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Julian Cole, a strategy trainer and consultant, explains how to create a creative brief using the example of a Cheetos ad. The brief formula includes setting up a consumer problem that the product can address. The formula involves filling in the blanks for consumer target, consumer problem, consumer goal, and single-minded message. The Cheetos ad featuring M.C Hammer demonstrates how the new product solves a common problem. The ad uses the "Can't touch this" theme to emphasize the product's benefits.