While a lot of effort goes into negotiating lower prices with agencies and other suppliers, there is a much larger opportunity in focusing on reducing the waste in the advertising process. Some of these are easy to address, others can be much harder. The first step is to identify the waste.
1. Incomplete or poor quality briefing – if you don’t know what you want or need how is the agency going to know?
2. Being too prescriptive in your requests – you are paying professional rates, treat the agency like professionals and get their recommendations before dictating your own.
3. Lack of time and project management discipline – if you don’t allow enough time to get the job done right, be prepared to pay for it later.
4. Lack of confidence in providing feedback – garbage in leads to garbage out in IT and advertising so be careful and concise in providing feedback to the agency.
5. Convoluted approval processes within the organization – every person in the approval process can have an opinion, but in the end the only one that counts is the ultimate decision maker.
6. Poor understanding of the advertising process – can lead to making decisions at the worst possible time in the process. Know the process and you’ll get better results.
7. Having the agency do tasks you should do yourself – as the agency is one of the more expensive outsourcing options and in the end they end up owning that knowledge.
8. Excessive last minute changes – never enough time to get it right up front, but always time to fix it in the end means you end up paying way too much.
9. Changing agencies when you change marketing directors – because the loss of brand and market knowledge within the incumbent agency is one of the great unaccounted assets.
10. Contact TrinityP3 to have your advertising processes benchmarked against the best practices in Australia and find out how you can reduce waste and increase value in you advertising.
Imagine if you could save 10% – 20% of your current advertising spend. What would you do with the savings? Why not comment here and let me know.