In part one of our three-part podcast series, Patrick Gahagan, a Principal in the Contract Compliance Audit Services (CCAS) practice, provides insights into how the right marketing agency contract compliance audits can strengthen partner relationships, validate compliance, and enhance overall return-on-investment (ROI) on dollars spent.
In today’s hyper-competitive and fast-paced business environment, C-level executives need to ensure that their marketing spend is managed effectively.
The prospect of an emerging competitor completely upending an industry is the new reality of business. As a result, staying one step ahead is vital for both business survival and prosperity.
As such, marketing is a key driver for both business survival and prosperity. It is the foundation for enhancing overall brand awareness and lead generation. When done right, it can establish a company as a category leader, or help to maintain top positioning in the marketplace.
Effective marketing efforts often require a complex integration of services, including media buying, creative development, advertising, web design, public relations, content marketing, social media, merchandise, events, promotions, and much more.
Many of these specializations often involve assistance from outside agencies, which are managed by the Chief Marketing Officer (CMO) and the internal marketing team. Accordingly, marketing agencies should be subjected to periodic contract audits, just like many other categories of spend with external suppliers.
Agency audits will allow CMOs to demonstrate the effectiveness of internal controls and contracts supporting marketing initiatives. In addition, there will be a greater understanding and a new appreciation of what agencies offer their clients.
An agency review is a proactive best practice that increases transparency, validates compliance, and enhances ROI.
Stay tuned for part two and three of this podcast series, which focus on the “when” and “why” of contract compliance audits, as well as the “Top 10 Indicators” that it’s the right time for an audit. In the meantime, please read our new white paper about how marketing contract compliance audits can help strengthen partner relationships, enhance ROI, and improve overall outcomes here.
If you would like to learn more about how contract compliance audits can help enhance your marketing efforts, please contact SC&H Group’s CCAS team here.