"If you think very simplistically about men and women, if you’re advertising on TV in particular, depending on what shows you’re on, that’s going to everybody, and we can much more carefully target content to recipient in a digital environment. So I expect that will continue to be an area of focus as we move forward, but I really do think this is a world of 'and' not of 'or,' and we’re really looking at comprehensive campaigns across media that consumers want to access."
In other words, for all the ROI promise of the Internet, P&G - marketer of brands like Tide, Gillette, and Crest - will continue to set aside vast sums for offline media revenues. How vast? In its 2013 fiscal year, the CPG giant spent $9.7 billion on marketing. With 30% going to data-driven digital channels today, that leaves approximately $7 billion for broadcast, print and other traditional ad sellers in 2013-14.
Moeller chalked up digital's vaunted efficiency to earned impressions – that is, free media. "That’s one of the reasons that we’re seeing higher returns in that space. And a huge number of those impressions were not paid for by us."