Next & Co launches new tool to track ad spend waste, suggests 32% of spend currently wasted
Performance digital marketing agency Next & Co has launched Prometheus, a new media auditing tool, with the purpose of informing advertisers on the efficiency of their spend.
According to Next & Co, using this new platform, the agency found that $3 billion in digital advertising expenditure is being wasted each year, making up 32% of spend.
John Vlasakakis, head of organic search at Next & Co, said: “We built Prometheus because internal marketing teams and agencies’ first port of call to improve the commercial objectives for the businesses they are working on is to spend more rather than improve the efficiency of current spends.”
Head of organic search at Next & Co, John Vlasakakis
The new tool has inbuilt KPIs advertisers can select from, including leads, customer conversions, ROI and reach, with customers able to choose their targets across each metric. The auditing tool then determines the exact wastage of their total annual digital spend in dollars and where that wastage is occurring campaign by campaign and on a creative level.
The platform is self-service, allowing the advertiser to analyse their digital spend across Google, Facebook, LinkedIn and Bing.
With a global patent-pending, Prometheus is already being used by more than 300 companies, including SMEs to multinationals.
Interface of the Prometheus platform
“We have been testing Prometheus for the past 12 months. It has the ability to tell advertisers exactly where and how their ad spend is being wasted on digital platforms and by how much. Prometheus is able to accurately determine how well advertisers’ media agencies or in-house digital teams are performing down to a very granular level,” continued Vlasakakis.
Next & Co says that it is negotiating with TikTok and Snapchat to integrate with the platform, with Prometheus able to be used across any digital publisher with an API (application programming interface), including catch up TV.
The agency said that Prometheus is free of charge to advertisers and can also create bespoke reports for a fee.
“There is no tool anywhere which can calculate the exact amount of media dollars wasted on these platforms as this is a unique algorithm which checks each platform’s best practice for campaign setup and optimisation,” Vlasakakis said.
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Calum Jaspan was news editor at Mumbrella, based in Melbourne. He was also the producer and host of the Mumbrellacast. He left Mumbrella in May 2023.
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