Amidst a wave of brand collaborations, beverage firms should look to innovate outside of the traditional drinks market, GlobalData has suggested.
In August, Coca-Cola announced a tie-up with Mondelez International's Oreo, to launch a limited edition cola with flavours inspired by the cookie brand, 'celebrating the bond between the food and drink-based brands', as GlobalData put it.
Elsewhere, Fanta, another Coca-Cola brand, teamed up with Warner Bros on a new product, Fanta Zero Afterlife, to coincide with the new Beetlejuice Beetlejuice movie (pictured).
'Generate Brand Excitement'
“This marketing campaign aims to drive talkability and engage both Fanta and film fans," commented George Shaw, consumer analyst at GlobalData. "Moreover, these collaborations and limited-edition products are part of a larger trend in the beverage market, where companies are constantly looking for ways to innovate and attract consumers with unique offerings.
"By partnering with well-known brands or incorporating popular themes, companies can generate brand excitement and increase sales."
'A Sense Of Urgency'
Said partnerships create a 'sense of urgency' around the brand, and can lead to a significant brand uplift, according to GlobalData – its Q2 2024 global consumer survey found that consumers value novel and unique features when making purchasing decisions, while 60% of them consider it 'essential or nice' to have 'novel/unique features' when deciding to make a purchase.
“This highlights the competitive nature of the carbonates industry and the importance of innovation and strategic partnerships," Shaw added. "Coca-Cola and Fanta's collaborations demonstrate their efforts to stay ahead in the market and attract consumers with unique offerings.
"As consumer demand for novel and distinctive offerings grows, these collaborations in the carbonates and sports drinks markets are crucial for capturing market share and increasing brand loyalty.”
