Benchmark: Innovation Funds
This WFA member benchmark covers how members are managing funding for innovation.
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One of our members in the WFA Sourcing Forum requested that we gather perspectives from other WFA members regarding Innovation Funds.
In case of this member, their teams wished to do more innovation and demand it of their agencies. However, innovation funds are often the first thing to get cut, leading to a perception of lack of innovation and demotivating the agencies from providing more.
1. Are you able to ring fence or maintain funding for innovation in media and/or marketing throughout the fiscal year budgets? Yes/No
2. If Yes – What steps are you taking to maintain funding for innovation? How do you solicit innovation from agencies who are not retained?
3. If No – What are your biggest obstacles to maintaining funding for innovation?
The questions were posed both to select WFA members as well as non-member partners.
9 WFA members provided feedback.
Members can download the full report containing all responses here.