The best way for a business to grow is to expand markets by serving all, and in turn make the market bigger, according to Marc Pritchard, chief brand officer at Procter & Gamble.
One example of this is Olay’s new water-activated cleansing melts. Ten years in the making, the dissolving cleansing squares come in three ingredient varieties — hyaluronic acid, vitamin C and retinol — and retail for $9.99 for a 32-count pack. “100 percent of the market is our target consumer….but at the same time all of you have different types of hair and you have different needs. What that means is look at each unique need and think about what those unique needs are and meet those needs,” said Pritchard. “When you do that, then you have the potential to be able to meet people’s needs in a more effective way and that can drive growth.
Another example Pritchard cited was Old Spice when in 2010 the brand set out to create a body wash market for men, only to find that it was not hitting the mark among Black and Latino men.