Reducing the Agency Footprint and Facilitating In-House Capability
Assessing the marketing spend with a Procurement eye is a critical step to take toward the development of better in-house capabilities.
However, the majority of respondent at this point have not yet taken the steps to formally assess their marketing spend. A formal assessment of marketing spending is usually the first step that can be taken to identify areas where agency costs can be pared back. It is also important to gather the data on spending that could eventually be used to make the case for enhancing in-house capabilities. Without going forward with a formal approach to marketing data capture, Procurement will lack the metrics needed to make the case for their involvement and educate their peers within the business on changes that can positively impact their operations.
A blend of in-house and external production is the most common setup by far for respondent organizations.
While half of respondents have not formally evaluated their marketing spend, the fact remains that the large majority are operating within environments that demand a balance of in-house requirements as well as the management of spending with external partners. It is critically important for Procurement to gain both the visibility that they need to positively influence marketing spending and buy-in from their marketing partners to help them control their costs.
Based on our initial research, it is clear that the majority of respondents still have work to do to establish more formal controls over their marketing spending. Aligning the missions of Procurement and Marketing can be a challenge, especially when certain suppliers are viewed as essential for retaining a competitive advantage or to support processes for which there is no in-house expertise. In the report that will be published using our full data, you will learn what tools Marketing and Procurement are using to develop their mutual strategies, and where they are in terms of progression towards their goals.
For the full data set gathered, along with a deeper level of analysis, stay tuned for the full research report on managing marketing spend and partnership options. The report is scheduled to be published on the ProcureCon Marketing website on September 19th, 2019.
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