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Marketing and Procurement can leverage the insights from the right data to transform spending and savings, strategically to exceed Marketing ROI.
Data can provide your Marketing and Procurement teams with highly relevant insights capable of informing decision-making and transforming return on investment (ROI). Wrapped within the data are nuggets of information capable of driving value, saving on costs, improving agency relationships, and benefitting from long-term savings.
Data-driven Marketing and Procurement can help teams better manage spend across multiple touchpoints while exploring new ways of optimising brand performance, engagement and results.
How can you exceed Marketing ROI?
When Procurement teams have access to relevant data and analytics, they can help Marketing better achieve their strategic goals within the tight budgets currently limiting Marketing’s reach today. Procurement can use the data to assess how Marketing spend is being used and to then optimise it more efficiently, thereby freeing up more money for Marketing and helping them to exceed their ROI.
This is immensely useful, particularly for Marketing – 71% of CMOs believe their budgets aren’t enough to meet their strategic goals.
Exceed Marketing ROI: with visibility
If Procurement gains visibility into agency fees, for example, then they can use data to benchmark these costs against the industry standard for that industry and country. Using benchmarking tools such as RightSpend, Procurement can gain clarity into agency costs using data from multiple agencies, campaigns, competitors and countries. This real-world industry data can show Procurement how your brand is comparing with others.
The ROI? You open up a space where you can better negotiate contracts and agreements with agencies and suppliers based on real-time data. You will know what other brands are being charged for the same services and so conversations around spend are transparent.
Exceed Marketing ROI: with strategic decision-making & cost savings
If you can see Marketing and Procurement’s spending patterns you and establish which areas are overspending and which are underspending, you can instantly identify cost savings.
The ROI? Imagine if you can reduce the amount of money spent on overheads and supplies that the brand doesn’t need? These savings can be channelled into intelligent spend that’s focused, tight and aligned with brand expectations. Visibility into costs allows Procurement to select the best suppliers based on realistic expectations.
Exceed Marketing ROI: with quality control
When you can use benchmarking to assess an agency’s performance and capabilities when compared with other agencies in the same category, then you can refine spend and your brand’s relationship with the agency. If your agency is performing well against industry benchmarks, you know you’re onto a winning relationship. If not, you can use the data – ensuring it is clean, relevant and accurate data – to refine the relationship and re-establish performance metrics.
The ROI? You can reassess your agency relationships based on solid metrics and proven performance. This will ensure your investment delivers returns in performance and expectations which is exactly what you want from your agency investments.
Exceed Marketing ROI: by asking the right questions
When you are using reliable data, you can ask the right questions internally and externally. You can ask your agency questions shaped by the data to ensure your metrics and performance and investments are optimised. And you can ask Marketing the right questions to help teams better frame their requirements and expectations which will, in turn, refine and sharpen strategies and spend.
The ROI? Imagine getting $120 million of marketing activity from a budget of $100 million? This is precisely how RightSpend can help you ask the right questions and make the right savings. On average, our clients save 20% on marketing spend that they can then invest into more marketing or return to the bottom line.
RightSpend provides you with benchmark data from 75 global markets and assesses more than $10 billion in marketing spend annually across 10 different agency disciplines. We give you the data-driven tools and insights to create Marketing budgets that are relevant and aligned with strategy and we provide Procurement with data that makes it easy to track savings, adapt budgets and make informed spend decisions.
And our ROI? Well, our clients have seen 16% of ROI reinvested into additional marketing by a leading FMCG organisation; 15% in savings delivered to a technology company; and 25% saved by a financial services company.
We offer you the right data so you can make the right spending decisions.