Utz Brands CEO Dylan Lissette told CNBC Friday that the firm is growing its marketing and marketing expend on digital promoting to attain new customers and grow snack sales.
“We’re hanging a quantity of money there. As we tear forward into 2021 [it will be] a pair of 60% develop,” he said in a “Angry Money” interview with Jim Cramer. “But as we uncover out about beyond that, we’re going to be hanging even extra in.”
The firm, which sells a unfold of salty snacks together with potato chips and pretzels, is having a come by out about to capitalize on pandemic-technology lockdowns that maintain left consumers eating at home. The firm’s portfolio entails manufacturers take care of Zapp’s, Golden Flake and Boulder Canyon.
“What we adore about [digital ads] is the truth that you if truth be told are in a position to turn on a dime … and pursue what works,” he said. “If some form of an attitude of attack on reaching our customers for one ticket or but one more ticket works, they’re in a position to very snappily lean in on the help of it.”
For its 2020 fiscal 12 months, ended Jan. 3, Utz spent about $11.1 million on consumer marketing and marketing and promoting, according to its annual train. Lissette did not relate how a lot would be dedicated to marketing and marketing and ad charges within the sizzling fiscal 12 months.
Lissette said there is extra alternative in social media and digital ads “as antagonistic to form of doing one industrial and operating it for a 12 months and realizing it did not if truth be told give you what you wished.”
Utz shares rose 5% to $26.56 in Friday’s session. The 100-12 months-aged ticket went public closing 12 months thru a particular purpose acquisition corporation deal.