I recall hearing (or reading) Gavin McInnes say that the poor kids in his neighborhood in Canada were referred to as "Pepsis" because Pepsi was cheaper than Coke, and the poor kids couldn't afford "the real thing." It's probably correct that lower-income people are purchasing Pepsi at a higher rate than Coca-Cola, but I doubt by much.
If it is correct, however, then it makes sense that practically my entire extended family on one side buys Pepsi products. That side of the family is not as well-to-do as the other side. And I drink Pepsi products almost exclusively because it was that side of the family that really introduced me to drinking soda as a regular thing. Prior to that, I really only had Shasta Root Beer from time to time, and maybe a diet, caffeine-free Coke from the other side of the family when I saw my grandparents a few times a year.
So Pepsi became my brand. I've always loved the more youthful, hip attitude that Pepsi presents. Pepsi also always had the hottest musical artists promoting their products. Michael Jackson and Brittney Spears come to mind. Pepsi also sponsors great half-time shows for the Super Bowl. I remember Katy Perry's performance a few years back and I thought it was pretty great.
Promotion
Pepsi also had some great partnerships, such as promoting Star Wars back in 1997. I remember the cans and posters that were available. Or were the cans for Episode 1? I don't recall. But I do know that my brother-in-law has one of the R2-D2 cooler things that used to sit at the front of convenience stores at that time, and it was always stocked with Pepsi.
Now, Pepsi has had some stumbling along the way. That controversial Kylie Jenner commercial comes to mind. I also didn't like the logo redesign, and I'm unhappy that they removed the aspartame from Diet Pepsi. Aspartame is one of the most studied food additives out there, and it's been demonstrated to be fine time and time again. Diet Pepsi doesn't taste as good anymore. Not that I was ever really a Diet Pepsi kind of guy.
Pepsi also has repeatedly failed to implement a proper loyalty program. So much so that I'm not even interested in their Pepsi Stuff program. It's just a big "meh" in terms of offerings and attractive pricing.
Presence
Pepsi also falls behind in serving entertainment venues. I swear, every movie theater and every theme park serves Coke. Literally any major theater chain that switched to Pepsi would get my exclusive business. This is vexing when I go on vacation or out to a movie.
Pepsi also isn't such a hot brand outside of the USA. I recall when I was in Japan, I was pretty hard-pressed to find anything made by Pepsi! Imagine my shock when I walked into 7-Eleven and the only Pepsi product on the shelf was Pepsi Nex Zero. I was informed that Pepsi really only has about 10% market share there. They did, however, team up with Boss Coffee, and have a great presence in vending machines. Did you know you can get a hot can of coffee from the same machine you get a cold can of Pepsi in Japan? Pretty cool!
Japan also has great exclusive Pepsi flavors. Pepsi Nex Zero, Pepsi Special, Pepsi Sakura, Mountain Dew Grape, and Pepsi Refresh Shot. I had one of these little cans of Refresh Shot and it was excellent! I haven't had a good energy boost like that from a drink in a long time.
Pepsi also has poor restaurant presence. I didn't used to pick my fast food restaurants based on the drinks they serve, but I haven't eaten at Arby's much since they switched back to Coke. My roast beef just tastes better with Mountain Dew, and Mello Yello sucks.
Regardless of presence, I still love the brand as a whole. I want to decorate my kitchen in Pepsi signs and memorabilia. It's a lot harder to find Pepsi stuff than it is to find Coke stuff. You can get Coke branded anything, but it's not as easy with Pepsi. I even contacted my local Pepsi distributor to see if I could purchase some gear or advertising signage and they said no! Still, I was able to get some stuff elsewhere. I just wish I had more.
Products
Pepsi also owns Mountain Dew, which could be it's own company itself. This is the same way that Pepsico owns Lay's, which owns Doritos. Doritos could be its own company. Mountain Dew got heavy into the extreme sports scene, and is almost inseparable from the notion of being "extreme" (sometimes ironically). Mountain Dew commands a strong fan base, and it has yet to get a serious competitor. Mello Yello, Surge, Vault, and Sun Drop all fall far behind Mountain Dew to be point that they're not serious competition. Not to mention that two of the aforementioned sodas were discontinued (but you can buy Surge on Amazon).
Then there's Mug, Sierra Mist (discontinued), Tropicana, Crush, and more. I still contend that Pepsi has a more diverse product catalog than Coca-Cola.
Loyalty
Pepsi has my brand loyalty. This is highly unlikely to change. The competition just doesn't offer enough in terms of flavor, variety, and attractive branding. I love it.