P&G's Pritchard: We're at the starting line of the next wave of brand building

Procter & Gamble chief brand officer Marc Pritchard used a keynote speech at Dmexco to outline three steps the marketing industry should take to respond to challenges.

P&G's Marc Pritchard at Dmexco.
P&G's Marc Pritchard at Dmexco.

The first of Prichard's three actions was transforming digital transparency, the issue he outlined in detail in a high-profile speech in January and which has dominated the agenda of the digital marketing world since.

Pritchard, pictured above, said he believed the industry was 60% of the way to implementing the five things necessary to usher in a new era of digital transparency: adopt a single viewability standard, implement third-party verification, transparent agency contracts, TAG-certified ad fraud prevention, and ensuring brand safety.

The changes that have been made mean "now we can assess the true value of our media investments," he said, adding, "As the fog began to clear, what we’re finding is kind of illuminating."

Pritchard said that marketers needed to wake up to realities like ads on social media being "kind of annoying in that context."

He said that TAG-certified fraud prevention had led P&G to stop buying media from the "long tail" of websites, which he said were riddled with bot fraud:

"It proved the old adage: you get what you pay for – in this case bot farms," Pritchard said.

Pritchard’s other two steps concerned the form and function of marketing: he called for marketers to adopt "mass one-to-one marketing;" taking advantage of all that data can offer to make marketing as relevant and timely to individuals as possible; and for advertising to be a force for good in the world.

"Marketing and the marketing world got a big wake-up call this year," he said. "Digital media turned 21 years old, surpassing TV as the number one form of advertising, and continuing its journey to completely transforming the media industry.

For Pritchard to be the elephant in the room seems to be the inefficiency and lack of impact of marketing as a whole.

"Perhaps the loudest alarm is that despite spending $600 billion (£454bn) a year on marketing, our collective industries still aren’t growing enough, holding stubbornly on to low-single-digital market growth," he said. "You might say that never have so many done so much for so little."

This story first appeared on camapignlive.co.uk.

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