Don’t Lose Track of What You’re Paying for Digital Advertising
Keeping track of how much you’re paying for digital advertising can be a tricky task. You may be advertising on multiple platforms at the same time, such as Google Adwords, Facebook, and LinkedIn, and utilizing multiple forms of payment, like invoices and credit cards. To add another level of complexity, you may be managing your advertising through an agency partner and/or among several members of your own marketing team. On top of all this, you have to make sure your Accounts Payable personnel is in sync with your marketing team so you don’t double dip. All of these factors can create financial mayhem. How can you streamline the process so that you can stay on top of your total digital advertising spending?
Use a Single Credit Card
Most digital advertising channels require a credit card to launch any campaign. If you use a single credit card for all digital advertising, that will keep all the spending in one account. For example, use the same AMEX card for your Google advertising, Facebook advertising, and LinkedIn advertising. This makes reconciliation easier and keeps all advertising spending together. Controlling the use of one credit card will ensure that you know where you’re spending your digital advertising dollars and can see it on one monthly statement. This, however, does not limit how much you are spending – daily budgets should be set and monitored within each individual advertising account.
Consider Pre-Funding a Monthly Fixed Budget Amount
If you’re working with an agency partner who manages your digital marketing, consider pre-funding your monthly digital media budget and let your agency partner manage and reconcile payments to a single or to multiple advertising channels. One thing to remember when you’re switching from self-management to agency-management is to take your credit card off your digital advertising accounts so you don’t pay twice – once on your credit card and once to your agency. This is when communication with your Accounts Payable team is most important.
All in all, funding multiple digital advertising channels with multiple payment methods with multiple managers can be a recipe for disaster. By using a single point of payment, and establishing fixed budgets, you can gain control. Good payment policies, along with close communication with your team of advertisers and your Accounts Payable team, will keep your spending in control and on budget.