CASE STUDY
FINANCIAL SERVICES COMPANY
THE SITUATION
This Financial Services company came to RightSpend because they...
- were looking for a new digital and social media agency to drive business engagement.
- had issued an RFP to 4 agencies in their local market (EMEA), including an incumbent.
- had received data from agencies in many different formats and it was insufficient to compare accurately.
THE ACTION
RightSpend’s system and industry knowledge was utilized to...
- introduce a standard template to build the RFP document so there was sufficient and comparable data to be benchmarked.
- benchmark all rates using RightSpend's global market data.
- 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...
- deliver a 25% reduction on the initial bid and in excess of $620K in efficiencies.
- negotiate based on benchmark data – reducing it from 35% above benchmark to 8% above benchmark
- ensure a project, that was initially outside of budget, was delivered successfully.