Chemical Company Joins Staggering List of Marketers to Launch Media Reviews
Marketers apparently have a fever right now, and the only prescription is more media reviews.
The latest is BASF, which is reviewing its global planning and buying business, now handled by UM. UM has been invited to defend, and the process is expected to stretch through the summer.
The chemical company's global media spend was not immediately available. But in the U.S. alone last year, BASF spent more than $22 million, down from nearly $29 million in 2013, according to Kantar Media.
Since January, more than a dozen marketers that collectively spend a staggering $7.23 billion in media annually have launched media reviews.
The list reads like a who's who in the corporate world and includes Procter & Gamble, Unilever, Coca-Cola, SC Johnson, Visa, L'Oréal, Citi, 21st Century Fox, Wells Fargo, Coty, CVS, Royal Caribbean and Scotts Miracle-Gro. Sears Holdings' review of its Sears and Kmart brands also includes media responsibilities.
And although the list cuts across many categories, the industry is bracing for even more searches. So, if you're a media agency CEO, it might be smart to put those summer vacation plans on hold.