P&G Remains Bullish On Ad Spending

In a call with investors, Lafley said the marketer of Tide and Crest is "absolutely not" trimming ad dollars. In fact, what's really going on is that the advertising markets are softening--and for the same dollars, we're buying more delivery." That, in turn, has led to "improving our shares of voice" in multiple categories, he said.

Lafley also said P&G is shifting more dollars into coupons, hoping to dovetail with customer behavior in a recession. Spending has also gone up for in-store, point-of-purchase promotions. In some categories, digital spending has increased to some effect, he said.

"We do market-mix modeling--we actually calculate the return on investment on every brand on every element of the mix--and we move the dollars around to where the dollars are more effective and more efficient," Lafley said.

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