CHRIS MANZINI: Welcome back to Food for Thought. Today we're going to talk about growth and becoming a best-in-class and admired company. Let's dive in. Jane, thanks for sitting down with me.
JANE WAKELY: Pleasure.
CHRIS MANZINI: Let's talk about consumer behavior.
JANE WAKELY: Okay.
CHRIS MANZINI: Consumers' attention is more fragmented than ever. They're receiving information through lots of different channels and forming relationships with brands and influencers in different ways. What are the brands that are winning today doing differently than they were before?
JANE WAKELY: I think I saw something the other day which said that the average consumer gets over 10,000 messages a day.
CHRIS MANZINI: Wow.
JANE WAKELY: Just think about that. Then, think about how much of that is wallpaper. How many do you remember in your day?
CHRIS MANZINI: Right.
JANE WAKELY: Like what was your last scroll?
CHRIS MANZINI: Three.
JANE WAKELY: So you've got to break through. You've got to cut through the clutter. You've got to grab attention. We've developed what we call PepsiCo's new consumer engagement model across five Ss. And these are five behaviors. So don't think of these as channels. Think about these as behaviors. My number one behavior scrolling …
CHRIS MANZINI: Okay.
JANE WAKELY: I've got to set limits to that. Then there's streaming, then there's searching, and then there's shopping, and, of course, sensing. And sensing is meant to capture the whole experiential world. If we think about those five Ss, I'll just bring sensing to life. What we're really recognizing is we need to bring our products and brands to life beyond the bag and beyond the bottle.
CHRIS MANZINI: Yeah. Speaking of consumer behavior.
JANE WAKELY: Yes.
CHRIS MANZINI: One of the things that consumers like to do is participate in these mega platforms. How do we use these to create competitive advantages and how do our brands break through. Because they're also really crowded spaces, right?
JANE WAKELY: Well, as I say, we're trying to grab attention and grab attention with emotion. I don't want us to think about this as sponsorships, because you have to find a distinct role for your brand. Otherwise, you're still just wallpaper. We want people to feel something about our brands. An example, Gatorade. In Formula 1®, the drivers or pilots, as some people call them, they lose four liters of hydration in a race. It's that athletic. And actually, that's where a brand like Gatorade can make an authentic difference to performance. If you watch the Formula 1®, if you see any of the content, you know, you see Kimi and George holding their Gatorade just before they get into the car. Why? Because it makes a difference to performance. So to me, that's what an authentic benefit or insight from a brand and a platform when it comes together, it can create real distinctivity.
CHRIS MANZINI: Jane, we’ve been talking about our brands, and how we make our brands successful, and grow, and lead categories. Let’s shift gear to talk about the PepsiCo brand a little bit. That’s one you and I work together on a lot. Why would it important for us to put energy behind the PepsiCo brand?
JANE WAKELY: You know, one of the things that Ramon and the PEC have set out is that we want to be amongst the best performing companies, but we also want to be one of the most admired companies. And that means we need to build trust, and we need to build an understanding of what PepsiCo is as a company. I think it was you that shared the data with me. I remember first looking at, well, who knows about PepsiCo because obviously we're a house of brands. The minute you know that someone knows actually we have Gatorade, too, and wow, PepsiCo has Lay's and Tostitos and the list goes on. For every additional brand that you associate to the company, the reputation of the company goes even further up. So put very simply, in fact, on your t-shirt: PepsiCo. Food. Drinks. Smiles. I absolutely love that because it's who we are. It's what we deliver. We are here to deliver billions of smiles every day.
CHRIS MANZINI: I totally agree. I mean, you can't expect to have a relationship with someone you don't know. And so we have to get all of our stakeholders to get to know us better.
JANE WAKELY: That was beautifully human-centric. I loved what you did there.
CHRIS MANZINI: Jane, thank you so much for your time today. It was great to talk about marketing and the impact that you're having in growing the brands. I'm really grateful for the time.
JANE WAKELY: Thanks, Chris. I enjoyed it.
CHRIS MANZINI: Cheers.