It feels like the marketing procurement industry has been using transparency as a buzzword for years. The IPA and ISBA launched ‘The Magic & Logic’ 16 years ago, where they identified how Agencies, Marketing and Procurement can best work together to produce profitable growth; they explained that marketing procurement transparency is key to successful relationships. …
Why do we need marketing procurement transparency? Read More »
Why understanding your marketing ROI is important Return on investment (ROI) is a key metric for marketing. Defined as a measurement tool that helps you to maximise investments, refine campaigns, improve profitability and connect with customers, marketing ROI is a metric by which you can accurately assess the financial value of your campaigns. You …
Marketing ROI: How and Why to measure your Marketing Spend Read More »
With a recession looking likely in 2023, organisations need to find opportunity in the complexity. How can you make sure your marketing in a recession is effective? Economists are predicting recessions in 2023 across the globe. The Organisation for Economic Co-operation and Development (OECD) has said that the UK in particular is one of …
Your guide to calculating and managing your marketing budget. Your marketing budget is your key to meeting your marketing goals, keeping expenditure under control, and measuring your returns so you benefit from further investment in the future. It outlines all the money your marketing team plans to spend on projects over a set period of …
Competitor marketing analysis can help you inspire and refine your marketing efforts Competitor marketing analysis is an important part of the marketing toolkit. It’s more than just digging into the performance, choices and behaviour of competitors – it’s a transparent window that allows you to gain richer understanding of market trends and to then use …
Regular agency reviews can optimise the relationship on both sides. There has been a radical shift in consumer priorities over the past two years – shaped by political, social and economic events. The knock-on impact on brands and marketers is huge, as they seek out new ways of connecting with their markets and creating innovative …
Agency Reviews: Optimising Marketing Procurement Read More »
Clean and relevant data can transform how marketing, procurement and finance manage marketing budgets, assess the value of expenditure and approach decision-making. Data has long been described as the black oil of a business, and with good reason. The constant flow of insight, information, behaviours, customer interactions, agency costs and so much more, can be …
Data: empowering Marketing Procurement efficiency Read More »
Rate cards, price bands and benchmarking. How do you find the right price for your ad agency engagements? So, how does an ad agency price their services? The answer is a bit like how long is a piece of string – as long as you need it to be. There are several elements to how …
High demand, low supply – are brands and agencies struggling to find the right staff in the ‘talent crunch’? Talent is the lifeblood of creativity. Fine minds delivering campaigns and ideas that are delivered seamlessly across markets and customers. However, today, the demand for talent is starting to outstrip supply. The talent crunch is affecting …
Marketing is an investment into the brand and its future. Before we discuss exactly why marketing is an investment for a brand rather than a cost, it’s worth unpacking the difference between the two. Commodities are a cost. Water, electricity, rent, professional fees, technology tools – essentially the items that no business can do without …
The benefits of competitive benchmarking in transforming marketing procurement costs and strategic planning There are immense benefits to competitive benchmarking. It can be used to transform the challenges, complexities and negative practices within marketing and procurement that have affected these functions in the past. It can also help effect real change in how marketing …
Competitive Benchmarking in Marketing Procurement Read More »
RightSpend connects marketing, procurement and finance to deliver improved ROI through better reporting and insights. Combined, procurement and marketing are key to adding value for companies. When sharing common goals, both are an essential element to ensuring the long-term and sustainable success of a brand and their campaigns. The complexities and challenges that have …
How can Marketing Procurement deliver improved ROI? Read More »
Marketing budgets are under pressure and feeling the burn. Inflation is making itself felt. There is little doubt that marketing teams are feeling the pressure of economic complexity and rising inflation. These factors directly influence budgets and planning, and how marketers approach their campaigns and strategies. According to a recent article in Ad Age, …
MarTech connects the digital dots to deliver improved efficiencies in procurement Martech, the term for the combination of marketing and technology, has undergone impressive evolutions over the past few years to meet the changing needs of marketing teams as they seek to keep up with a rapidly changing landscape. Agility and transformation have become key …
With the marketing and advertising budgets under pressure, Procurement are looking for new solutions to managing costs. Here’s your guide to Marketing Agency Costs. What are Marketing Agency Costs? Marketing agency costs is the money a business pays to outsource all or some of its marketing to a specialist agency. Some businesses will say it …
This is the question that every marketing and procurement professional would like answered to help them manage their budgets. What is included in my Advertising Agency Costs? Marketing, creative and advertising agencies all have their costs of running a business. The call for more transparency around this has never been greater, as economic uncertainty puts …
Rate cards, price bands and benchmarking. How do you find the right price for your marketing agency engagements? Q: How long is a piece of string? A: As long as you need it to be. How does a marketing agency price its work? There are several elements to how a marketing agency price is established. …
Benchmarking may be invaluable when it comes to cutting costs, but is it just for Marketing Budget Savings? No, it is actually just the tip of the value-added iceberg. Marketing Benchmarking has become a critical touchpoint for brands. After the World Federation of Advertisers launched Project Spring – an initiative focused on transforming some of …
Benchmarking: is it just for Marketing Budget Savings? Read More »
Benchmarking marketing spend can put your business ahead of the competition. “Benchmark a: something that serves as a standard by which others may be measured or judged b: a point of reference from which measurements may be made” – Merriam-Webster Benchmarking has become invaluable to brands over the past few years, offering a smart …
Does Benchmarking give you a competitive advantage? Read More »
Leverage data to ensure that your marketing agency is not complacent and that your budget is being maximised and managed properly Data has become a critical component in ensuring that brand-agency relationships and collaboration are managed transparently and that budgets are being maximised and managed in line with everybody’s expectations. When every part of …
Leverage data to get your marketing agency working harder & smarter for you Read More »
Clarity is crucial at all stages of a brand-agency relationship. It allows both parties to be on the same page, to know exactly what to expect within a project and it gives you the confidence to have more productive negotiations, and ultimately receive better work. Clarity in the scope of works Being clear in your …
Clarity is Key in Marketing Agency Relationships Read More »
The Right Data For the Right Decisions. Using the Right Technology. Our client, DANA SMALL – otherwise known as Ms Category Management saved $5M in advertising spend across her multi-year implementation of RightSpend as an Advertising Agency Management tool. In her words, ‘”RightSpend revolutionised the services procurement marketplace”. Here we share an edited extract of …
When stakes are high, emotions can run high. Agency negotiations can often challenge the stamina of both parties and ultimately test who can keep their cool. Emotion, although natural, can ruin negotiations, and damage agency-brand relationships in the long run. Not only does emotion detract from the main purpose of the discussion, but it also …
Taking the Emotion Out of Marketing Agency Negotiation Read More »
The power of transparency in marketing agency relationships should not be underestimated It’s especially important when working closely with agency partners. As a marketer, you are investing and trusting an external party with your brand: something that needs to be constantly monitored and reviewed. Agencies need to have open lines of communication, and have regular …
