To date, the brand has relied on the support of the 47 million or so followers that both internet celebrities have cultivated online, while it recently announced a '48-hour challenge', encouraging fans to seek out two gold bottles with secret 6-digit codes, in order to win cash prizes.
According to GlobalData, the recent competition is likely to mark the start of a more conventional marketing approach by the brand, as it seeks to maintain its momentum and cement its position in a busy marketplace.
“During the launch period, the sports drink gained immense popularity, causing a supply shortage that created an heir of exclusivity for the brand and its products," commented George Shaw, consumer analyst at GlobalData.
" This scarcity effect shows a similar strategy used by American fashion brand, Supreme. The streetwear brand sustained high demand by limiting supply, in what its consumers called ‘drops’. This created sky-high hype and exclusivity, which saw pieces of clothing resell for up to six times their value.
"Similarly, resellers on eBay were selling Prime £14.95 per bottle in late 2022, more than seven times its RRP of £2.”
Prime hit a revenue mark of $250 million (€230.1 million) in 2022 alone, with its creators confident that it will pass the $1.2 billion (€1.1 billion) sales mark this year, boosted by increased availability, and event its inclusion in some lunchtime promotions, as GlobalData has observed.
But in order to gain continued cut through in a market dominated by the likes of Gatorade and Powerade – not to mention the massive competitors in energy drinks, the brand will both need to embrace more traditional marketing strategies and team up with leading sports stars to further its influence.
“In 2023, Prime has homed in on industry standard practices to widen its reach," said Shaw. "The brand has heavily invested in the UFC, various sports clubs and sports people – most notable being top soccer player Erling Haaland and Timmy Hill Nascar driver. These relevant marketing strategies provide a sharpening point for Prime and put the brand in the eyeshot of tens of millions of potential consumers.
"Prime is in the next stage of a transition, increasing supply needs to be met with mass demand. This means it needs new effective ways to promote and keep the hype going.”