Dive Brief:

• Coca-Cola U.K. announced the launch of a campaign for Coca-Cola Classic that promotes the beverage's unique qualities and heritage. 
• "We Do" features images of Elvis Presley and the tagline, "They don't make 'em like they used to. We do." The campaign touts how Coke's recipe hasn't changed — barring the notorious failure of New Coke in the '80s, which the creative doesn't mention — since its introduction 132 years ago.
• The push, which was created by the agency Recipe and graphic designer Noma Bar, will run for four weeks with outdoor and social media advertising. It comes ahead of a U.K. sugar tax that goes into effect this month, which will increase the cost of the soft drink because it contains more than 8 grams of sugar per 100 milliliters, Marketing Week reported. 

Sometimes you just can’t beat a Classic. pic.twitter.com/UXv6qex5Gf

— Coca-Cola GB (@CocaCola_GB) April 6, 2018

Dive Insight:

Coke is leaning into nostalgia for its flagship beverage by championing the drink's largely untouched recipe and referencing a pop culture icon from decades past. The marketing push rolls out in the shadow of a $735 million sugar tax that could potentially deal a blow to Coke through a hike in prices. Coke and other soft drink brands have been struggling in the U.K. and also stateside, where sales of soda have steadily declined for over a decade as consumer habits have shifted to less sugary alternatives. 

While they don't drink as much soda as older generations, millennials have a particular affinity for nostalgia, which could draw interest to We Do. Coke rival Pepsi took a similar approach with a "Generations" campaign that launched ahead of the Super Bowl and followed up on an iconic 1992 ad with the supermodel Cindy Crawford. Pepsi also brought back vintage packaging for the effort.

Despite the campaign and announcement that the recipe for Coke Classic will remain unchanged, Coke is placing a lot of its bets on growth outside of soda. It recently launched the beverages AdeZ, Honest Coffee and Fuze Tea in the U.K. that are not subject to the sugar tax, according to CNBC. The brand is aiming to double its sales of non-carbonated drinks in the U.K. by 2020 and estimates that 50% of its revenue growth will come from new products.