Utz Brands CEO Dylan Lissette told CNBC on Friday that the company is increasing its marketing spending on digital advertising to reach new customers and grow snack sales.
“We are putting a lot of money there. As we continue in 2021 [it will be] about a 60% increase, “he said in an” Mad Money “interview with Jim Cramer.” But if we look further, we are going to put in even more effort. “
The company, which sells a range of salty snacks including potato chips and pretzels, wants to capitalize on the pandemic periods that have left consumers eating at home. The company’s portfolio includes brands such as Zapp’s, Golden Flake and Boulder Canyon.
‘What we love about [digital ads] is the fact that you can really turn on a dime … and strive for what works, “he said. If some kind of attack on reaching our customers works for some brand, it is able to lean back in very quickly. ‘
For its 2020 financial year, which ended January 3, Utz spent approximately $ 11.1 million on consumer marketing and advertising, according to its annual report. Lissette did not say how much is involved in marketing and advertising expenses in the current financial year.
Lissette said there are more opportunities in social media and digital advertising “as opposed to doing one ad and running it for a year and realizing it doesn’t really give you what you need.”
Utz shares rose 5% to $ 26.56 in Friday’s session. The 100-year-old brand was announced last year through a special-purpose acquisition.