Brands wasted $45m on Facebook, Google alone, Next&Co report finds
Brands wasted $25 million on Facebook alone in the past quarter, a new report from Next&Co has found.
What you need to know:
- Independent digital media agency Next&Co has released its quarterly Digital Media Wastage Report, finding around $54.3m was misused between July and September.
- Retailers, financial services and Insurance were the worst performing sectors, and Facebook, Google and Bing were the worst performing platforms.
About $54.3 million in digital ad spend was “wasted” between July and September, according to Next&Co’s quarterly Digital Media Wastage Report, with retailers, finance, and real estate the worst performing sectors.
The digital agency’s Prometheus media auditing tool analysed 67 brands across pharmaceutical, insurance, education and other categories, ranging from budgets of $500,000 to $27m.
Wastage across specific platforms was worst on Facebook ($25m), Google ($20m), Bing ($8m) and LinkedIn ($4m), and the retail sector wasted $15m. Finance lost $12.7m, real estate - $10.3m, insurance - $8m, pharmaceuticals - $4.8m and education had $2.7m.
Next&Co’s co-founder, John Vlasakakis, said regular audits are what many major brands are lacking.
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