MUMBAI: Ernst & Young LLP, has expanded its marketing and advertising risk services (MARS) practice through the launch of its media performance auditing unit.
An official statement issued by the company states that with the establishment of the unit, Ernst & Young will offer a holistic approach to managing risk in marketing and advertising initiatives by providing advertisers with an objective, independent review of media delivery performance, agency contracts and compliance, review of advertiser business processes and related controls all under one roof.
According to Ernst & Young LLP, MARS practice global director Kenneth Fakler, Ernst & Young created this service after recognizing the need that advertisers have for an independent verification of their media spend and understanding that there are many risks involved, including compliance risk, operational and financial risk and strategic risk. While media performance audits are common in Europe, they have become increasingly prevalent in the United States.
"Unlike the Super Bowl, where there is no question whether an advertiser's ad ran because almost everyone is watching, the majority of advertising, whether broadcast, print, or online, doesn't typically have that kind of universal exposure. Therefore, advertisers may not know if their ad ran, ran correctly, and if the advertiser received the value it paid for," said Fakler.
"Media and advertising spend can account for significant direct costs for a company. We already perform agency contract compliance and process and control reviews for our advertiser clients, so it was important that we also include one of the biggest areas of marketing spend and risk -- media performance auditing -- to our service offering. Now an advertiser can come to our firm to get a comprehensive media audit that can help determine operational effectiveness and mitigate the risks involved."
The MARS practice is made up of a network of professionals with experience in the marketing communications industry and related financial and operational processes, including: marketing and advertising finance, agency operations, creative production, media buying, promotions, project management, sponsorship, public relations, branded entertainment and talent. The practice has a global reach with a presence in North America, Latin America, Europe and Asia Pacific, adds the release.
