Sunday, May 14, 2017

Marketing, Innovation, and Growth

Chief Innovation Officer & Chief Growth Officer

Coca-Cola just announced the creation of a senior-management post, Chief Innovation Officer. Coke's new CEO wants innovation not tucked away in R&D but visible and reporting to the top, leading the way with brand ideas for future growth beyond the company's current brand/product portfolio.

A current Coke innovation exec says: "We scan the broad spectrum of trends, and get inspiration from -- not trying to solve specific business problems because that is incremental - but where we have to go." So Coke is investing in promising startups that will help it innovate marketing (new products, new processes, new communications) more quickly through partnerships. 

Coke also has a chief growth officer, replacing the chief marketing officer (CMO) with a broader leadership position. The CGO role is to streamline marketing across brands and divisions with a global view and responsive marketing. Coke's president explains: "To keep up with the fast-moving consumer landscape around us, our organization has to be ready and willing to change at a faster pace probably than at any time in our history." That's what the CGO will do for Coke.

In the context of intense competition among beverage marketers, and ongoing changes in consumer attitudes and preferences concerning soft drinks, Coke wants these two new positions to jump-start growth on a global basis.

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