The investment in marketing and innovative strategies has not only propelled Coca-Cola’s brand value growth but has also allowed the company to reclaim a spot in Kantar’s 2023 list of the most valuable brands, ranking among the top 10 for the first time in eight years. The brand has shown remarkable resilience and growth, outperforming many others in the industry.

Coca-Cola, encompassing its popular variants such as Diet Coke and Coke Zero, is one of only 16 brands to have experienced an increase in value this year. In the annual brand valuation report, it climbed from the 17th position in 2022 to a commendable 10th place in 2023.

Reports from Marketing Week indicate that the Coca-Cola Company has been heavily investing in its core brand, as well as its variants and the broader portfolio, over the past 18 months. These efforts were aimed at mitigating the impact of price increases and maintaining a strong market position. The company said it recognized the need to “earn” higher prices and thus intensified its marketing spend.

Towards the end of 2022, Coca-Cola’s Chief Financial Officer, John Murphy, announced that the company would further increase its investment in consumer-facing marketing across its entire portfolio in order to kickstart 2023 on a strong note. The results of these initiatives have been met with satisfaction, as the company highlighted the importance of “consumer-centric segmentation” in navigating the challenges posed by the current macroeconomic environment.

CEO James Quincey emphasized the company’s ability to stay closely connected to consumers as a key factor contributing to its growth. In April of this year, Quincey revealed that Coca-Cola’s approach of adapting to increased prices to combat inflation has been successful. This, combined with the company’s consumer-centric approach, has proven to be an effective strategy.

Notably, Coca-Cola’s overall net revenue experienced a 5% year-on-year growth, reaching $11 billion in the first quarter. This growth extends beyond the Coca-Cola brands and reflects the company’s strong performance as a whole.

Adele Jolliffe, an executive in Kantar’s Insights team, describes Coca-Cola as an “incredibly different” brand that maintains a sense of distinction in the eyes of consumers, despite the availability of other cola brands. Jolliffe also commends Coca-Cola for setting the standard in the category through its continuous innovation. As an example, she cites the recent partnership between Coca-Cola and Jack Daniels to create a Coca-Cola ready-to-drink product.

Ellie Thorpe, BrandZ lead at Kantar, praises Coca-Cola as a brand that refuses to rest on its laurels. By consistently innovating and expanding into different segments, Coca-Cola sets an example for other brands in the industry.

With its increased marketing spend and commitment to innovation, Coca-Cola has successfully bolstered its brand value and solidified its position as one of the most valuable and distinguished brands in the market, Thorpe said.