Broadbent, who graduated in mathematics from Oxford and got a PhD at London University, later served as an army officer before joining the London Press Exchange in the mid-60s.
He built a reputation as a media academic and hands-on practitioner, remaining with the agency after its acquisition by Leo Burnett in the 70s. At Burnett he worked with big-name advertisers such as Coca-Cola.
He was sent to Chicago as director of brand economics, returning to London in 1989 to found the Leo Burnett Brand Consultancy, where he remained a partner until his death.
He was also the chairman of the Advertising Association's economics committee and received the Naples Research Industry Leadership Award from the American Advertising Research Foundation.
Broadbent initiated the Effectiveness Awards in response to charges in the 70s that it was impossible to prove that advertising worked.
Hamish Pringle, the director-general of the IPA, said: "Simon was one of our industry's great thinkers and the IPA in particular owes him a great debt."