EXECUTIVE SUMMARY

Vita Coco was established in 2004, brand leader in the coconut water industry, owning 70% of the market. Currently a million pound business and expanding.

VITA COCO BRAND EXTENSION: ACTIVE WEAR

BY EMILY PERRONS 14045398

Vita Coco is already well established as a brand to be able to diversify exploiting its values into another markets such as active wear. By undertaking a business analysis, Vita Coco can be found to be a brand that has ‘nine-lives’. After a number of law suits trying to crush it as a product and a market, and big competitive players such as Coca Cola and Pepsi trying to out play them, they have come out triumphant. Not only do they hold a market of their own (coconut water), they have also penetrated markets such as the bottled water, sports drink and fruit juice market. This solid growth has created a customer base for Vita Coco in the millions. In the creative analysis it can be found that alongside their ‘stupidly simple’ and effective marketing campaigns, and use of celebrities, Vita Coco have managed to portray themselves as a fun, innovative, exciting, natural and an honest brand.

Vita Coco as a brand exemplifies innovation, it was the first into the coconut water industry, and therefore why not be the first to create active wear from the product they already use in a separate market. Using the coconuts outer coat and coir for fibre for the textiles gives the brand extension a USP that no other company has, again making the company the first to innovate a modern, sustainable way of living.

TABLE OF CONTENTS

Executive Summary...............................................................................................................................................1

1.0 Introduction.............................................................................................................................................3

2.0 Vita Coco..................................................................................................................................................3

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2.1 Macro Environment – PESTLE......................................................................................................................3

2.1.1 Social/Cultural......................................................................................................................................4

2.1.2 Political/Legal.......................................................................................................................................4

2.2 Micro Environment......................................................................................................................................5

2.2.1 Market Share........................................................................................................................................5

2.2.2 Competitors..........................................................................................................................................5

2.2.3 Consumers............................................................................................................................................6

2.3 Internal Environment...................................................................................................................................7

2.3.1 Financial Position..................................................................................................................................7

2.3.2 Marketing Communication...................................................................................................................8

3.0 Creative analysis.......................................................................................................................................9

3.1 Brand Essence............................................................................................................................................10

3.2 Brand Personality......................................................................................................................................11

3.3 Brand Values..............................................................................................................................................13

4.0 Brand extension............................................................................................................................................13

4.1 Vita Coco’s extension.................................................................................................................................14

4.2 Strategic Benefits.......................................................................................................................................14

4.3 Risks...........................................................................................................................................................15

4.4 Evaluation..................................................................................................................................................15

5.0 Conclusion....................................................................................................................................................15

Appendix.............................................................................................................................................................16

References...........................................................................................................................................................17

1.0 INTRODUCTION

This report provides an in-depth business and creative analysis of Vita Coco (VC), supported by a range of data. It concentrates on the brand’s market share, customers, competitors, marketing

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communications approach, and financial position. At the same time, it introduces a new brand extension of active wear for the future of VC.

2.0 VITA COCO

‘Vita Coco is the fastest growing brand in the Soft Drinks market.’ (The Grocer, 2015). It was established in 2004, by Mike Kirban and Ira Liran. They initially concentrated on establishing the brand in America however have now denominated markets within the UK and other countries (Vita Coco, 2015). Coconut water is a new concept to British culture, however has proven to be a very popular addition to the beverage market.

An effective way of analysing VC is using a ‘Brandsphere’ which is made up of three levels all that are inter-connected, however differentiated in the amount of control a brand has on them (Palmer, 2009) .

Figure 1: Brandsphere

(Adapted from Palmer, 2009)

2.1 MACRO ENVIRONMENT – PESTLE

The macro environment ‘shows the elements of the external environment in relation to the organisation and its immediate surroundings.’ (Brassington & Pettitt, 2013). VC must ‘scan their macro-environment continually to identify future opportunities and threats’ and to understand how it could affect the brand and help achieve success (De Chernatony, McDonald & Wallace, 2011).

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2.1.1 SOCIAL/CULTURAL

VC’s idea originated from Brazil, here ‘the drink is part of local beverage consumption culture’ (Euromonitor, 2011) and contains ‘less than 1% natural fruit sugar’ (Vita Coco, 2015). The UK’s local beverage consumption culture is mainly carbonated drinks (Mintel, 2015), with the average drink containing ‘more than 36 grams’ of sugar (Reilly. K, 2015).

A recent study showed 44% of people believed that busy lifestyles make it difficult to be healthy. Having coconut water as part of our beverage market now helps busy consumers make an easy choice of a low sugar, energy filled, healthy choice (Mintel, 2015). The ‘shift in behaviours’ and habits taking a healthier turn (Schatz & Beck, 2015), resulted in 46% of adults monitoring/limiting the amount of sugar in their diet (Mintel, 2015). Meaning a healthy drink such as VC being readily available for ‘on the go’ helps consumers fulfil their wants and needs, and proves there is a huge gap in the market for itself.

2.1.2 POLITICAL/LEGAL

In 2012 VC was taken to court by plaintiffs, due to misleading advertising. VC claimed that their products were “nutrient-packed,” “mega-electrolyte,” and healthy “super-water". However independent studies showed that the drinks didn't pack near as many electrolytes (Woodruff, 2012). In doing so, the brand lacks the trust of consumers that other more established brands enjoy. (Mintel, 2013).

(Mintel, 2013)

A more current affair that will effect VC’s macro environment is experts wanting to introduce a tax on sugary drinks in the UK to improve children’s health (Petitions, 2015). If the petition is agreed, VC wouldn’t stand alone in being a low sugar, low calorie drink and other competitors could possibly become threats. However, as the petition is still undergoing the bottled water market has thrived due to the publication of reports stating sugar is bad, while other markets have lost out (Mintel, 2015).

2.2 MICRO ENVIRONMENT

2.2.1 MARKET SHARE

‘Vita Coco is the fastest growing brand in the Soft Drinks market, growing 81% YoY in 2014’ and coconut water being the fastest growing sector. It’s currently holding ‘over 70% of the market share’

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(The Grocer, 2015) and ‘occupies 94% of the UK coconut water category today’ (Brook, 2015). Thus, reflecting the extent to which the brand is meeting consumers’ needs better than other brands (De Chernatony and McDonald, 2003). After VC launched in 2004 it has become ‘one of the most dominant market players, with products in 17,000 stores nationally.’ (Goldschein & Groth, 2011).

2.2.2 COMPETITORS

VC has established a brand new category, and being the first into the market it is evident that it is one of the most dominant market players (Business Insider, 2012). Being the pioneer of a new category differentiates it from other players such as ‘top global beverage giants PepsiCo and Coca-Cola’. PepsiCo launched 100% Coconut Water through its premium Naked Juice brand in 2010 (Euromonitor, 2011), and Coca-Cola acquired ZICO Beverages in 2013. (Segal, 2014). VC’s competitors have a big strategic benefit of being the ‘beverage giants’ in other markets, therefore having a lot more disposable cash to spend on advertising etc.

Figure 3: Pricing Quality Matrix

(Hanlon, 2013)

VC costs £3.49 (per litre) from a leading supermarket (Tesco.com, 2015), compared to a normal bottle of water, costing 40p per litre (Natural Hydration Council, 2015). VC also sells for roughly double the price of mass-market sports drinks. Being at such a high price, comes with the need to be such a high quality according to the pricing quality matrix. VC has used its alleged health benefits to justify its relatively high price (Roolant, 2015), since qualities surrounding ingredients are deemed by consumers as most important when defining a soft drink as premium. For example their goodness and naturalness (Mintel, 2015). However, in order to bring coconut water beverages close to the price of existing products in the sports drink, bottled water, juice market, they must solve the issues of availability, quality and perishability of coconuts.

2.2.3 CONSUMERS

‘Throughout 2015 there has been a noticeable shift in consumer attitudes, with customers becoming ever more health conscious.’ (The Grocer, 2015). This is a huge target audience for VC, as coconut water has many USPs (Unique selling points), primarily being its low calorie content when compared

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to other 100% juice products, making it a very attractive option for health conscious people (Euromonitor, 2011).

A huge customer base that VC covers is the bottled water market and sports drinks markets combined. 46% of bottled water buyer are interested in energy-boosting ingredients, 44% in natural sugar-free sweeteners and 43% in electrolytes (Mintel, 2015). Therefore having an option like VC appeals to a huge percentage of consumers interests.

‘Coconut water, on the contrast to many other sport drinks, is packed full of electrolytes, has a natural colour and provides natural energy. Hence, it has the potential to pull in a whole new audience, such as health-conscious consumers who have previously shied away from conventional sports drinks’ (Euromonitor, 2011).

Finally, ‘in many societies there are an increasing number of consumers who have exceptionally full lifestyles, leaving little time for brand decision.’ (De Chernatony, 2010). VC targets these consumers by being an ‘on the go’ drink, and by being the first brand to sell coconut water.

Consumers buy coconut water for a number of reasons, firstly being its functionality (Elliott & Percy, 2007). VC is a functional product as it’s bought for quenching thirst, however more importantly for doing ‘something positive for you’ (Business Insider, 2015).

Figure 4: Functional/Emotional Model.

Elliott+Percy (2007)

2.3 INTERNAL ENVIRONMENT

Figure 5: SWOT analysis.

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(Adapted from: Palmer, 2012)

2.3.1 FINANCIAL POSITION VC is ‘a £100 million business’ (Kastner & Partners, 2015). The value of the coconut water category reached £47.9m in 2015, (The Grocer, 2015) with VC claiming a 70% share at £30.8m, up from £22.2m the previous year (Devlin, 2015). Compared to one of its biggest competitors Zico, that ‘has less than 20 percent’ market share, VC can be seen to be in a profiting financial position (Segal, 2014). The market share and cost of the brand tells us that VC are clearly showing that they are excelling financially.

2.3.2 MARKETING COMMUNICATION

‘Marketing is what’s selling these drinks, since the taste isn’t something that will appeal to everyone.’ (Burkitt, 2015)

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(Anisoibi, 2012)

VC uses ‘celebrities like Rihanna and Madonna to promote its products (Business Insider, 2011). It also uses key opinion formers such as dieticians, nutritionists, and high-profile sportspeople to endorse VC and the benefits of coconut water (Brook, 2015).

(Bergman, 2014)

The tropical branding of its packaging in the ‘Viva Vita’ campaign, helps to boost its upbeat image of excitement and cool (Mintel, 2013). The packaging is also very important in portraying it as a premium brand (Mintel, 2015).

They have also ran various campaigns, the most recent, ‘Stupidly simple’. This features digital, social, out-of-home advertising elements and is the brand’s first venture into broadcast TV, which advertises its simplicity and naturalness with taglines like below. (Business Wire, 2015).

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(Buss, 2015)

3.0 CREATIVE ANALYSIS.

The identity of the brand is the one that the company attempts to communicate. A useful conceptualisation of brand identity was provided by Kapferer (2008). (Appendix A).

Figure 6: Identity Prism.

(Adapted from: Kapferer, 2008)

3.1 BRAND ESSENCE

Figure 7: Brand Essence

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(Adapted from Chernatony, (2006): 232)

‘A brand essence is a promise of specific values and benefits, one that has meaning and relevance to users. To consumers, these promises differ from those of the competition. It is the consumer’s gut feeling about your company, service or product.’ (C, 2015)

VC has an exciting image, due to its newer status, and is also readily associated with innovation. (Mintel, 2013). The core essence runs throughout their communications and positions themselves as a lifestyle and sports drink, they are seen as a fun-loving brand with persuasive credentials for natural hydration (Brook, 2015). VC’s website emphasises the fact that there product is ‘stupidly ‘simple’. A key comment from VC which truly embraces what they are about is ‘wherever we find complexity (in food culture or the world at large), we fight it with a machete of simplicity. We point out the absurdity of the complex and answer it with the beauty of the simple. Stupidly simple simplicity.’ ‘‘Never from concentrate’ is a critical brand promise, as we live the ethos of ‘straight from the tree, not a lab’’(Brook, 2015).

Another way to look at the brand essence of VC is using the brand pyramid. This enables the core promise and values to characterised and categorised.

Figure 8: Brand Pyramid

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(Adapted from De Chernatony (2006): 226)

3.2 BRAND PERSONALITY

Figure 9: Brand Personality

Aaker (1997)

All brands have a personality and by communicating it to its consumers it gradually builds up character. The way in which VC speaks of its products shows what kind of person it would be if it were human (Kapferer, 2008). This can be defined as ‘the human characteristics or traits that can be attributed to a brand.’ (Keller and Richey, 2006). VC’s brand personality according to Aaker’s Model is sincerity. This is because of its naturalness (Coconut water (99%), Natural fruit sugar (1%), Vitamin C) and honesty about its ingredients. (Vita Coco, 2015).

VC also communicates its fun/cheerful/ethical personality through its packaging, by using Tetra Pak. This is a ‘BPA- free, eco- and socially-responsible form of package made from wood fibre, a sustainable resource.’ (Vita Coco, 2015).

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(Mintel, 2013)

(Mintel, 2013)

The above images also show how VC’s personality is perceived as ‘sincerity’ due to being ethical, exciting, cool and feminine. In the UK, cool brands stand out better than those that communicate their status. This is partly due to UK consumers wanting a bit of escapism during tough economic times. (Handley, 2012).

3.3 BRAND VALUES.

Figure 12: Brand Values.

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‘The brand values are what the customers see and feel during their contact with the company’ (Businesscasestudies.co.uk, 2015).

4.0 BRAND EXTENSION.

A brand extension is “the use of the name of a (parent) brand on a different product category” (Aaker & Keller, 1990). However ‘With the high costs of developing new brands, many organisations are attracted by the opportunities from line extensions.’ (De Chernatony and McDonald, 2003). Ansoff’s Matrix helps show the difference between the two.

Figure 13: Ansoff’s Matrix Model.

(Britviclearningzone.com, 2015)

Using a brand extension VC can penetrate a new market easily by carrying through its already established reputation and success, and because of this there will be minimal start-up costs.

4.1 VITA COCO’S EXTENSION.

Bringing together the analysis of VC, I believe that VC are sufficiently established in their original market to branch out into a new market with a new product. Using Elliott and Percy’s pervious

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model, we can see that ‘A Brand name which is strongly associated with functional benefits can be more easily extended into product areas bought mainly for their functional benefits’ (De Chernatony and McDonald, 2003). Therefore creating a brand extension of active wear would only seem foreseeable, as it is another functional market. The active wear will be made from the coconuts harvested for Vita Coco’s coconut water, as the outer coat and core of the coconut can be used for fibre in materials used. This will become its unique selling point (USP).

The current active wear market is heavily competitive, with giant brands such as Nike (18% share), and Adidas (15% share) (Hall, 2011). However growth in the sportswear market in the UK is being driven by a trend for sporty clothing being worn both for sports and as leisurewear. Therefore opening the market up, not only to sports players but also to customers wearing it for fashion.

The target audience will still remain similar to VC’s original market, such as healthy, active, sporty consumers. However directed more towards women aged 16-34, as they tend to purchase more sportswear items than males. (Mintel, 2015)

4.2 STRATEGIC BENEFITS.

Benefits of using active wear as a brand extension are the consumers will already be aware of VC, and its current values will stretch across to the new market. They will have a positive brand association and have the correct perception of VC’s quality. VC’s name on the gym wear will encourage trial purchase giving reassurance to the risk-averse consumer.

Another strategic benefit is its USP, being partly made from the coconuts used for their coconut water, makes it unlike any other active wear brand in the market. It also helps the brands sustainability.

Figure 14: Web Page.

(Vita Coco, 2015)

Finally, the brand extension will link back to the original product of VC. Both products being centred on health and fitness will link to each other and help sell one another.

4.3 RISKS

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The soft drinks is a very competitive market, and such brand extension will deliver strength in face of competition. Even though gym gear is a hugely competitive market, even being a small player in this market will bring about increased revenue for the brand.

The projected fall in the number of young people who play sport could pose a challenge to the sportswear market as young adults participate the most in sport. (Mintel, 2015)

4.4 EVALUATION

Figure 15: Evaluation Model.

(Kapferer 2008: 336)

Kapferer shows that by taking into account the parent brand, customers’ needs and competition, VC can make an effective brand extension as long as all three points are suitable. (Appendix B)

5.0 CONCLUSION

Due to the overwhelming evidence that supports VC, and its established place in the market, it is evident that its key values and innovation have positioned it 1st place in a competitive market. It should therefore consider expansion into an alternative market that continues to promote simplicity, health and naturalness. I believe this move in the market should be made promptly, as big market players such as Coca-Cola and Pepsi, with huge cash flow, could supersede their brand. As timing is key in marketing, I believe that pushing this extension through with the current government movement on health will be only beneficial for both the coconut water and active wear.

APPENDIX

Appendix A

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Vita Coco’s Physique is the basis of the brand. It is the products features and attributes. For example its 99% coconut water and 1% natural fruit sugar. Its personality defines what the brand would be like if it were a person, including its characteristic and attitudes. Which is mentioned within the creative analysis. Vita Cocos culture takes a holistic view of the organization, where it came from and what it stands for, mentioned in the social/cultural part of the business analysis. The strength of the relationship between Vita coco and the customer is the customer’s beliefs and associations about Vita coco. Reflection is what vita coco represents in the customers mind. Finally self-image looks at how the customer sees themselves when compared to Vita coco, does it fit it with their life/self.

Appendix B

To make the extension successful the brand values must stretch and fit into the new market of active wear. Vita coco must also understand why customers buy gym wear and how it fits into that. Analysing the brand extensions competition is a huge key to success as although they are currently the biggest in the soft drinks market they may find that they are against bigger competitors in the active wear market, however Vita coco have an advantage of a USP, of being made out of coconut.

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