Procter & Gamble is planning to rein in its spending by focusing its marketing efforts on digital, says CEO Bob McDonald. Citing the 1.8 billion free impressions generated by Old Spice's social-video campaign, McDonald said free or cheap distribution made digital marketing an attractive option. "In the digital space, with things like Facebook and Google and others, we find that return on investment of the advertising when properly designed, when the big idea is there, can be much more efficient," McDonald says.

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