These are some tips by FirmDecisions, a firm that champions financial transparency in the client-agency relationship
1. Develop a strong contractual agreement with media agencies, which can deliver complete transparency
2. Emphasize on ownership and control of data. Make sure the contracts contain explicit terms on data ownership, transfer and management
3. Is New Media the new Black Box? Advertisers need to understand the digital media supply chain to increase the efficiency (ROI)
4. Seek direct access to specialties like the agency’s programmatic trading desk
5. Awareness towards opaque business practices, cost benchmarking, rebates and agency principal transactions will strengthen relationships
6. Review the contract terms regularly. This will help to track the effectiveness of the market efforts, assess the financial impact at regular intervals and be more responsive to the changing marketplace
7. Establish a rigorous internal reconciliation process and seek explanation of any unclear costs in media plans
8. Engage a trusted third party to support in contract compliance to ensure that it adheres to market standards.
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