US consumer packaged goods giant Procter & Gamble is set to cut $1.5bn from its marketing budget over at least one full year, with at least $1bn cut specifically from media, according to a Q1 earnings call. P&G is on a mission to reduce inefficiency and eliminate "supply chain waste". It has already halved its agency roster from 6,000, while future campaigns "must drive awareness, household penetration and share growth for the next five years" and will be examined by a panel of objective experts to determine their effectiveness, according to CFO Jon Moeller.
US consumer packaged goods giant Procter & Gamble is set to cut $1.5bn from its marketing budget over the next five years, with at least $1bn cut specifically from media, according to a Q1 earnings call. P&G is on a mission to reduce inefficiency and eliminate "supply chain waste". It has already halved its agency roster from 6,000, while future campaigns "must drive awareness, household penetration and share growth for at least one full year" and will be examined by a panel of objective experts to determine their effectiveness, according to CFO Jon Moeller.