‘Shark Tank’ investor Kevin O’Leary calls Bud Light’s ad campaign ‘a nightmare from hell for the brand’
Bud Light’s ad campaign has caused the company to suffer major losses, and ‘Shark Tank’ investor Kevin O’Leary has called it a ‘nightmare from hell’.
Bud light’s latest ad campaign featuring trans TikTok influencer Dylan Mulvaney has proven disastrous for the company, with sales dropping and stock prices continuing to slide.
“Shark Tank” investor Kevin O’Leary has weighed in on the backlash Anheuser Busch is experiencing, calling Bud Light the “poster boy for brand mismanagement”.
Much to learn from Bud Light marketing disaster
Appearing in “Fox News”, the businessman said that there is much to learn for CEOs from the narrative that has been brought about by the fiasco. First, he said that it demonstrated the power of social media.
“This issue went viral in 48 hours… the story and narrative changed to sales,” said O’Leary.
“And so people that did not like the message, regardless of where you stand on these social issues or gender narrative or whatever, they took it out by basically boycotting the product immediately.”
He said that the situation is a “nightmare from hell for the brand,” because the topic has not died down after two months.
Kevin O’Leary: Bud Light did not read the room
O’Leary pointed out that Bud Light may not have thought the gender narrative through before they launched their campaign, because their product primarily targets men.
“Maybe you should say, ‘Well, does this really fit my consumer’s psyche and narrative’?”
Anheuser-Busch’s initial response to the controversy in the form of a statement said “We never intended to be part of a discussion that divides people. We are in the business of bringing people together over a beer.”
Their words ended up angering consumers from all sides of the issue, and resulted in pushing the company’s share value even further down.
The fiasco’s negative effect on sales and stock prices have led the company to make management changes in Bud Light’s marketing department.