Pritchard also said P&G is fully endorsing the often controversial Media Rating Council viewability standards for digital media - which defines display ad impressions as "viewable" if at least 50% of pixels are on-screen for at least one second and video as viewable if at least 50% of the player is on-screen for at least two seconds.Īn MRC-accredited viewable impression metric has been around in some form since 2010, and the current MRC standard was adopted in 2014. 'Oh, I didn't realize that.' Having unprofitable agencies is not good business, and can lead to practices we don't want, so we're taking a closer look at matching fees to services." "When we asked why the agency used the money for float, they said, 'Your fee doesn't cover our expenses.' Another humbling moment. It's taking time to complete, and we're often using outside counsel."Īt the same time, P&G is re-examining its media-agency fee structure "to make sure we're paying appropriately for services rendered," he said.
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"So we are now poring over every agency contract for full transparency by the end of 2017 to include terms requiring funds to be used for media payment only, all rebates to be disclosed and returned, and all transactions subject to audit," he said, according to the transcript of his prepared remarks.
I didn't realize that.' The agency was acting 100% in compliance with the contract," Mr. It stipulated that P&G would pay the agency, which would make the purchase and accept all liability with publishers, and had no provision that prevented the agency making money on the float, or difference between what it paid the publisher and what it got from P&G. How could they use this money as 'principal?'" A spokeswoman declined to provide details on the agency or media involved.īut when P&G looked at its contract, it made "an interesting discovery," he said. "We were incensed - they're supposed to be an agent. Pritchard said, according to the transcript. "Not long ago, we discovered one of our agencies was using media money as float," Mr. But on Sunday he acknowledged that P&G encountered some unexpected findings as it dug into the matter. Pritchard has been relatively sanguine publicly about his own media agencies' transparency practices, despite a wild industry debate since former Mediacom CEO Jon Mandel nearly two years ago leveled blistering accusations of undisclosed incentives to media rebates. The IAB is 21 years old now, he noted, and digital collectively gets more money than TV. has anemic economic growth despite $200 billion in annual ad spending, including $72 billion on digital, Mr. Problems in what he called the "media supply chain" may help explain why the U.S. …There is tremendous power in the collective force of our industry." And he urged others in the industry to follow suit.
P&G doesn't "want to waste time and money on a crappy media supply chain," he said. "We've given them plenty of notice," he said, according to transcript of his prepared remarks that was provided by P&G. Pritchard said the company has vowed to no longer pay for any digital media, ad tech companies, agencies or other suppliers for services that don't comply with its new rules.
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The heavily influential marketer's program includes a thorough review of all media-agency contracts after the company found a surprise in its dealings with at least one agency, plus requirements that everyone use industry-standard viewability metrics, fraud protection and third-party verification.Īnd to enforce all of those steps, Mr. Pritchard said, urging the rest of the ad industry to follow P&G"s lead. "The days of giving digital a pass are over," Mr. Procter & Gamble Co., the nation's and world's biggest advertiser, is laying down the law for digital media players and agencies in a five-point program that will take effect this year as outlined by Chief Brand Officer Marc Pritchard on Sunday evening at the Interactive Advertising Bureau's Annual Leadership Meeting in Hollywood, Fla.
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