10 Business Basics Tracy Hasson Alex Enriquez Tim Kelly

Decreasing advertising budgets coupled with increasing costs have made marketers scrutinize every dollar spent Recent economic downturn has accelerated the need for organizations to re-evaluate how they do business.

How to Re-organize  Ernst & Young's Howard Bass: Beyond Advertising-Budget Slash and Burn

Revisit Inventory Management Number One  Yield-management and scheduling tools can help get more value from your inventory and bolster thinning margins

"Fact Up" Your Business Number Two  "I make decisions by the facts or by the clock, but all too often, the clock wins."  Leading firms treat data as an asset and foster a culture of fact-based decision making and performance measurement

Embrace Measurement Number Three  Digital and direct have set the bar for media measurement Expectations in all media now go beyond basic delivery and fulfillment metrics

Develop Creative Packages Number Four  Marketers, agencies and planners are selecting media partners based on their ability to drive consumer engagement, as well as impressions across multiple media platforms, brands and geographies Creative packages deliver greater engagement, and enhances greater consumer brand affinity

Partner for Innovation Number Five  Be opportunistic as well as strategic New trends can present immediate opportunities

Build an Adaptive Organization Number Six  Organizational hazards -- from misaligned skills to internal competition for valuable resources -- damage productivity. Leading media firms react with the speed, skill and flexibility

Make it Easier to do Business Number Seven  Operational issues create unnecessary friction and hurt client relationships Ensure transactions are easy, transparent and well-executed

Don't Lose Sight of the Little Things Number Eight  Operational setbacks negatively affect margins, cash flows and client relationships

Promote Areas of Expertise Number Nine  This is simple positioning based on comparative advantage  Bring your expertise to light. Avoid being viewed as a commodity; demonstrate your audience insight by using internal research and data

Deliver on Promises Number Ten  Marketing plans are about driving product awareness and consistent messaging, not just about getting gross rating points and demographic exposure  Identify the root causes of underdelivery and place better controls across media scheduling and execution to minimize lost revenue Could be done with Pareto Analysis

Article was found on AdvertisingAge.com