ORLANDO – Ahead of his panel during the 2019 Global CMO Growth Summit, P&G chief brand officer and co-chair of the ANA Marc Pritchard spoke to Beet.TV to give an overview of his outlook on the industry. It starts with disruption. “Everyone’s being disrupted,” says Pritchard. The only way to deal with disruption is to lead it, he adds.
Here’s what Pritchard wants to reinvent in the industry:
- Media, from wasteful, mass blasting to mass one-to-one precision using data and digital technology.
- Advertising, from ads that create clutter to ads that people look forward to watching.
- Agency partnerships, to get brand-side “hands on the keyboard.”
- Brand citizenship, to move from brands that are only about themselves to brands that are “a force for good and a force for growth.”
That’s no overnight reinvention, but Pritchard has made clear he’s not afraid of lofty goals.
At the the core of the reinvention in media and advertising is data. “Walled gardens are going to remain walled,” says Pritchard, so P&G worked to build its own customer database that now includes more than 1 billion customer IDs. From there, it can craft “smart” audiences, which Pritchard says goes beyond broad age groups to group customers around indicators like common behavior and demographics.
“Smart audiences allow you to use behavior and demographic data to precisely reach people, wiping out waste and increasing the ability to grow sales,” he says.
In China, this is playing out on a mass scale. In P&G’s “most advanced market,” 80 percent of the buying happens programmatically or automatically, which has reduced waste by 30 percent and increased reach by 50 percent two years in a row.
At the end of the day, Pritchard believes industry growth boils down to control. “Taking control of your own marketing and activities is growth.”
This video is part of Beet.TV’s coverage of the ANA Masters of Marketing Conference in Orlando, 2019. The series is sponsored by iSpot.tv. For more videos from the series, please visit this page.