'Double Down' on Economic Slowdown, Says Marc Pritchard

With the global economy slowing due to the cost-of-living crisis and the war for Ukraine sending oil and gas prices spiraling, businesses are beginning to brace themselves for “tough economic times” in the months ahead. But P&G’s marketing chief Marc Pritchard said this is the time for marketers to “double down” on their activities rather than cut back, especially in media. Speaking to MediaLink founder Michael Kassan for a session during Viva Tech, Pritchard—who is the American multinational consumer goods producer’s chief brand officer—was asked his advice on what marketers should be doing to prepare for the potential economic difficulties they face. Responding emphatically, he said: “Double down now more than ever.” “We need to make sure that we have 52 weeks of media and that it is constant, but you also have to double down on being more productive," said Pritchard. "That's where I come back with technology and finding data and analytics and ensuring that what we're doing is being far more productive, so we can reach as many people as possible. It's not about spending, its about reaching as many people as possible with precision and without waste,” he outlined. He cited his company’s diaper brand Pampers as one that had built “a connection” with consumers over the years with expectant parents, who he claimed now would search online and use its Due Date Calculator for the arrival of their baby or what food they should buy—something the brand now served as additional content to engage with before asking them if they want to join its loyalty program. “This mechanism develops a relationship that enables us to then take that data, see it and then go reach 95% of pregnant households with incredible precision,” he outlined, adding that the temptation to “dial back” on advertising through media such as radio would “dilute the formula” when marketers must “innovate more than ever” to reach customers and work more with retailers to sell products. Earlier in the session, he also discussed the growth of retail media networks. Pritchard revealed that P&G was “spending a lot of time working with retailers” to better understand how they can connect with consumers closer to purchase with digital commerce—not just ecommerce—with virtual worlds proving of interest through data-led insights sharing within a data clean room [safe spaces where companies can share aggregated data.] He described retailer networks as “incredibly smart” and holding “deep connections” with their customers, plus holding first party data, which can help P&G’s omnichannel and direct to consumer approaches. “What they're doing is giving their customers a lot of options,” Pritchard outlined. "And then we come in, it's focused on understanding media behavior, lifestyle behavior, habits, practices. So, when we connect in the clean room, it allows us to be able to create a better experience for the consumers. That’s a major part of the future.” P&G’s Marc Pritchard Is Using 'Constructive Disruption' to Reinvent Brand Building

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It's Time to 'Double Down,' Advises P&G's Marc Pritchard Around Economic Slowdown

Speaking to MediaLink founder Michael Kassan, he outlined his response to difficult periods and his views on the rise of retail media networks

Stephen Lepitak

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