BFY Millennial Opps: Snap Kitchen hires CMO amid YTD spend increases (Score 62)

Sales lead: This hire will directly impact the company's marketing strategy & may lead to agency appointments. 

• Snap Kitchen (SK) selected Mitchell Raisch as CMO, effective October 2023.
• Raisch joins from F45 Training, where he served as global GM.
• He now leads all of SK's marketing activities. 

Target demographic: Millennials

The company will likely:

• Continue ramping digital spend back up
• Try new ad channels
• Outsource some marketing duties to agency partners

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

• YTD spend: SK spent around $266.6k on digital display ads YTD, up from $72k spent in this channel during the same time period of 2022. 
• YTD data: 39.6m impressions via Facebook (59%) and Instagram (41%). 
• 2021-2022 spend: Full-year spend plummeted from $677.5k in 2021 to $105.4k in 2022. 
• Ad location: It placed 100% of these ads directly onto facebook.com and instagram.com. 

Agency analysis:

• Opportunity: CMO hires are the number one sign of upcoming agency appointments.
  • SK does not currently work with any agencies to the best of my knowledge.

Insight Sources: Digital spend insights estimated by Pathmatics.