Marketing Procurement is in the midst of a transformation, empowered by technology and data. And curiosity is one key skill that can take Marketing Procurement to the next level.
No longer confined to tactical cost cutting, Marketing Procurement is emerging as a strategic powerhouse. Collaborating more with Marketing, Procurement is now central to improving efficiencies, encouraging innovative approaches, and delivering value across the Marketing ecosystem.
Procurement also sits at the heart of many of these changes. MarTech is evolving with the rise of AI while budgets are not keeping pace. Disruption continues to impact economies and markets, making perhaps curiosity and a commitment to continuous learning two of the most important qualities for Marketing Procurement professionals.
The Power of Why: Questioning the Status Quo
Curiosity encourages Marketing Procurement to look beyond the surface of agency proposals and spend reports to find better ways of collaborating, improving routes to value, and exploring opportunities to optimize expenditure.
The recent RightSpend X ISBA Future of Agency Remuneration Survey found that innovation is increasingly commanding a premium in agency fees. The question is why? Is there a perceived value translating into quantifiable return on investment (ROI), or is it an intangible cost?
Curiosity also prompts scrutiny of ingrained, historical, pricing structures.
Does a luxury brand genuinely receive enhanced expertise or specialist resources which justify higher agency fees compared with other sectors, or are they susceptible to a ‘brand tax’? Challenging these norms isn’t about conflict, it’s about understanding the underlying value exchange. Marketing Procurement can then look at everything from fee structures to resource allocation through a new clearer lens.
Curiosity Led Through Data
Curiosity isn’t enough on its own. Data forms the foundation of any questions around value, cost and performance. And, this is where continuous learning can be critical, particularly in harnessing data analytics. Brands always need more visibility into their Marketing spend to be able to extract as much value as possible, which means there is an opportunity for Procurement teams to bridge this gap.
Investing in data capabilities is also no longer an option. Procurement needs to become more curious about data analytics and AI to enable them to adapt to changing markets, brand needs and Marketing requirements far quicker, and with more precision than in the past. When Marketing Procurement move beyond anecdotal evidence with trusted data and benchmarking tools, like RightSpend, the insights and opportunities become invaluable.
A high level of data understanding and analysis allows for Marketing Procurement to compare agency costs, resource allocations and performance metrics against global data. Offering Procurement and Marketing an objective grounding for negotiations and helping both sides justify agency fees against tangible value and marketing positioning.
Beyond the Deliverables: Understanding Performance
A curious approach to the mechanics of agency performance and costs can change how Marketing and agencies collaborate and achieve results. When Marketing Procurement are actively evaluating agency performance they can use the results, paired with benchmarking data, to determine how aligned with expectations each agency is.
Data allows Marketing Procurement to analyze staffing plans, departmental mix efficiency and resource usage rates, ensuring that teams and budgets are designed to meet expected outcomes.
Curiosity extends to the deliverables too. Are they clearly defined? Is quality meeting expectations? Is scope creep being managed? Performance management – internally and externally – isn’t a box ticking exercise, it asks that Marketing Procurement create measurement frameworks and undertake regular, structured agency evaluations.
When combining these expectations with the capabilities of technology, skilled Marketing Procurement professionals can deftly employ them to change conversations and improve both transparency and agency relationships.
Curiosity Led Through Learning
The insights learned from being more curious, paired with data, can enable Marketing Procurement to achieve their full potential and deliver impactful results to the business. Marketing Procurement is uniquely positioned to lead improvements by fostering collaboration, transparency and shared objectives with Marketing and agencies. The ability to present powerful insights around agency performance, cost structures, or global benchmarks builds trust and moves away from siloed perspectives.
Marketing Procurement can use continuous learning and curiosity as a springboard into deeper relationships with stakeholders, advising on market dynamics, changes in technology, and the real value drivers in agency relationships. By embracing these principles, Marketing Procurement continues to solidify its role as strategic partner, adding value through proactive insights and ensuring Marketing campaigns deliver maximum impact.
Curiosity is the spark and data the engine needed to drive Marketing Procurement towards transformation, value and enhanced strategy. Curiosity will transform you from cost controller to strategic enabler.
