Marc Pritchard of P&G: The greatest opportunity for growth is in the multicultural market

“When markets grow, everyone benefits,” said Marc S. Pritchard, chief brand officer of Procter & Gamble. In a notice published on LinkedIn, Pritchard reflected on how the multicultural market contributes to industry in economic terms. “We make the cake grow and create new business rather than take business away from others. Which means the growth of markets is the most important kind of growth.”The greatest opportunity for growth is in the multicultural market. “In recent years, 100 percent of U.S. population growth has come from African Americans, Hispanics, Asians, Pacific islanders, U.S. indigenous groups, multiracial and multiethnic peoples, with a purchasing power of more than $5 trillion.”At P&G, half the growth in U.S. sales comes systematically from those same consumers. “And if we can just close the difference in market share of brands that among multicultural consumers is below the national average, P&G would add more than $500 million in additional yearly sales. Calculate the numbers for its brands. Few other opportunities come close.”Among the challenges are the habits in the way of doing marketing and introducing new ones to take advantage of any opportunities for growth. “How? By adopting seven new habits to drive the growth of the multicultural market.”Read the complete text here