The vital role of media assurance for marketers and agencies examining 2022 expenditure and planning their 2023/2024 expenditure cannot be overstated.
This is the word from Johanna McDowell, CEO of the Independent Agency Search & Selection Company (IAS) and SCOPEN partner; and global media and marketing consultancy, Eley Consulting’s Richard Edwards, whose partnership in media assurance auditing responds to the acronym on every CMO’s mind: ROI.
“With over 70% of corporates financial year starting on 1 March, strategies and expenditure will be top of mind as they head back to work in January,” says McDowell.
“By applying in-depth, independent media analysis, CMOs can see precisely how and where they spent their money, and how efficient that spend proved to be. Obviously, fiscal efficiency is essential right now, and following a blueprint that shows quantifiable ROI can set a marketer up for better savings and greater outcomes.”
Where data makes the difference
Media assurance auditing involves review of every area of a media process across all platforms to provide marketers and media agencies with robust data to see which area is aligned with best practice.
“The data gleaned from this process provides the CMO with a GPS, as if it were, mapping the route taken and the route ahead, complete with warning and potential detours,” Edwards notes. “We review the entire landscape of a media process across all platforms to help marketers and media agencies see which areas are aligned with desired outcomes.
By conducting a series of interviews and collecting media data and supporting documents from a client over a 2-4 week period, the IAS and Eley Consulting are able to maintain regular analysis over a number of campaigns. “It’s the analysis of this data that can direct a client to make changes in their budget with agility, taking advantage of what is working for them at the moment,” says Edwards.
“Every CMO – and CFO – is constantly pursuing improvement, especially where it results in time and cost savings. Assurance auditing may not always mean cheaper media in cash terms, but will certainly ensure an agency is delivering as substantial a schedule as possible.”
Optimising opportunities
Both Edwards and McDowell reiterate the significance of media effectiveness to marketers and media agencies, both of which need to prove that budgets are optimised through the most valuable advertising on the right platforms. “Of paramount importance is determining who is keeping an eye on the measurable return on investment,” McDowell says.
“With the acceleration of spend into paid digital media likely to continue in 2023, marketers are seeing its impact on brand awareness as well as ROI. The map for next year and 2024 must be able to show both the increased spend in this area and its benefits, which is not a simple one for marketers to review,” she says.
The IAS and Eley Consulting partnership’s expertise across platforms and its independence is pivotal to its ability to empower clients to better understand the scope of advertising opportunities and take control of it, in conjunction with their media agencies.
“Media assurance auditing is a quantifiable benefit to marketers, agencies and media houses, providing the transparency in cost and compliance that is vital to sustaining trust between all parties,” Edwards concludes.
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