Procter & Gamble had decreased its advertising spends significantly in the last three years, especially during the Covid pandemic phase, due to the constraints put in place by the lockdown and the ensuing reduction in revenues, as per Shailesh Jejurikar, Chief Operating Officer, P&G.
During the session, he spoke about the challenges that marketers are facing with the changing landscape of consumerism.
He said that everyone is trying to understand the technology and how they can leverage it to gain the maximum possible returns. As per Jejurikar, the entry of data into marketing is one such big change and it will have a big role in the days ahead. He added that those marketers who can handle data better will be successful in the long run.
At the onset of the third edition of the ISA Global CEO Conference on ‘VUCA 2.0: Transforming Organisations and Brands’, Jejurikar was of the keynote speakers. In his address, he also spoke about innovation and sustainability being one of the key elements for companies to stay relevant.
“We actually had significant decreases in our advertising spending over the last three years, including through the Covid phase. So, in recent times we had very meaningful growth in advertising. Particularly during Covid, there are so many changes in people's lives and that gave birth to a lot of new insights, which have been the basis for advertising. And then of course we spent a lot behind it,” he said.
Jejurikar shared that the company has always believed in innovation, sustainability and collaboration. He said, “Innovation can create value for all our stakeholders. Obviously, they can only succeed when they embrace change with the spirit of exploration and experimentation that helps them meet the needs of consumers.”
Jejurikar also shared that India is going to be a progressive market when it comes to consumption. However, there will be a lot of challenges in terms of energy consumption, water and other areas and that’s where the innovation will come into place. He said that he sees the “challenges as opportunities for companies to promote sustainability, innovation and collaboration.”