The guide looks at ten areas of best practice around the world.
World Federation of Advertisers (WFA) has partnered with FirmDecisions to create the first global guide to best practice in media contracts for advertisers.
It highlights the importance of the right contract as the basis for an ongoing, trusting relationship between advertisers and their media agency partners.
The new guide looks at ten areas of best practice around the world including the Master Service Agreement, Programmatic Media Buying and the Right to Audit.
The goal of Media Contract Guidance for Advertisers: Global Best Practice is to ensure full transparency in return for fair remuneration, protect advertisers’ best interests and to encourage the widespread adoption of best practice.
Its publication follows analysis of data from the WFA’s Transparency Scorecard, established in partnership with FirmDecisions parent company Ebiquity a year ago, which reveals that out of the 50 large multinationals who have taken part, some 46% are revisiting and auditing their contracts quarterly, half-yearly or annually.
This leaves some 54% who are looking at contracts less often including 8% who concede that they do not have comprehensively signed contracts with all their agency partners globally.
“For some time now, P&G has been calling on the media industry to create a responsible media supply chain, one that is safe, efficient, transparent and accountable. Now it’s time to create that responsible media supply chain, built for the future and that serves the needs of everyone, especially the consumers we serve. The WFA Media Contract Guidance for Advertisers isa significant step is this direction and will help advertisers to establish and maintain an equitable relationship with their media agency partners,” said Gerry D’Angelo, VP Global Media, P&G and co-chair of the WFA Media Forum.
“The transparency agenda has broadened beyond its financial roots. It’s no longer just about money. We also need transparency to ensure our brands show up in safe environments, that consumers’ privacy is protected, and our media investment is being directed towards diverse media and trusted journalism. The contract is the place to enshrine all these criteria. I hope that this document serves as a reminder of this,” said Isabel Massey, Global Media Director, Diageo and co-chair of the WFA Media Forum.
“The right contract for all parties ensures that the partnership runs smoothly, brand-side and agency-side. It keeps the day-to-day relationship on an even keel and helps all parties understand and fulfil their key roles and responsibilities. Given the complexities and the fast- evolving nature of the media and marketing ecosystem, having a contract in place that promotes transparency and drives optimum performance is a must-have,” said David Brocklehurst, Chairman and Founder of FirmDecisions.
To download a copy of the guide click here.
Source & image: WFA
WFA is the only global organisation representing the common interests of marketers. WFA connects the world’s biggest brand owners and national advertiser associations in more than 60 markets, bringing together tens of thousands of brands at local level. wfanet.org
FirmDecisions is the largest contract compliance consultancy in the world. They provide financial transparency in the client-agency relationship to the world’s biggest advertisers. www.firmdecisions.com.
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