The days of giving digital a pass are over. It’s time to grow up. It’s time for action, Procter & Gamble’s Chief Brand Officer Marc Pritchard told attendees a year ago at the IAB’s 2017 Leadership Forum. At the time, Pritchard called on agencies to get to “a transparent, clean and productive media supply chain” in the next year.
So, you might say, times up. The heat is on: Brands are demanding more transparency from their agencies than ever. As marketers have gained glimpses into how media costs are calculated, they’ve realised how complexity in campaign management has led to fees that appear unreasonable, which leads to distrust between all parties advertisers agencies, and vendors. But this doesn’t have to be the case if your marketing organisation puts a single system of record (SoR) in place.
A SoR gives marketing departments the tools they need to create a transparent and collaborative environment for all stakeholders. Providing key players with visibility across all the important performance and cost metrics for optimizing marketing effectively, instills a feeling that all parties are working toward the same goal transparently and efficiently. A SoR, or single source of truth, offers an efficient and productive way forward.
In P&G’s case, the company found that its agency partners were inflating costs because the fees that it paid those partners for services weren’t enough to cover their expenses. P&G called on its agencies to communicate with each other and collaboratively resolve the issue that led to the financial distortion. However, this type of situation didn’t need to unfold as it did. In fact, the best way to address the issue is for brands to leverage a holistic SoR which provides insight and complete visibility into costs and payments. With a SoR, brands like P&G and their agencies can take the necessary steps to gain more transparency and collaborate more efficiently.
The actions of a multinational brand like P&G demonstrate that marketing departments can?t afford to underestimate the power of data transparency in motivating all stakeholders to align themselves with key priorities. When you implement data transparency, you gain a more collaborative advertiser-agency relationship, which is a win-win scenario for all, and not a win for the marketer/loss for the agency. To reinforce transparency, arm yourself with the right tool to establish a unified view of your marketing data through a SoR that offers a shared and complete view for stakeholders across your marketing organization and agency partners.
Find out how Impact Radius? Media Manager provides full transparency into performance and costs?download Four Ways You Win with a System of Record contact firstname.lastname@example.org to learn more.back to all blogs