Page 9 - 2019 Hispanic Market Thought Leaders

2019 HISPANIC THOUGHT LEADERS Presented by HispanicAd.com
The Marketer’s Priority: Aiming For Diversity and Inclusion
Procter & Gamble Co. Chief Brand Officer Marc Pritchard has emerged as a leader on not only multicultural marketing, but on corporate inclusiveness. Thanks to Pritchard’s efforts, and call to action to the entire advertising industry, renewed attention is being placed on the importance of diversity.
Why does Pritchard believe it is important for companies and senior executives to prioritize these elements today?
“The United States is perhaps the most diverse market in the world, so if you’re not doing multicultural marketing in this country, you’re not doing marketing,” Pritchard tells Hispanic Thoughts Leaders. “The multicultural population is rapidly growing and will soon be the majority, so meeting the needs of consumers of all cultures – regardless of gender, race, ethnicity, sexual or gender identity, ability, religion, and age – matters more than ever.”
In Pritchard’s view, there is an enormous opportunity for growth among brands, and to build the size of the overall market.
“For example, in P&G the majority of our top 20 brands are either No. 1 or No. 2 in market share among Black, Latin and Asian consumers, and more than half of our brands are growing sales,” Pritchard says. “That’s encouraging. But the market share among multicultural consumers is still lower than the national average. Closing that gap could grow sales by up to $1 billion and contribute to substantial market growth. That got our attention, and that’s why this is important.”
For those companies seeking a roadmap to prioritize their engagement with an ever-increasing diverse customer base, what different things should they be doing today to help them achieve brand growth?