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Case Study:
Financial Services
THE SITUATION
The client came to RightSpend because:
- They were looking for a new digital and social media agency to drive business engagement.
- They issued an RFP to 4 agencies in their local market (EMEA), including an incumbent.
- Data received from agencies came in many formats and was insufficient to compare accurately.
THE ACTION
RightSpend’s system and industry expertise was utilised to:
- Introduce a standard template to build the RFP document so that there was sufficient and
comparable data to be benchmarked. - All rates were benchmarked using RightSpend data for the relevant market.
- Provide in-depth insight to highlight key findings across the responding agencies
- Negotiate with the preferred agency based on facts and comparative data.
THE RESULTS
The client was able to realise:
- 25% reduction off initial bid and in excess of $620K in efficiencies.
- An opportunity to negotiate based on benchmark data – reducing it from 35% above benchmark to 8% above benchmark
- A contract that was initially outside of their budget, was confidently negotiated to deliver on objectives and within budget.
