Sales
Brands Hiring Their First CMOs in Q3 2024
When a company hires a Chief Marketing Officer (CMO) for the first time, it’s a big deal. It usually means...
Okay, it’s technically still spring, but now that Memorial Day 2024 has passed, it’s all summertime from here. We’re seeing many brands amping up their digital advertising investments right now. Why? Digital helps advertisers drive short-term sales and build brand equity… at the same time. In fact, in 2022, digital advertising accounted for 67% of total ad revenue worldwide. This is expected to grow to 70% in 2024 and 73% in 2028. And we’re here to show you which brands are doing it best (and on the largest scale).
These four “hottest summer brands” invest heavily in digital advertising, including budgeting at least $10m a year in both digital display and online video, plus a minimum SEM spend of $10m as well. We’ve also dubbed them “summer brands,” not only because they’re actively spending, but because of their place in the culture. Keep reading and let us know if you agree with our reasoning…
1) Pet Parents Opps: Chewy’s CMO departs
Chewy is looking for a new CMO since Mark Eamer stepped down. Earmer joined the company in 2021 and his departure will affect the company’s agency roster and ad spend. The brand’s target demographic is Millennial pet parents with a female skew.
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Internet display: $16.25M
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Online video: $11.53M
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Media spend: $220.57M
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Revenue: $10.1B
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Fiscal Close: January
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Location: Dania Beach, FL
Once it names a new CMO, Chewy will likely:
- Ramp ad spend backup
- Try new channels
- Conduct agency reviews
Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
- YTD spend: Chewy spent nearly $84m on digital display ads YTD, a slight (6%) decrease from $89.4m spent in this channel during the same period of 2023.
- YTD data: 9.5b impressions via Direct.
- 2022-2023 spend: Full-year spending jumped from $72.9m in 2022 to $238.7m in 2023.
- Ad location: Facebook, TikTok, Instagram, YouTube, and Hulu.
Agency analysis: Start working on your pitches now to get a head start on the competition. Current roster: Arnold Worldwide as creative AOR and Co:Collective for branding and identity.
2) Millennial, Gen-X Opps: Expedia promotes top marketer
Expedia Group promoted Jochen Koedijk to CMO, effective March 2024. Koedijk joined the company in 2021 as marketing SVP and Jon Gieselman, who previously handled marketing, is stepping down on June 1st. This decision-maker shift will affect Expedia’s marketing strategy and agency roster. The company’s target demographic is Millennials and Gen-Xers with a Hispanic skew.
- Internet display: $6.37M
- Online video: $25.95M
- Media spend: $336.58M
- Revenue: $8.6B
- Fiscal close: December
- Location: Seattle, WA
Expedia will likely:
- Increase ad spend
- Try new marketing channels
- Make agency changes
Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
- YTD spend: $5m
- 2023 spend: $28.3m
- YTD data: 687.4m impressions via Programmatic (88%), Direct (11%), and Ad Network (1%).
- Ad location: Facebook, Instagram, Pinterest, aviewfrommyseat.com, and espn.com.
Agency analysis: Reach out to the recently promoted CMO now to secure top priority. Current roster: Team One as creative AOR, Publicis.Sapient as digital AOR, and JAR Audio for digital.
3) Exclusive sales lead: Febreze transitions to a digital-first marketing strategy
Febreze has been ramping up ad spend since July 2023. In 2023, the brand spent just $41.6k in H1, compared to $20.2m in H2. It split H2 dollars fairly evenly spending $10.6m in Q3 and $9.6m in Q4. Reach out to see if you can score some of these extra digital ad dollars. Febreze’s target demographic is Gen-X and millennials with a female skew.
- Internet display: $21.61M (Febreze owner Proctor & Gamble’s total investment)
- Online video: $406.45M (Febreze owner Proctor & Gamble’s total investment)
- Media spend: $3.42B (Febreze owner Proctor & Gamble’s total investment)
- Revenue: $76.12B (Febreze owner Proctor & Gamble’s total investment)
- Fiscal close: June
- Location: Cincinnati, OH
Febreze will likely:
- Continue moving ad dollars from TV to digital (keep in mind, that Febreze still has a significant TV budget)
- Try new digital channels
Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
- YTD spend: Febreze spent approximately $21m on digital display ads YTD after not utilizing the channel during the same period of 2023.
- YTD data: 946.5m impressions via Video (99%), Programmatic (<1%), and Direct (<1%).
- 2022-2023 spend: Full-year spending skyrocketed from $418.4k in 2022 to $20.2m in 2023.
- Ad location: YouTube, merriam-webster.com, mut.gg, bulbagarden.net, pitchfork.com, and newyorker.com.
Agency analysis: Those with experience helping big brands transition to digital-first marketing strategies will have the best shot at picking up work. Current roster: Grey Group – Midwest for creative and Citizen Relations for PR.
4) Millennial, Gen-X Opps: Lowe’s brings in a new lead creative agency
Lowe’s named Dentsu Creative lead creative agency in March 2024. Dentsu helped Lowe’s out on the “Lowe’s Knows” campaign last year and replaces Deutsch, which picked up the account in 2020. Get in touch to offer ad space and inquire about other agency duties. Lowe’s is also officially launching its new loyalty program, MyLowe’s Rewards nationwide. Membership includes free standard shipping, free DIY-U kids, and garden workshops. Lowe’s target demographic is Gen-Xers and millennials with a male skew.
- Internet display: $2.59M
- Online video: $20M
- Media spend: $383.02M
- Revenue: $96.25B
- Fiscal close: January
- Location: Mooresville, NC
Lowe’s will likely:
- Launch an ad campaign/fresh creative from its new creative agency
- Ramp up ad spend
- Make additional agency changes
Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
- YTD spend: Lowe’s spent approximately $17.1m on digital display ads YTD, a 15% decrease from $20.1m spent in this channel during 2023.
- YTD data: 2.5b impressions via Facebook (35%), Instagram (33%), Pinterest (13%), YouTube (7%), desktop display (5%), desktop video (3%), and OTT Streaming Services (3%).
- 2022-2023 spend: Full-year spend increased by 18% from $124.9m in 2022 to $146.8m in 2023.
- Ad location: It placed 98% of these ads directly onto platforms such as Facebook, Instagram, Pinterest, YouTube, and OTT Streaming Services (General). It placed 2% of these ads indirectly through Display & Video 360 and Google AdX+AdSense onto sites such as nfl.com, slideshare.net, foodandwine.com, bhg.com, and yahoo.com.
Agency analysis: Agency reviews commonly follow one another, so reach out now to be top-of-mind. Current roster: Dentsu Creative as lead creative and Spark Foundry as media AOR.
There’s plenty more where that came from. If you’re hoping to build a qualified pipeline of brands with budget to burn in the hottest months, Winmo can guide you to the right opportunities for your organization.