Are you looking to renegotiate your marketing spend? Do you know how your marketing budget and spend measures up? When was the last time you benchmarked your marketing spend and agency contracts?
Today, marketing spend needs to work harder for brands. There are many layers of complexity when it comes to benchmarking agency costs and marketing spend.
RightSpend gives global brands a solution to break down the complexity and provides data-driven answers to enable confident benchmarking and tracking of marketing budgets and spend.
To find out how RightSpend can help you with benchmarking, book a demo with our team.
WHY MARKETING PROCUREMENT BENCHMARKING?
Is your marketing or advertising agency charging you the right price for the right deliverables? How do they compare with other agencies? How reliable are rate card fees, when, as any media buyer will tell you, no-one ever pays rate card?Getting meaningful results from agency benchmarking exercises starts with inputting the right information: a granular Scopes of Work that sets out what needs to be done and on what basis, whether project, deliverable or retainer-based.
Having established these parameters, the pricing intelligence exercise should begin using live data – the agency costs that are actually being used in the market, not those published in a range of agency rate cards. But, how do you know the agency costs to benchmark?
RightSpend’s proprietary data includes externally-sourced, live market data – real data that has been compiled from more than 75 global markets and 10 different agency disciplines. Which means that marketers and procurers can have a meaningful conversation about the costs and the nuances that differentiate one agency from another. Simplifying the benchmarking process and ensuring that comparisons are drawn on like for like data.
RightSpend’s experienced consultants, who have backgrounds ranging from production to procurement, can investigate where the added value is for the price being quoted, whether this is in the creative talent or in the technology being deployed, in the efficiency of production technologies or the extensive scaling of assets that makes the price so competitive.
Allowing brands to benchmark their marketing costs against real-life contracts to see whether the same or more can be achieved for less. And, using this data and insights, to have transparent conversations with your agency partners. Leading to greater understanding on both sides as to what will be required to deliver on the brief and meet all stakeholders’ expectations.
Transparency is the key word here: agencies might fear that benchmarking is purely intended to commoditise their offering and drive down their prices; this is not the intention; what should happen is that marketing procurement have access to more accurate data, understand what their agency colleagues can deliver, and make better, more informed decisions.
The key is to continually measure and improve on the marketing procurement processes, comparing marketing spend against that of industry standards. Monitoring and looking for opportunities for improvements, savings and added value.
MARKETING PROCUREMENT PROCESS
Benchmarking of existing agency partnerships will often lead to contract review and negotiations. To do this you want to be able to have honest and open conversations with your agencies.
Using the data-driven approach, RightSpend enables you to take the emotion out of these conversations. Designed to add value to your agency relationships, RightSpend takes emotion out of negotiations and focuses each party on the benefits of transparency when it comes to marketing spend.
Benchmarking during the marketing procurement process provides clarity over your marketing spend, understanding exactly where you should be focusing your discussions to make fiscal savings or to add more value to the scope of works.
RightSpend gives you the ability to benchmark your agency fees, staffing plans, contracts and break down the scope of works. You can build budgets, create detailed scope of works and access other resources to enable you to confidently make informed decisions about your marketing spend.
MARKETING PROCUREMENT: THE STRATEGIC SOURCING APPROACH
Strategic Sourcing, is a way for businesses to consolidate their purchasing power. Formalising how procurement information is gathered and used, a company can create added value by aligning their purchasing strategy to their business goals. Strategic sourcing is often established in response to an evolution of supply chain and procurement processes.
Unlike conventional approaches, strategic sourcing focuses on the total cost of ownership, rather than just an initial purchase. Allowing brands to optimise the sourcing process through ongoing data analysis. Conducting ongoing analysis and regular reviews, the Marketing Procurement team can build stronger relationships with their agency partners. It focuses more on the longer term value, rather than just price.
RightSpend enables tracking of over 350 marketing deliverables, monitoring and management of marketing spend with clarity and control, in real-time, and allowing flex, change and proactive responding to the ever changing world of marketing.
With access to data and insights from more than 75 global markets and ten agency disciplines. RightSpend clients have access to real-world data and insights from actual negotiate agency and brand contracts – not rate cards. Which means an impartial data-driven point of view which can create opportunities for open, honest discussions with agencies.
SIMPLIFYING THE NEW AGENCY SELECTION PROCESS
We’re focused on simplifying the agency selection process. Making it a lot easier for our clients to have all-important discussions that translate to better value from new contracts from the start.
Utilising the Scope of Works template, you can get metric-specific benchmarking, and detailed analysis from the outset, ensuring you have the right information before starting negotiations with new agencies. You can ascertain where their proposed costs should come in, and breakdown line by line the value they are adding to each and every scope of works.
The RightSpend platform assesses billions of dollars of marketing spend every single year, covering more than 75 global markets and ten agency disciplines.
Through data-driven marketing procurement, our clients can analyse marketing spending patterns, procurement processes and develop a sourcing strategy based on their business goals. Defining their request for proposal criteria, negotiating confidently with agencies, and creating new, value-based marketing plans. And, tracking and analysing performance metrics to optimise their marketing budgets.
LET’S WORK TOGETHER
THE RIGHTSPEND DIFFERENCE
RightSpend provides complete clarity and transparency. Whilst many agencies will talk about transparency, because we are completely impartial, we’re able to offer transparency integrity. Previously, brands had very little way of understanding exactly what value they were getting from their budgets. With no real way to compare against the marketing spend of their competitors or industry peers, it was difficult to assess whether their own marketing spend was money well spent.
RightSpend makes the difference because it puts all this data and all these insights at your fingertips. Utilising the global data from actual negotiated agency and brand contracts – not rate cards to enable you to see at a glance how your marketing spend compares. Using filters for agency size, type, and geographical location, you can determine whether you’re actually getting the best value for money from your marketing budget.
RightSpend offers a degree of benchmarking efficiency that’s unmatched. We provide access to over 350 marketing deliverables from more than 75 global markets and ten agency disciplines. All accessible from a centralised system, providing you with direct access to the data and insights necessary for agency negotiations.
RightSpend is more than just a data and software business; we’re also consultants, with over 135 years of experience, our team are knowledgeable across all areas of the marketing procurement process from both sides of the table – having worked in agencies and brands themselves.
We provide this expertise to clients to assist in various elements of the marketing procurement process. From making informed decisions to procurement transformation and market negotiation support, process efficiencies to benchmarking, data analytics, and marketing dynamics. Our consultancy, RightAdvisory, is tailored to solve your challenges, meet your business objectives and essentially share our wealth of knowledge and expertise
Not only is the service we offer efficient but it’s effective too. We assess billions of dollars of marketing spend every single year. Helping our clients save money, increase their marketing effectiveness, and improve their agency relationships.
It can be tough to keep up with the constantly changing landscape within marketing and advertising whilst delivering consistent and effective results.
Traditionally, agency negotiations can be slow going and emotive.
RightSpend takes all the emotion out of negotiations, utilising data and insights to build clarity and factual information for brands to confidently take control of their marketing spend.
We facilitate meaningful conversations between brands and their agencies in real-time and based on real accurate data.
RightSpend helps to expedite the process of negotiating with your agencies. Making it more efficient, more effective and more enjoyable for everyone involved.
Contact the Benchmarking Specialists
RightSpend have earned the trust of countless global businesses, empowering them to get more value from their marketing procurement process.
RightSpend gives you the power to negotiate with your agencies and get more from your marketing budgets.
We’d be happy to give you a demo of the RightSpend system and showcase the power it provides to our global clients.
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