Page 11 - 2019 Hispanic Market Thought Leaders

2019 HISPANIC THOUGHT LEADERS Presented by HispanicAd.com
“We’ve been trying a different approach by building multicultural marketing into the fabric of how we build brands, versus ‘bolting it on’ as a separate effort,” Pritchard says. “We want to make marketing to Blacks, Latins and Asians part of our DNA by applying our core strategies to meet the needs of these consumer segments that have enormous promise for growth and value creation.”
For Pritchard and P&G, that involves five steps.
“Step one is to define the size of the prize, measuring performance versus the national average and recognizing that closing the gap versus the national average is worth significant sales growth,” he says.
“Step two is to achieve superior performance on our brands among multicultural consumers, which is simply executing our core business strategies of superior products, packages, communication, retail execution, and value,” Pritchard continues.
Step three, he says, “is to find the gaps in performance by diagnosing where our brands are not superior.”
Step four “is to close the gaps, in particular, making sure our products are meeting the needs of multicultural consumers better than any competitors, and making sure our communication is reaching them and is relevant.”
Lastly, step five “is joining forces with diverse and inclusive partners, like AIMM, to help us on our journey.”
Pritchard concludes, “It’s not rocket science, but it is hard work, and it is definitely worth the effort!”
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