Nowadays, everyone’s trying to squeeze more out of their marketing budget than ever. 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 and allows flexibility to adjust to the needs of the marketing plan, yet is expansive enough to deliver the volume of work. You must assess capabilities, relationships and financial impacts to ensure a sustainable and optimal outcome. Ask about the TrinityP3’s Roster Alignment Advisory.
Step 2: Benchmarking Agency FTEs To Client Scope.
A best-practice Scope of Work (SOW) for your agency should be very specific regarding deliverables, complexity and rework. TrinityP3’s Verificom Agency Fee Calculator enables benchmarking an agency’s FTEs for the client’s Scope of Work and comparing them 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 about TrinityP3’s Agency Commercial Review
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 about TrinityP3’s Agency Commercial Evaluation.
Step 4: Creating Alignment between Client and Agency.
Collaboratively setting expectations and metrics on how the client and agency engage produces alignment and increased efficiency. It is also a less drastic and disruptive and more effective solution than changing suppliers when the relationship is underperforming. It is also a great way to kick off a new agency relationship. Ask about 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 about TrinityP3 Performance Evalu8ing.
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 the next step towards “value” compensation. Ask about TrinityP3 Agency Fee Modelling.
Step 7: Media Strategy and Buying Assessment.
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 to these important investment issues. Ask about TrinityP3 Media Value Assessment.
Step 8: Rate Card and Production Assessments.
An often overlooked component of agency remuneration, the rate card and its application on a production-by-production basis significantly contribute 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 production processes. Ask about TrinityP3 Television, Print and Digital Production Assessments.
Step 9: Contract Assessment.
A best-practice contract assessment and compliance audit ensures the contract is transparent and comprehensive and has analytics embedded to help improve financial performance. The assessment also provides the foundation and insights on application and the basis for contract improvement, either before a contract extension or review. Ask about TrinityP3 Contract Review and Assessment.