When you tell agencies your full budget upfront, they'll propose spending all of it. A $200 million budget might only need $150 million in actual media costs. Keep your budget confidential and benchmark against market rates to avoid overpaying.
Let me give a couple of examples from industry. Yeah, please do. I'm sure a lot of us will agree when it comes to the marketing procurement, especially media, right? Very openly, the marketing team will say we need to share our budget with our agencies that, okay, we'll be spending $200 million this year and let them build their proposal around that. The proposals that we get are always for $200 or $210 million. And we assume that, okay, our budget is 200. Let me ask some additional thing or value from this supplier because I have to show some negotiation there, and we end up doing that. But do we ever benchmark that what is the cost of that service on ground? Maybe it is 150 million, right? This is a very common example wherein sharing too much information without governance is a challenge.
