Talk about an ad budget.
Cincinnati.com reports on Proctor & Gamble’s ad spending hike:
P&G spent $9.3 billion on TV, newspaper, radio, Internet and billboard ads to get its brands in front of an attention-distracted public. It’s $1.8 billion more than it spent in its 2008-2009 year, and $730 million more than a year ago.
The ramped-up spending came as Cincinnati-based P&G pushed new consumer products into the marketplace and into new countries. It was also a year of heavy promotions and coupons as the company fought to win back sales lost to store brands and cheaper competitors as cost-conscious shoppers tightened their purse strings, unemployment remained high and paychecks were stagnant.
Say what you will about the type of work that results, but there’s big money in those packaged goods products. And they’re very good at spreading the wealth around: Cincinnati agencies such as Possible Worldwide are among the many local beneficiaries of P&G’s spending.
Will they continue to spend that way? How about 5 years from now? Are they getting their money’s worth?