Can Diageo PLC Turn Its Smirnoff Brand Around?

Drinks business firm

has already declared its New Year's resolution— to turn its struggling Smirnoff vodka brand around. In the 2014/15 financial year, Smirnoff sales

by 3 percent as consumers turned their attention to "craft" vodka brands with smaller batches and local distilleries.

However, Smirnoff wasn't always struggling, the brand became hugely popular with several flavor varieties when consumers were interested in unique cocktails, but that era seems to have ended leaving the vodka brand behind with it. In an effort to revive the brand this year, the company added 42 new flavors designed to appeal to younger drinkers. However, the decision missed the mark and Smirnoff global brand director Matt Bruhn admitted that the flavor additions were a "mistake."

Diageo Chief Executive Ivan Menzes vowed to turn the brand around this year as vodka market makes up about 12 percent of the company's net sales. In order to do this, Smirnoff is

to cut down on the number of flavors offered and embed its name into the electronic-dance-music community. Smirnoff is slated to sponsor 26 electronic-music festivals in the coming year and the brand has also developed a sound collective that will sponsor fresh new electronic-music artists. The company has also created a line of glow-in-the dark flavors that will be marketed as shots.

All of Smirnoff's efforts in the coming year are designed to appeal to the coveted millennial generation, a group that has recently reached the legal drinking age and makes up a huge percentage of the market. While Smirnoff's efforts are valiant, many believe that the company is fighting an uphill battle as bespoke companies that make unique offerings have become popular choices among young people.