Momvertising Opps: Target launches first-ever private label kitchen line, increases digital spend (Score 61)
Sales Lead: Don't worry, this isn't a Figmint of your imagination; Target recently introduced a new brand, Figmint..png)
- The brand includes products such as cast iron Dutch ovens, mixing bowls, food storage, kitchen utensils, pots, pans, and cutting boards.
- It is Target's first private label kitchen brand.
- Figmint's products are centered around sustainability, which appeals to cause-oriented audiences.
- More than 95% of the brand's product packaging doesn't contain plastic
- The company will likely:
- Launch a new campaign for Figmint, which may involve cause marketing around the sustainability focus
- Target's leadership mentioned that the company will also continue launching private-label brands.
- Keep increasing digital spend
- Ramp up spend ahead of and during the gift-giving holiday season in Q4
- Conduct agency reviews following recent leadership shifts (more below)
- Target demographic:
- Gen-Z and millennial moms and household decision-makers in general
Recent leadership shifts:
- This launch closely follows the 2023 appointment of marketing VP Stephanie Stopulos.
- Stopulos was previously an EVP and managing director at Starcom.
Additional spending insights:
- Broadcast insights (TV ad creative spend, effectiveness, impressions, and performance)
- YTD spend: So far this year, Target has spent approximately $99.9m on national TV commercials, 12% less than the approximately $113.1m spent within the same 2022 timeframe.
- Last year: The company spent around $234.2m on this channel last year after spending 6% more, around $247.6m, in 2021.
- 2023 ad programming: Target's 2023 commercials have targeted the male-skewed audience of shows such as NFL Football, College Basketball, NBA Basketball, College Football, and Today 3rd Hour.
- Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
- YTD spend: The retail giant has allocated roughly $106m toward digital ads YTD, up 7% from the roughly $98.9m allocated by this point last year.
- YTD data: Since the beginning of 2023, Target has earned about 13.7b digital impressions via Facebook (40%), YouTube (27%), Instagram (17%), desktop display (13%), mobile display (2%), and desktop video (1%) ads.
- Last year: In 2022, the company's estimated full-year spend decreased by 44% to $154.5m from that of $273.6m in 2021.
- Additional channel insights
- The company utilizes experiential initiatives and Google Ads along with OOH, print (magazines), digital, local broadcast, radio, Facebook, X, Instagram, and online video (via Youtube.com, Youtube IOS, and Youtube Android) ads.
- Target sponsors podcasts such as The Glenn Beck Program, The Joe Rogan Experience, The Charlie Kirk Show, The John Batchelor Show, and FOX News Hourly Update.
Additional agency insights:
- Opportunity: The recent VP hire, along with last year's leadership shifts, make agency reviews more possible; reach out soon to remain top-of-mind.
- Current agency roster:
- In-House: Creative
- Mother NY: Creative, multicultural, and PR AOR
- THIRD EAR: Multicultural AOR
- Periscope: Social and experiential AOR
- EssenceMediaCom: Media and digital AOR
- Colle McVoy: Creative agency partner
- Ketchum: PR agency partner
Insight Sources: Broadcast insights estimated by iSpot; digital spend insights estimated by Pathmatics; additional channel insights estimated by Vivvix; podcast insights by Podchaser; DRTV insights by Media Analytics.
