Are you looking to renegotiate your marketing spend? Then you’ll want to check out RightSpend. In today’s modern world, the need for businesses to stay competitive has necessitated a leap in creativity and initiative. But marketing can be costly, and if you’re not keeping track of what you’re paying for, you could be receiving bad value for money. But with our all-in-one benchmarking and data-driven procurement marketing platform, you’ll see there’s another way.
You’ll have an overview of all expenditures along with real-world comparisons, providing you with the information needed to have more honest and open conversations with your agency. You’ll spot real-time market trends and patterns along with other metrics critical to tailor the service you receive. RightSpend helps you track costs, consolidate information, and get ahead of the game, even benchmarking actual contracts from markets worldwide. To find out more, call our team today on 020 7993 6157.
What Is Procurement Benchmarking?
Marketing is a necessity for any business to succeed in the modern world, but it’s not always easy to accomplish. For this reason, most businesses turn to marketing agencies who, for a monthly or annual cost, will turn the wheels on the advertising machine. Their job is to leverage this cost, turning it into meaningful content and services that promote a product, brand, and service. Unfortunately, many companies are paying for marketing without seeing much in the way of return.
This is where procurement benchmarking comes in. The main focus here is to continually measure and improve a business’s processes, procedures, and policies, comparing them against that of best practice. By adopting this approach, opportunities are created in which areas for improvement can be prioritised. Furthermore, it makes it possible to compare against customer expectations, identifying where change needs to occur. And, of course, it helps businesses create value.
Simply put, it begins with a business establishing a baseline, benchmarking its current performance levels internally. This establishes how a business is performing compared to other businesses in the same niche. RightSpend helps in this endeavour by allowing companies to benchmark their marketing costs against real-life contracts to see whether the same or more can be achieved for less. There’s also an external factor which consists of three areas – competitive, industry, and best in class.
Marketing sourcing relies heavily on the ability to have honest and meaningful conversations with your marketing agency. But going about this is easier said than done. That’s where RightSpend comes in with our platform that provides access to an unrivalled database. We ensure that customers gain complete clarity and control over their marketing spend, providing a transparent marketing procurement service that makes it easier to source a better value marketing plan.
With RightSpend, you’ll have the ability to understand and benchmark your agency fees, staffing plans, contracts, and more. You’ll have the flexibility to access said staffing plans based on factors such as direct base salary, overhead cost, and FTE hours. Using this information, you can build budgets and create detailed scopes of work that assist you in making informed decisions moving forward. And with RightSpend, you have a platform covering 350 unique marketing deliverables, providing a complete scope to help you create an accurate benchmark staffing plan.
Marketing Procurement and Strategic Sourcing Approach
You might have heard of the term ‘strategic sourcing’, but what exactly does it mean? In short, it’s a way for businesses to consolidate their purchasing power. By formalising how information is gathered and used, an organisation can create value by aligning any purchasing strategy to business goals. Strategic sourcing came about in response to the evolution of supply chain and procurement processes.
Unlike conventional approaches, strategic sourcing focuses on the area beyond the initial purchase to focus on the total cost of ownership. The idea is to optimise the sourcing process through ongoing market analysis. By conducting ongoing analysis, it becomes possible to build stronger relationships with suppliers, or in this case, agencies. The beauty of strategic sourcing is that it helps organisations be less short-sighted and focused on price.
Instead, it helps them build an adaptable system that actively contributes to the organisation’s overall long-term value. With RightSpend, customers can track over 350 marketing deliverables, manage and track marketing spend with greater clarity and control in real-time, and flex, change, and respond to the ever-changing marketing world. They can access data and insights from more than 75 global markets and ten agency disciplines.
And with real-world data and insights from actual negotiated agency and brand contracts, this very same approach can be used to create opportunities for open, honest discussions with your agency.
Simplifying the Selection Process
At RightSpend, we’ve focused our efforts on simplifying the entire selection process, making it a lot easier to have those all-important discussions that translate to better value. One key feature of the RightSpend platform is that our database is classified by agency size, type, and geographic location. What this means is that you’ll always get metric-specific tracking, benchmarking, and detailed analysis. This ensures you have the right information before heading into those agency meetings.
Our platform assesses billions of pounds every single year, covering more than 75 global markets and ten agency disciplines. Through data-driven procurement, customers can analyse spending patterns, processes and develop a sourcing strategy based on business goals. They can define a request for proposal criteria and templates, negotiate with agencies, create new, cost-efficient marketing plans, then use the platform to track performance metrics and optimise and the plan as needed.
What Makes the Difference?
What makes the difference is how RightSpend provides complete clarity and transparency. Previously, businesses had very little way of seeing just what they were getting for their money. With no real way to track the marketing spends of other companies in the industry, it would often be difficult to assess whether this was money well spent. RightSpend makes a difference because it puts all this data and all these insights within easy reach.
With our platform, you can see at a glance just what you’re paying compared to what other companies are paying in your niche. Using filters for agency size, type, and geographical location, you can determine whether you’re actually getting the best value for money from your marketing plan.
RightSpend offers a degree of efficiency that’s unmatched. We provide access to over 350 marketing deliverables from more than 75 global markets and ten benchmark agency disciplines. All this information is accessible from a centralised system. This means that when you need to access data and insights necessary for those all-important agency conversations, you can. RightSpend is more than just a data and software business; we’re also consultants knowledgeable of software and marketing procurement.
We’re here to lend this expertise, helping you to make informed decisions that greatly benefit your business moving forward. From procurement transformation and market negotiation support to efficiencies and benchmarking, data analytics, and marketing dynamics, we’re eager to help you solve it if you have a problem or challenge to overcome.
Not only is the service we offer efficient but it’s effective too. We assess billions of pounds every year, helping our clients save money, increase their marketing effectiveness, and better manage their vendor relationships. As advertising evolves and innovates, the advent of technology in tandem with fast-paced progression introduces complexity. With the nature of your marketing needs constantly changing, it can be tough to keep up with techniques and costs while delivering consistent results. While advertising has changed, brand/ agency interactions certainly haven’t.
Traditional negotiations are often slow going and what’s achieved is often less than it could be. That’s where RightSpend comes in by providing data and insights to help build clarity and let brands take full control of their marketing spend. We facilitate meaningful conversations between brands and their agencies in real-time and based on real accurate data. We still need to talk, agree, and sign off, and with RightSpend, the process of negotiating a better marketing plan can be a lot quicker, more efficient, and more desirable for all involved.
Contact the Benchmarking Specialists
Now that you’ve had a chance to read through the above information, you hopefully should be a lot more familiar with benchmarking and why it’s important to your business. At RightSpend, we’ve earned the trust of countless businesses, having put together a platform that helps provide much-needed clarity. We empower businesses to achieve their goals in a way they never thought possible. With our platform, you have the power to approach your agency and negotiate a better deal.
If you’re still not entirely convinced, we recommend that you go to our site and take the tour. This will give an even better insight into why so many customers trust our platform and service. Or, if you’d like to speak to us directly about how you can cut costs and maximise revenue, call RightSpend on 020 7993 6157. While you’re at it, why not schedule a demo for a hands-on experience of our cutting-edge platform.