These days, everyone’s trying to squeeze more out of their marketing budget than ever before. From reviewing agencies to evaluating internal relationships, there’s plenty of scope for improvement in all areas of the marketing communication mix.
So we look at the ten best and simplest ways to achieve maximum value for your marketing budget and improve your ROI.
The top ten ways to maximise your marketing value are:
Step 1: Roster Review & Rationalisation.
The roster of marketing communication service providers often develops organically over time. Yet the requirements of the roster can change regularly with the marketing plan. The ideal supplier roster reduces duplication of services and resources, allows flexibility to adjust to the needs of the marketing plan, yet is expansive enough to deliver the volume of work. You must assesses capabilities, relationships and financial impacts to ensure a sustainable and optimal outcome. Ask for TrinityP3’s Roster Rationalisation service.
Step 2: Benchmarking Agency FTEs To Client Scope.
A best-practice Scope of Work (SOW) for your agency should be very specific in terms of deliverables, complexity and rework. Methodologies developed by TrinityP3 enable benchmarking an agency’s FTEs for the client’s Scope of Work and comparing to best practices. This methodology provides independent and definitive metrics to determine the ideal resourcing to deliver the scope of work effectively and efficiently. Ask for TrinityP3’s Scope Calculator and Scope Monitor
Step 3: Performance Management Assessment.
It is essential to identify and correct client-agency processes and work practices that stand in the way of efficiency and effectiveness. Benchmarking the level and mix of resources and remuneration helps identify areas of inefficiency. And with most inefficiencies client-driven, assessing the impact of the client process on the agency allows us to identify and correct these inefficiencies. Ask for TrinityP3’s Resource & Remuneration Benchmarking service.
Step 4: Creating Alignment between Client and Agency.
Collaboratively setting expectations and metrics on the way the client and agency engage, produces alignment and increased efficiency. It is also a less drastic and disruptive and a more effective solution than changing suppliers when the relationship is under performing. It is also a great way to kick-off a new agency relationship. Ask for TrinityP3’s Engagement Agreement.
Step 5: “Evalu8ing” For Better Performance.
A facilitated Evalu8ing process ensures that the client and all of their agencies and stakeholders are aligned to the same priorities, plans and understanding. The irony is that the longer an agency relationship has existed, the more necessary this process. Or Evalu8ing is the ideal way to establish a new agency relationship. Ask for TrinityP3 Evalu8ing Collaboration & Relationship System.
Step 6: Effective Performance Incentives.
Remuneration and performance based incentives are effective ways to drive alignment and increase efficiency if applied carefully. Common mistakes are making incentives inconsequential or applying performance metrics that are not core to the relationship or business drivers. Effectively applied to most relationships, it is a next step towards “value” compensation. Ask for TrinityP3 Performance Based Remuneration service.
TrinityP3 does not provide auditing services, therefore in association with our associates Firm Decisions ASJP…
Step 7: Media Strategy and Buying Assessment & Benchmarking.
An independent best-practice media assessment ensures you get the best practice media strategy/planning process, and that your buys are competitive in the marketplace. Digital/traditional media often represents 80% of your advertising investment so independent analytics and opinions add insight and value on these important investment issues. Ask for TrinityP3 Media Strategy & Buying Benchmarking and Firm Decisions ASJP Media Audit.
Step 8: Rate Card and Production Assessments.
An often overlooked component of agency remuneration, the rate card and how it is applied on a production by production basis is a significant contribution to the marketing spend. Either reviewing and assessing production costs after the event, or benchmarking and assessing the costs as part of the approval process, identifies issues with the rate card structure, contract, remuneration and the production processes. Ask for TrinityP3 Television, Print and Digital Production Assessments and Firm Decisions ASJP Production Audit.
Step 9: Contract Assessment.
A best-practice contract assessment and compliance audit ensures the contract is transparent, comprehensive and has analytics embedded to help improve financial performance. The audit also provides the foundation and insights on application and the basis for contract improvement, either prior to a contract extension or review. Ask for TrinityP3 Contract Review and Firm Decisions ASJP Compliance Audit.
Step 10: You run the business, leave the maintenance to us.
TrinityP3 provides a Total Marketing Management solution with on-going maintenance and improvement in managing service providers on behalf of the client. TrinityP3’s Total Marketing Management is applied across the entire marketing communications category, utilising all three core areas: strategic alignment, process improvement and operational assessment. Typically over a two year period, the cost of this Total Marketing Management equates to less than one percent of the marketing communications budget, yet typically we are able to deliver a 15% – 20% sustainable improvement in value to the current marketing budget. Ask for TrinityP3 Total Category Management Service