Dylan Lissette, CEO of Utz Brands, told CNBC on Friday that the company is increasing its marketing spend on digital advertising to reach new customers and increase sales of snacks.
“We are investing a lot of money there. In the further course of 2021 [it will be] About 60% more, “he said in a Mad Money interview with Jim Cramer.” But if we look beyond that, we will invest even more. “
The company, which sells a range of salty snacks, including potato chips and pretzels, wants to capitalize on bans in pandemic times with consumers eating at home. The company’s portfolio includes brands such as Zapp’s, Golden Flake and Boulder Canyon.
“What we love [digital ads] is the fact that you are really able to turn a dime in … and keep track of what works, “he said.” If some kind of angle of attack works for one brand or another in reaching our customers, they are able to lean behind it very quickly. “
According to the annual report, Utz spent around 11.1 million US dollars on consumer marketing and advertising for the 2020 financial year ending on January 3. Lissette didn’t say how much would be spent on marketing and advertising expenses in the current fiscal year.
Lissette said there are more opportunities in social media and digital ads “than doing a commercial and running it for a year and realizing that it isn’t really giving you what you need”.
The Utz share rose by 5% to USD 26.56 on Friday. The 100-year-old brand went public last year through a purpose of the acquisition company.