Conagra Brands CAG could be using the power of Dogecoin DOGE/USD to help grow the social media following for its Slim Jim brand of meat snacks.
Slim Jim and Doge: Dogecoin was mentioned on the company's most recent earnings call. Slim Jim built its online community on memes, and that makes Doge and Dogecoin a “natural fit for our brand,” CEO Sean Connolly said in the company's most recent earnings call.
“We’ve seen a market uptick in audience interaction, including direct engagement and advocacy from the person that created Dogecoin as you can see on this slide," Connolly said, adding that the company even saw direct engagement from the person that created Dogecoin.
The use of Dogecoin memes has increased brand awareness for Slim Jim. The company has mainly used Twitter TWTR as its place to use Doge memes. The company’s Instagram account has 1.3 million followers and has been active in using other popular memes outside of the cryptocurrency world.
Twitter followers are up 160% for Slim Jim, according to the company’s third quarter presentation. In a 25-day period, the company saw 35 million organic Twitter impressions, which is high for an account with 75,000 followers.
Slim Jim was crowned the champion of the Adweek March Adness Bracket tournament featuring 64 brands. It beat Doritos, Pepsi, Amazon, Wendy’s, M&M and Oreo in head-to-head match-ups.
Why It’s Important: Conagra Brands has a large portfolio of well-known food brands like Duncan Hines, Healthy Choice, Hunt's, Reddi-wip, Vlasic, Bird’s Eye, Orville Redenbacher's, PAM and Udi’s Gluten Free.
Third quarter sales for the company were up 8.5% year-over-year, coming in above company guidance. The company saw strong performance in its grocery and snacks business, which was up 10.8% year-over-year and contains the Slim Jim brand.
Several brands in the Conagra Brands portfolio saw strong market share gains and household penetration in the third quarter. Sales of Slim Jim were up 29.4% year-over-year in the third quarter, which was the second best gain of the company’s snack brands.
"We remain confident that each of our retail domains — frozen, snacks and staples — is well-positioned to sustain the benefits of the eat-at-home habits consumers have developed during the COVID-19 pandemic," Conagra Brands CEO Sean Connolly said.
Some Slim Jim merchandise is sold out. The big question could be whether Slim Jim will use Dogecoin in full scale marketing campaigns and on packaging and merchandise.
Benzinga reached out to Conagra Brands for comment but did not hear back.
Photo courtesy Slim Jim Twitter account.
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