Speaking at the Cannes Lions International Advertising Festival last week, Pritchard said companies should create "purpose-driven" marketing strategies to thrive in a post-credit crunch world.

He called on marketers to discover why their brands are unique and focus their marketing on communicating how individual products and services can improve people’s lives.

Pritchard said: "We are at an inflection point If we continue with the old marketing techniques, we might only survive until the next economic downturn. However, if we focus on serving, touching and moving people, we will thrive."

He indicated that P&G is to refocus its global marketing budget on engaging with consumers via in-store and PR activity.

The FMCG giant also intends to boost its digital marketing spend in key international markets.

This article was first published on marketingmagazine.co.uk