P&G’s Amazing Growth from cutting Digital and Investing in Radio!
Inside Radio reported recently- Procter & Gamble reported its strongest quarterly sales growth in five years, following a stretch in which the consumer-products giant consistently suffered lackluster growth. Beauty products fueled the gains, up 7%, while the company reported growth across a number of categories, including grooming, healthcare and fabric.
P&G made national headlines last year when it cast doubt on how effective digital advertising is—slicing $200 million in spending in 2017, while demanding increased accountability from online. In turn, it reinvested much of its marketing cuts in television, radio and ecommerce. As Inside Radio reported in April 2018, Procter & Gamble spent $6.7 million at radio in the first half of 2017, six times more than in the same period in 2016, according to Kantar Media.
For its fiscal first quarter, which ended Sept. 30, 2018, the maker of Tide detergent and Gillette razors said that overall sales rose 4%, amid what the Wall Street Journal reports has been a struggle to boost sales in an industry facing more competition and higher costs of raw materials and transportation. Profits rose 12% to $3.2 billion, or $1.22 cents a share, in Q1. Net sales rose 0.2% to $16.69 billion from $16.65 billion, but unfavorable foreign-exchange fluctuations hurt sales by 3%.
Topping the list of P&G’s biggest radio users…
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