Dylan Lissette, CEO of Utz Brands, told CNBC on Friday that the company is increasing its digital ad marketing spend to reach new customers and grow snack sales.
“We put a lot of money into that. We are moving forward to 2021 [it will be] about a 60% increase, “he said in a” Mad Money “interview with Jim Cramer.” But if we look further, we are going to put even more into it. “
The company, which sells a range of salty snacks, including potato chips and pretzels, wants to take advantage of the pandemic-era lockdowns that leave consumers eating at home. The company’s portfolio includes brands such as Zapp’s, Golden Flake and Boulder Canyon.
“What we love [digital ads] is the fact that you really are able to make money … and pursue what works, “he said.” If some angle of reaching our customers works for one or the other brand, they can lean on it very quickly. “
For fiscal year 2020, 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 would be spent on marketing and advertising costs in the current fiscal year.
Lissette said there are more opportunities in social media and digital advertising “instead of making some kind of commercial and running it for a year and realizing it didn’t really give you what you needed.”
Utz shares were up 5% during Friday’s session to $ 26.56. The 100-year-old brand went public last year through a deal for a special acquisition company.