Marketing in the News
I chose this article because Reese's Puffs were my all time favorite cereal growing up and I always remember their commercials with the rapper as I can still remember the song from the commercial to this day. The main point of the article was that General Mills released a small remote controlled yacht for their Reese’s Puffs cereal. The second main point was that Reese’s Puffs also came out with limited edition cereal boxes that have rapper Lil Yachty’s name on. The third and final point of the article was that the remote control yachts did sell out within minutes, but only 20 were available to buy.
The value proposition of the company is that Lil Yachty eats their cereal, and you can become more like Lil Yatchty just by eating some Reese’s Puffs. The marketing strategies Reese’s Puffs uses that are discussed in this article are very relevant due to the fact that Lil Yachty is a young artist who is becoming more popular as is the genre of music he produces too. In addition, the mini Yachts they sold also prove to be relevant because within them is a waterproof bluetooth speaker, a wireless remote, and a ‘Milkcuzzi’ , as they put it, which is something that sounds very innovative and is something I have never heard of before.
Reese’s Puffs main challenge is to “try to hold onto the gains they saw during the early months of the coronavirus pandemic,” and what makes this job very difficult is attempting to find the best place to market to the targeted audience. They are attempting to “tap into pop culture to reach fans,” meaning they are using Lil Yachty in hopes to bring in fans who may be teens or early twenties yet due to the fact that this audience is always on their mobile devices, it is hard to find the right platform and place the right ad. They are attempting to sell a limited edition box as well as a limited edition product to combat this challenge. However, their competition seems to be doing the same old thing, using tv commercials and using different mascots to promote their cereal.
Their marketing approach is different then some I have seen before because they released a remote control boat that has a Milkcuzzi which I didn’t even know existed. The Milkcuzzi in addition with the only 20 total boats sold truly makes this item limited edition and could have multiple people attempting to buy the product. Despite their unique approach, I would have produced and sold many more than 20 of these remote control boats. I would have either made a couple thousand of them or I would have made them a bit smaller to fit into cereal boxes and then put 1 in every 1,000 cereal box to promote purchasing of the main product. The marketing wasn’t necessarily bad, but I feel as though there was a missed opportunity here which showed through when the 20 boats sold out within minutes.
I have learned that there is such a thing as a Milkcuzzi, I have learned that this is Lil Yachty’s last marketing campaign with Reese’s Puffs, and I have learned that using popular artists or famous people can really help boost popularity and sales of an ad campaign.
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