TB appointed CDO Dane Mathews.
• Current agency roster:
  • Deutsch: Media, creative, digital, social, multicultural, and experiential AOR
  • Spark Foundry: Media AOR
  • Cashmere Agency​​​​​​​: Multicultural agency partner
  • Edelman: PR agency partner
  • MediaMonks: Creative and social agency partner

Insight Sources: Broadcast insights estimated by iSpot; digital spend insights estimated by Pathmatics; additional channel insights estimated by Vivvix; podcast insights by Podchaser; DRTV insights by Media Analytics.