‘It’s about ideals not just ideas’ says P&G strategist on building a modern prestige brand

The head of strategy and innovation at Procter & Gamble has said that in order for brands to be able to charge way above what a product is worth, they must build meaning into their brands, particularly if they are targeting younger generations.

JP Kuehlwein at Mumbrella360: “Consumption must have meaning’”

Speaking at the Mumbrella360 conference, JP Kuehlwein, MD of global strategy and innovation for the consumer goods giant, used Ben & Jerry’s, Red Bull, Tesla, Patagonia and a brand of toilet paper that costs around US$2 for a single roll as examples of brands to have built a purpose into their brands, and which can charge a high premium as a result.

“Millennials are saying it’s no longer about what you own or have,” he said. “You want to not only buy something, you want to buy into something. You want consumption to have meaning and to make sense.”