This week, we’ve seen firsthand the highs and lows of navigating marketing in our chaotic, volatile world. Find out more about the biggest new campaigns and toughest missteps in our Weekly Must Reads.

Crypto.com’s Marketing Crash

Crpyto.com is still struggling in the wake of the great cryptocurrency crash of 2022. Since last year, the company has laid off nearly 40 percent of its employees. Additionally, they backed out on sponsorships with the UEFA Champion League, soccer team Angels FC, and Twitch. The brand will still co-sponsor the upcoming FIFA World Cup, though with a lower investment than originally planned.

The scale-down efforts are a marked departure from the sports marketing blitz Cypto.com initiated a couple years ago. They had previously aired prime-time commercials during nearly every major sporting event, become a major Formula 1 sponsor, and even adopted naming rights to the former Staples Center in Los Angeles. Read more about how marketing too heavily and too quickly contributed to Crypto.com’s decline here: https://finance.yahoo.com/news/crypto-exchange-crypto-com-downsizing-171539091.html

Reese’s Builds Team Reese

The latest advertiser to launch a NIL deal is having some fun with a play on words. Hershey-owned brand Reese’s recently signed a group of college football players – all conveniently with the last name Reese. Throughout the season, the players will promote new football-shaped Reese’s candies on their social media channels and talk about what it means to be on Team Reese. Each player will also receive Reese’s-themed gear, including a gold chain, game day blazer, cufflinks, and a mini fridge.

The campaign is a creative take on the increasingly popular NIL partnerships. In this case, the name of the back of Team Reese’s jerseys really is as important as the name on the front. Find out more details here: https://www.prnewswire.com/news-releases/reeses-signs-reese-named-college-athletes-to-nil-deals-301641831.html

Pepsi Cuts Footloose

In their newest campaign, Pepsi is cutting footloose with rising star Chlöe. In a recent spot, the singer performs a R&B rendition of the song “Footloose” in an 80s-themed soda shop where singing and dancing are prohibited. Of course, the song causes everyone inside to break out in dance, similar to the original 1984 movie. The ad is meant to represent Pepsi’s newest offering, a zero-sugar cream soda cola, as both concepts are a “modern take on a classic.”

Pepsi has regularly featured modernized versions of classic songs in their advertising. Last year, Doja Cat recreated “You’re the One That I Want” from Grease, while H.E.R. and Missy Elliott sang “Paint It Black” in the brand’s Super Bowl commercial in 2020. Watch the new ad and learn more about Pepsi’s partnership with Chlöe here: https://www.adweek.com/brand-marketing/pepsi-and-chloe-harken-back-to-footloose-with-spot-for-soda-shop-bop/

Coach Sets Its Focus on Self-Expression

Luxury brand Coach has found its newest ambassador. Their new campaign features breakout rapper Lil Nas X on a journey to overcome obstacles and live authentically in scenes that are reminiscent of his own life. The ad features the singer’s new song “Star Walkin’,” and reflects Coach’s recent mission to highlight both self-expression and acceptance.

Like many other luxury brands, Coach is trying to reach the key millennial and Gen Z markets. To do that, they’re focusing on the public figures and values they’re interested in. According to research group Klarna, these two generations recently surpassed Gen X and baby boomers as the most likely groups to purchase luxury leather goods. Check out the new video and discover more about the partnership with Lil Nas X here: https://www.marketingdive.com/news/coach-lil-nas-self-expression-campaign-brand-purpose/633326/