edition 61 october 6, 2006
paying for big ideas

     At the Advertising & Marketing Summit in Melbourne earlier this year there was quite a lot of discussion about the big idea and the increasing need to develop big ideas to work effectively across all communication channels. Interestingly, most of the examples used for big ideas where television ads and all had big budgets. In this edition of P3-news, we look at the big idea and how to avoid trying to turn a big budget into a big idea.   In this P3 e-news… the big idea or just a big budget – webinar on creating collaboration – CIPSA Conference getting daily updates from the P3 Blog

why does the big idea seem to mean big bucks?

When we raise issues about advertising costs, the most common accusation from the agencies is that we inhibit the creation of the big idea. Firstly we are certainly not against the big idea. For any advertising to be effective, it needs to be noticed by the target audience before it can engage them in the message. Secondly the comment infers that big ideas only come from big budgets.

the big idea Most advertisers are looking to their agencies to provide them with the big idea that will resonate effectively with the audience in a way that delivers an increased result. But there are two parts to the big idea: 1. The idea itself 2. The execution of the idea In linking the delivery of the big idea to cost, people are jumping over the actual idea itself and invariably going straight to the execution where the budget is usually consumed in production costs. There is a thought that the test of any big idea is that it shines through an average execution, but really sings with a great execution. But what happens when there is no idea, or a poor idea at best? That’s when people try to make up for the lack of a big idea with a big production. This is when they embrace the latest Hollywood technique or a new expensive treatment. This is when the big idea is no longer the idea, but becomes the big execution with the associated big budget.

big budgets Sometimes the big idea really needs the big budget, but this is a subjective decision made by the advertiser and their agency. But when the big idea is the production then there are a number of issues driving the budget: 1. Using new production techniques usually requires employing specialist production staff 2. Even then there is usually a high level of experimentation to make that particular technique work When big productions work they work exceptionally well. But when big productions fail they fail spectacularly. When the production budget and the risks are big, it is important to make sure there are processes in place to manage the risk. Sometimes the production company and agency will minimise the risk of not delivering the big idea by increasing the production budget even further with increased contingencies often obscured within the estimate. A better strategy is to ensure the most rigorous pre-production process before one cent of the budget is spent.

the big solution The P3TV Bid Authentication Service is an ideal way to minimise the risks of the big budget production. We will ensure that the maximum value is delivered for the budget, without compromising the big idea. To find out more contact tv@p3.com.au or call Sydney 02 9279 4997 or Melbourne 03 9682 6800.

woolley hits the web

Wednesday 25th October, 2006 1pm AEST – Webinar on “Trends in Marketing Communication & Collaboration” No time to think strategy & outcome? Log in over the web to see Darren Woolley present his ideas on new management techniques and tools to allow you to better manage your marketing portfolio. Click here to view a trailer for the webinar or to register now.  
new negotiation tools  

  Look out for P3’s new ‘Negotiation Tools‘ at the upcoming Chartered Institute of Purchasing & Supply Annual Conference, Innovation in Procurement, Crown Promenade 17/18 Oct 06. P3 will be at Stand 30 where you can pick up your new negotiating tools as well as our latest Top 10 in Procurement.Darren Woolley will also be speaking on ‘Buying from Advertising Agencies’ – Day 1, 2-3pm. Book now at www.cipsaconferences.com.au
latest updates on the blog   
  If you find this newletter informative, useful and thought provoking, then why not get daily advice and information with the P3 Blog? Check out the blog at www.p3.com.au/blog or click the link from the P3 website. The blog contains information on agency selection, media, agency remuneration, process management and production. With regular posts from the team of expert consultants at P3, you can even get regular feeds through the RSS link.  

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