AUCKLAND, Today: The ASB has changed the payment deal it had with branding partner True, according to Damien Venuto in today’s NZ Herald business section.
Venuto says he “understands” the bank will continue working with True on a project basis, but will no longer pay a retainer – guestimated by Venuto to be “more than” $500,000 a year.
The ASB would not confirm or deny the information, saying only that the bank would continue working with both True and its other agency partner With Collective.
“Some of the retainer previously paid to True will now shift to With Collective.”
Venuto says he’s been told some of the retainer previously paid to True will now shift to With Collective.
True MD Steve Kane has confirmed the ASB had moved from retainer to project-based. Kane said the impact had been lessened through new-business wins, including Stihl and Balance.
Venuto quotes an “anonymous industry source” who criticised the “worrying trend” of taking lead branding partners off retainers.
- Read the full Herald story here (but you’ll need to first sign up for the paywall – or else read Venuto’s full piece in today’s print edition).
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