Fast Food Innovation: Balancing Risk and Heritage

This episode is a QSR masterclass. Ken Muench is the CMO of Yum! brands, who own Taco Bell, KFC and Pizza Hut. I speak to Ken about how he started the agency that got acquired by Yum! (The Collider Lab) and his journey to being the CMO of such a large group of brands. We also talk about how all CMOs within Yum! are encouraged to swing big to make impactful campaigns and drive innovation within their brands. Ken is also the co-author of "R.E.D Marketing: The Three Ingredients of Leading Brands" which breaks down why Relevance, Ease and Distinctiveness are essential for QSR brands.

Timestamps:

• 00:00 - Intro
• 01:07 - Ken’s career background
• 03:44 - In-house vs agency creative
• 06:39 - Taking bigger swings
• 07:46 - The secret to the success of The Collider Lab
• 12:06 - Food is fuel vs experience
• 14:42 - Why Ken wrote the book: R.E.D Marketing
• 17:29 - The R.E.D framework
• 20:51 - How brands grow
• 23:58 - Why “ease” is an untapped opportunity for marketers
• 28:26 - The power of distinctive assets
• 30:31 - Changing the Taco Bell strapline to Live Mas!
• 32:52 - How Yum! brands approach innovation
• 37:14 - How Yum! brands innovation scored
• 41:29 - What happens when innovation goes wrong
• 44:10 - Saucy by KFC
• 47:47 - The innovators dilemma
• 49:44 - Taking chances: KFC FCK campaign
• 51:48 - Ken’s favourite moments as Yum! CMO
• 53:01 - How to be a successful CMO at such a large brand
• 55:44 - What makes a great CMO