Streamlining ad spend app takes a bite out of the hidden costs of marketing
As the pressure to demonstrate the value of marketing grows, marketers are well aware that non-working advertising spend can take up more than 40% of the average advertising budget.
Just as importantly, with more brands and agencies investing in channels like programmatic and social, the industry-wide rise in content costs is showing little sign of slowdown.
Brands still look at the hidden cost of marketing, and working spend is factored into distribution and non-working spend includes the cost of producing content and measuring its effectiveness. Marketers have long been looking for a way to streamline this process, particularly when a campaign is focused on an annual cultural moment (Christmas, Thanksgiving or the Super Bowl) to avoid recreating the same digital experiences.
"Unfortunately, most global companies end up wasting a huge amount of time and resources on repeat campaigns," said Richard Jones, CEO of digital marketing platform Wayin, which launched the Wayin App Store today (March 14), a customizable library that assists in marketing campaigns. "If brand marketers can analyze metrics from previous campaigns in different countries and divisions, then select one that is relevant to their goals and build on it to target consumers in their market, [it makes] campaigns more engaging for consumers and easier to execute for marketers.”
Prior to today's launch, Wayin had most recently been selected by Kraft Heinz Canada (KHC) as one of two winners of its Digital Innovation Challenge. This past year, food group Kraft Heinz was seeking to shift US marketing dollars away from "non-working" media expenditure like agency and production costs, and instead commit these resources to actually running brand messages. The award recognized Wayin's efforts to help brand managers scale campaigns and ensure global consistency.
"We look at marketing in two buckets, if you will: one is non-working media and one is working media. The non-working media are things such as production costs, advertising agency costs and that sort of thing," Georges El-Zoghbi, chief operating officer at the company, said in a prior interview. "And working media is actually what we pay for the ads to be aired, or put on [a] digital carrier, or in print, and so forth. That part of marketing will be growing by about $50m this year versus [the] prior year in the United States."
“Traditional digital marketing such as video, re-targeting and native advertisements have proven to be far less effective than initially anticipated and brands are struggling to drive significant revenue from today’s standard advertising tactics,” added Scott McNealy, Wayin founder and executive chairman of the board.
This announcement comes on the heels of Wayin’s acquisition of UK-based interactive marketing platform, EngageSciences, in 2016.