With C-suites looking toward outcomes that directly drive business growth, as opposed to soft metrics, marketers need consider media as an investment rather than simply a cost. Quality is key, and marketers should be prepared to pay more to get it, Broome believes.
“If we drive up standards then it is only to be expected that it is going to cost more,” Broome said at the AANA’s annual Media Challenge event, hosted by PwC.
In comments reported by B&T Magazine and AdNews, Broome also suggested that marketers should turn to providers who prioritise better standards and let the market do its work.
“Also, deliberately favour providers who offer and adhere to better standards. We should make sure the marketplace demand and supply has a role to play here,” he said, according to AdNews.
Broome encouraged marketers to think beyond the digital and traditional marketing divide, and take accountability for contracts with agency partners. This includes having meaningful conversations about the partnership, as opposed to just minimizing costs.
“We need to take control back from procurements. No longer is it about driving cost savings – it’s got to be about creating value,” Broome said.
“At a similar theme, whether you do things in-house or whether you continue with agency relationships, we have to expect that our agencies need to make money, and if that is visible and transparent to a contract, then fair’s fair,” he explained to B&T.
“We need to make sure that the whole ecosystem is healthy at the end of the day.”
Sourced from AdNews, B&T; additional content by WARC staff