Here’s what Pritchard wants to reinvent in the industry:
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.
]]>That’s not all. By Cannes 2020, the ANA, which Pritchard is a part of, wants to accomplish a 100 percent accurate portrayal of all humans in advertising and to eliminate bias in advertising by Cannes 2022.
These are ambitious goals, but in this interview with Beet.TV at the CMO Growth Council conference where he was a featured speaker, Pritchard says he’s already seeing progress.
In figuring out better brand safety measurements through the Global Alliance for Responsible Media, Pritchard says work is being done to evaluate how toxic content – which he describes as “hateful” and “dangerous” – gets out there, how brands end up appearing and advertising against it, how advertising ends up funding “bad actors,” and how fraud figures in.
“Many of the platforms that were built were not necessarily built for advertising,” says Pritchard. “They were built for all sorts of content being loaded on there and there are some continuing issues around brand safety.”
Pritchard says steps are being put together in order to identify toxic content that will serve as part of the Alliance’s charter.
Nefarious content is just one battle Pritchard is participating in. Through ANA co-initiatives #SeeHer, #SeeAll and Free The Work, programs for which Pritchard serves as marketing co-chair, the industry is developing resources and services available to participating CMOs that cover pressing issues in advertising, including inclusion, diversity, equality and sustainability.
By helping to lead the way with P&G, the world’s biggest advertiser that controls a global budget of $7.1 billion, Pritchard sees progress is possible.
“It’s advanced a lot because people now have access to best practices [and] resources,” says Pritchard. “Shining the light on the importance of this has elevated our game when it comes to eliminating bias in our advertising.”
This video is was produce in Orlando at the CMO Growth Council. The series is sponsored by iSpot.tv. For more videos from the event, please visit this page.
]]>“The CMO Growth Council was formed to focus on marketing taking back control and leading disruption because marketing is being disrupted completely but taking control to lead disruption to drive growth,” Pritchard says in this interview with Beet.TV at this week’s Masters of Marketing conference. “Because there’s not enough growth.”
Earlier this year, the ANA Masters Circle got together with 25 CMOs in Cannes and focused on five areas that are perceived to have the greatest opportunity to drive more growth. They are data and technology, customer centricity, brand experience and innovation, talent and capability, and society and sustainability.
“We spent the last couple of days with 200 CMO’s going through what the 25 CMO’s had come up with over the past few months and identified several areas that looked of great interest to us to really advance growth,” says Pritchard. “Data and technology is clearly one of the big ones, because mass marketing is being disrupted and everyone is reinventing media and reinventing advertising for that matter.”
As a result, CMO’s need to know about data management platforms, analytics capabilities, algorithms and related areas.
“What the CMO’s decided is that this is something we really have to just transform from an industry standpoint,” Pritchard explains. “And what we talked about was committing to creating what’s essentially an ANA marketing university that would bring all the best minds together through the ANA to be able to create the capability industrywide to transform our industry.”
He says that ANA CEO Bob Liodice made a big commitment “on the spot to make that happen.” Moreover, Pritchard asked whether CMO’s would be willing to serve as adjunct professors “and a bunch of hands went up.”
Another subject of great interest to the CMOs concerns customer centricity and brand experience and innovation so that brands can create relevant experiences across all consumer touchpoints. “Every single one of us was talking about how we’re using lean startup and lean innovation capabilities to be able to do fast cycle iterations in very small groups to be able to create ideas and get them out in the market much more quickly,” Pritchard says.
He is especially passionate about society and sustainability to be a force for good and a force for growth. “We invited everyone join #SeeHer, join the Alliance for Inclusive and Multicultural Marketing, join Free The Bid so you can get equality behind the camera. And then we also introduced an idea of joining #Brands For Good,” one of whose efforts is to recognize brands that try to reduce plastic consumption.
This series “Growing Brands and Driving Results,” was produced at the ANA Masters in Marketing ’18 conference in Orlando. The series is sponsored by the FreeWheel Council for Premium Video. Please find additional coverage here.
]]>That is according to a marketing chief from one of the biggest brand groups in the world.
“Mobile is not a device anymore – it’s a lifestyle shift,” says P&G EMEA marketing VP Sophie Blum, in this video interview with Beet.TV at Mobile World Congress. “That’s what is exciting.
“Of course, it’s challenging – it’s a small screen, 12 seconds is a luxury. It requires mastery of technology together with the art of understanding.
“What is exciting is the opportunity for brand masters and tech to collaborate in order to create better answers to consumer needs, wherever they want at their own terms.”
Mobile World Congress is no longer just the world’s largest mobile expo and conference. It has grown rapidly in recent years to become one of a clutch of four or five global mega-conferences attracting execs and hangers-on from all kinds of industries.
Beside distinctly non-phone hardware on show, MWC’s main headlines were Nokia’s reintroduction of its classic 3310 handset (a move suggesting mobile launches themselves have run out of steam) and new smartphones that have less bezel and more screen.
TechCrunch writes MWC is now about “general connectivity as well as the devices and services which will connect our world in the future”. And, just as brands and ad agencies flock to the Consumer Electronics Show these days, so, too, is Mobile World Congress now a big draw for ad-land.
Those bigger screens may give brands more real estate through which to reach consumers. But, speaking with Beet.TV at Mobile World Congress, Sir Martin Sorrell – CEO of the world’s largest ad agency holding group, WPP – says mobile ad spend lags behind consumers’ on-device time because the technology is not yet attractive enough for the buy side.
This video was produced in Barcelona at the Mobile World Congress 2017. The series is sponsored by Turner. Please visit this page for additional segments from MWC.
]]>“A lot of companies lose sight of that,” says Stengel, who left P&G in 2008, in an interview with Beet.TV. “They get consumed by the activity that is possible now, and they don’t ask those really simple powerful questions.”
In Stengel’s view, building a brand still comes down to understanding what the brand means to people and who you’re serving.
He notes that he used to refer often to Millward Brown’s annual BrandZ study tracking the 100 most valuable global brands and now urges his clients to make use of it in his role as a consultant. Beyond scanning which brands are up or down, the value is in the analysis of the “why” behind those movements and having a conversation with your team about it.
“I wish it had even more distribution. I wish the financial community read it as deeply as the marketing community,” he says. “The returns on these brands are way better than the S&P 500 or the MSCI.”
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