Notes from Mark Prichard’s article: Media grows Markets on LinkedIn.
“Market is the most important part of marketing.”
Mark Pritchard, Chief Brand Officer, P&G
Pritchard writes that “At P&G, growing markets is the highest order ambition – creating business versus taking business – making the size of the pie bigger.”
All businesses need to create and harvest demand profitably. One without the other is a one way trip to the bottom.
Media grows markets by reaching more people and bringing them into the category. More consumers mean more business for brands and their retail partners. More business means more innovation and more competition that improves value for consumers.
To benefit from a growing category, brands need to create and harvest demand profitably. Media planning is a key tool to do this.
Here’s how:
- Reach: Use media to achieve higher reach and attract more consumers to the category.
- Effectiveness: Use tests and experiments to deliver ads that deliver proven sales growth.
- Efficiency: Keep improving the way you plan and buy media to improve profitability.