By Michael J. Critelli | MakeUsWell Newsletter,
One of the most consequential insights in the history of consumer marketing came from Roberto Goizueta, Coca-Cola's legendary CEO.
Instead of thinking about Coca-Cola's market as soft drinks, Goizueta encouraged the company to think about all the fluids people consumed. Coca-Cola's 1996 annual report calculated its market opportunity using an assumed daily fluid intake of 64 ounces per person. Suddenly, Coke wasn't competing primarily with Pepsi. It was competing with water, coffee, tea, juice and virtually everything else people drank.
That seemingly simple reframing helped change the beverage business. Over time, Coca-Cola and its competitors expanded far beyond traditional carbonated soft drinks into sports drinks, energy drinks, bottled water, coffee, tea, flavored and sparkling waters, mixers and other beverages. Dasani, a still water, for example, was launched in North America in 1999.
But something more significant has happened.