Proctor and Gamble Doubles Down on Facebook

What a difference a year makes. Last November, Ted McConnell, general manager-interactive marketing and innovation at Procter & Gamble Co., made waves when he expressed doubts about whether brands should be on social networks like Facebook, saying, “What in heaven’s name made you think you could monetize the real estate in which somebody is breaking up with their girlfriend?” and, “I really don’t want to buy any more banner ads on Facebook.”

Now, it seems P&G has changed its tune. “P&G’s explicit goal for 2010 is to assure that each of its brands has a meaningful presence on Facebook, and they are willing to pay dearly for that,” wrote venture capitalist David Hornik after attending a P&G event titled, “Innovation Outreach Venturing Day.”

While P&G is bullish on Facebook, they don’t care much for Twitter, at least not yet. According to Hornick, the company does not believe that Twitter “will ever approach the value they can get out of a Google or Facebook.”