When A senior executive of a global consumer goods company declares that brand owners must work harder to persuade the public to pay a premium for their products, the prognosis for the ad industry looks good.

But when it becomes clear that what Paul Polman, Procter Gamble president of western Europe, actually recommends is supporting investment in better promotions, in-store and new product development, rather than TV ads, you can almost hear the sharp intake of breath among agency execs.