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TrinityP3 Industry Webinars: Super charge your agency with incentive based remuneration
http://www.trinityp3.com/product-category/webinars/ Managing marketing and your agency suppliers continues to become increasingly complex and time consuming. TrinityP3 Marketing Management Consultants are thought-leaders in all aspects of marketing management to improve marketing and agency performance and increase implementation efficiency. This series of webinars are your opportunity to hear the latest industry best trends and practices from the consultants working in this category on a daily basis regionally and globally. An interactive approach means you will be able to have your specific questions answered by industry leading practitioners. Topic: Super charge your agency with incentive based remuneration Date: Wednesday November 25 Time: 13:00 – 14:00 AEST Presenter: Darren Woolley As marketing and advertising are business activities that create value for the company, it seems that a remuneration model that rewards performance and incentivises higher performance makes sense. But many advertisers and procurement have trouble implementing an incentive based model. We will explore the pitfalls, traps and barriers to this approach and provide insights in how to enjoy the rewards of this approach.
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TrinityP3 Industry Webinars: Super charge your agency with incentive based remuneration
- 1. marketing management consultants Supercharge your agencies with incentive based remuneration TrinityP3 Webinar Series Presented by Darren Woolley 25 November 2015
- 2. marketing management consultants Whatwe will discuss today • The benefits of incentive based remuneration • Defining performance • Developing criteria - Soft, medium hard • Methods of PBR • The five challenges to overcome • The ultimate incentive model • Questions • Past webinars
- 3. marketing management consultants Performanceor Incentive Benefits Benefits: • Improved agency performance with incentive for achieving results • Rewarding agencies for outcomes and not inputs • Encourages competition to achieve goals and not competing over your budget
- 4. marketing management consultants Performanceor Incentive Criteria Business Performance • Sales Volume • Volume Growth • Relative Brand Performance • Composite Performance • Market/brand share • Customer loyalty • Brand equity • Brand profitability Marketing Performance • Advertising Awareness • Brand Image Shifts • Attitude Ratings • Ad enjoyment • Brand personality • Predisposition to buy • Ad scores • Persuasion index Agency Performance • Agency Service delivery* • Relationship Management* • Functional competencies* • Contribution to ‘branding’ • Project management* • Administration* • Cost Efficiency* • Pro-activity* • Collaboration* * Can be measured, managed and maximised using Evalu8ing. Find out more at www.evalu8ing.com
- 5. marketing management consultants Performanceor Incentive Models Types: • Bonus - additional to the agreed profit margin. • Cost recovery - represents all profit. • Shared risk and reward - agency puts % of margin at risk and advertiser meets that % in pool. • Earn back - agency puts % of margin at risk to be paid in results.
- 6. marketing management consultants 5major challenges to be overcome 1. Agencies are hesitant to link remuneration to performance
- 7. marketing management consultants 5major challenges to be overcome 2. The performance criteria prove difficult to agree on
- 8. marketing management consultants 5major challenges to be overcome 3. The incentive is too small to be an incentive
- 9. marketing management consultants 5major challenges to be overcome 4. It proves difficult to budget the payment
- 10. marketing management consultants 5major challenges to be overcome 5. Disputes over the payment of the incentive http://www.trinityp3.com/2015/06/agency-incentive-payments/
- 11. marketing management consultants Theultimate incentive system Step 1: Choose the core strategic / performance agencies / suppliers
- 12. marketing management consultants Theultimate incentive system Step 2: Use the same appropriate criteria the marketing team use
- 13. marketing management consultants Theultimate incentive system Step 3: Agree the size and funding of the bonus pool
- 14. marketing management consultants Theultimate incentive system Step 4: Calculate the agreed bonus against performance
- 15. marketing management consultants Theultimate incentive system Step 5: Measure collaboration between agencies
- 16. marketing management consultants Theultimate incentive system Step 6: Use performance and collaboration to finalise the agency share
- 17. marketing management consultants TrinityP3Webinar Series August 26: The latest trends in agency remuneration September 9: Creating transparency and trust in media September 23: Transforming Production for the 21st Century October 7: How many agencies do you need and how to get there October 21: Aligning your digital marketing to marketing November 11: The challenges for Marketers in a carbon constrained future November 25: Super charge your agency with incentive based remuneration Presentations: http://www.slideshare.net/darrenwoolley Videos: https://www.youtube.com/user/dazzap3/videos
- 18. marketing management consultants Formore information contact: TrinityP3 Pty Ltd Sydney +612 9964 9900 Melbourne +613 9682 6800 Hong Kong +852 3478 3982 Singapore +65 6631 2861 people@trinityp3.com www.trinityp3.com Trinityp3.com/blog/ @TrinityP3 TrinityP3 TrinityP3.StrategicMarketingConsultants