ELI5: Why does Coca-cola still advertise?

[u/bigdubsy]

Why do companies that have seemingly maxed out on brand recognition still spend so much money on advertising? There is not a person watching TV who doesn't know about Pepsi/Coke. So it occurs to me that they cannot increase the awareness of their product or bring new customers to the product. Without creating new customers, isn't advertisement a waste of money?

I understand that they need to advertise new products, but oftentimes, it's not a new product featured in a TV commercial.

The big soda companies are the best example I can think of.

Edit: Answered. Thanks everyone!

Edit 2: Thanks again to everybody for the discussions! I learned alot more than I expected. If we weren't all strangers on the internet, I'd buy everyone a Pepsi.

[u/zephyrtr]

Yeah Pepsi tastes more like sugar, Coke tastes more like caramel and caffeine.

[u/Treshnell → u/zephyrtr]

Yeah, Pepsi product really come across as more sugary tasting. When I was younger I generally preferred Pepsi, but as I've aged I've come to prefer the slightly more bitter taste of Coke. Mt. Dew still reigns supreme over my citrus soda preferences, though.

[u/thewetcoast → u/Treshnell]

I would characterize the difference as more vanilla-ish with Pepsi, and more spiced with Coke myself. Just kind of feel like there's more nuance to a Coke whereas I get sick of drinking more than 1 Pepsi.

[u/TheSacramentum → u/thewetcoast]

Coke tastes more sweet to me, like cherries. Pepsi has a harsher flavor, which i like.