In an increasingly complex media landscape, benchmarking is one of the most effective tools advertisers have to evaluate the performance and efficiency of their media investments. Done well, it unlocks better results, greater transparency, and more value from your spend – and helps to set agency goals and KPIs.
Some in the industry dismiss benchmarking—especially in biddable and programmatic media—arguing that it isn’t relevant or can’t be done due to the large number of factors involved (e.g., formats, targeting, etc). But often, these claims come from a lack of access to a robust, current pool of data or advanced analytics. Outdated or aggregated benchmarks simply don’t reflect today’s pricing realities. That’s especially problematic in digital, where costs evolve rapidly and intermediaries can add layers of hidden markups.
At Cortex, we take a different view. With a benchmarking pool grounded in over $16 billion in recent spend, including detailed digital data, we’ve seen firsthand how benchmarking—especially when combined with governance—creates powerful outcomes. We benchmark on a like-to-like basis, ensuring that our clients’ buys are benchmarked against a buy that mimics their buying parameters. Our analysis isn’t a superficial layer to tell you how great things are – but rather a deep analysis that takes each media buy apart, to not just highlight what is going well, but specific areas where there is room for improvement.
Here are four key reasons why benchmarking matters, with real-world examples:
- Helps Set Savings Goals and KPIs
Benchmarking highlights inefficiencies, enabling advertisers to course correct. For example, in one FMCG case, Cortex identified a heavy concentration of spots in a single morning show that were priced well above benchmark levels. By reallocating just half of that investment, the client was able to cut unnecessary duplication and improve daytime CPMs by 18%.
In another long-term engagement, ongoing benchmarking and year-on-year analysis revealed opportunities for efficiency gains that had previously gone unnoticed. Today, that advertiser is consistently achieving pricing below benchmark levels—delivering more than $6 million incremental annual media value on a spend of approximately $100M annually – a 6% savings.
- Optimizes Media Strategies
Benchmarking isn’t just about cost—it informs smarter allocation. When paired with a year-over-year analysis, trends can be determined. In another case, Cortex revealed that year-to-year CPM increases in prime time weren’t due to a “more premium mix,” as the agency claimed, but were in fact inflated costs for the same shows and audiences – essentially “rebranding” the same inventory as premium. With this new evidence, the client successfully challenged the buy, realigned with benchmarks, and reset pricing for the following year.
- Enhances Transparency and Accountability
In digital media, reported cost savings can mask inefficiencies. Cortex was the first media auditor to perform benchmarking of digital media spending, and over the years we’ve been able to pinpoint numerous areas of opportunity for our clients. For example, one client believed their agency was delivering price improvements because overall package costs looked stable. Combining the benchmarking with a year-over-year analysis, Cortex’s granular analysis uncovered that the “savings” came from shifting spend into shorter video formats—not actual cost reductions. This visibility led to new governance standards requiring full transparency of package components and individual costs going forward.
- Increases ROI
Sometimes higher-priced strategies don’t deliver higher value. A programmatic advertiser paying a premium for geo-targeted campaigns discovered—through benchmarking—that the reach was nearly equivalent to national buys, with costs driven up by unnecessary geo-fencing. New guidelines were implemented to cap premiums and require approvals when geo-targeting added limited strategic benefit. As a result, budgets were redirected to where they could work harder.
More Than a Price Check
Benchmarking is more than a price check. Done right—with fresh, granular data, benchmarking:
• Helps set savings goals and KPIs for the agency that are at the intersection of realistic and aggressive
• Identifies underperformance and hidden inefficiencies
• Refines strategies for smarter investment
• Ensures accountability in opaque channels like programmatic
• Improves ROI by making every dollar work harder
• Ensuring that any inflation mitigation isn’t on a buy that is already overpriced
At Cortex, our benchmarks aren’t based on stale averages—they reflect what’s happening in the market right now. That’s why our clients gain not just insight, but also actionable leverage to challenge costs, optimize strategies, and drive lasting value. In some cases, that has meant tens of millions of dollars returned over time—like the advertiser now realizing a 6% savings.
In today’s fast-moving media environment, robust benchmarking isn’t optional—it’s essential.