Coca-Cola CFO Gary Fayard added specificity this week on how dramatically the company has pared down its agency roster as it looks for cost savings, saying the marketer had used 85 agencies globally,
and now employs 35. Fayard said Coke, which is running a new Open Happiness worldwide campaign, is "working consistently on becoming much more efficient in our marketing spend."
Speaking to investors, he suggested that fewer agencies are needed, since there is less of an imperative to run locally tailored creative. "We're making bigger bets on global campaigns and getting
significant efficiency out of that," he said. Company CEO Muhtar Kent in February had said Coke's agency roster had been trimmed by more than half.
--David Goetzl
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