At ANA Masters of Marketing, he reframed how marketers should think about multicultural marketing
P&G will significantly increase its investment in Black-owned media to grow the market and provide more opportunities for its brands and the industry as a whole to reach Black audiences.
“To do our part, P&G intends to be the No. 1 spender in Black-owned media and take steps to significantly expand the ecosystem,” Marc Pritchard, P&G chief brand officer, said at the ANA Masters of Marketing conference. “In two years we’ve doubled our funding, and we intend to double and then double again.”
Pritchard used his annual presentation to drive home the fact that marketers should consider multicultural marketing as mainstream marketing and delivered seven habits marketers should develop to reach diverse audiences. Pritchard pointed to the U.S. Census and other research that showed Black, Hispanic, Asian, Native Indigenous and multiracial segments of the population accounted for 100% of America’s population growth and represent $5 trillion in spending power.
Half of our sales growth in the U.S. is now consistently coming from Black, Hispanic and Asian [consumers],” Pritchard said.