Working with a client we looked at 4 key areas of their Marketing Procurement process, outlined below.
The result was $7.98m in savings within just the first 6 months.
Benchmarked $40m of total marketing spend
20% of savings identified within the first 6 months
Cost analysis created to support future budgeting
Advanced ROI clearly demonstrated
All agencies are now required to provide a detailed staffing list (including locations)
Offshoring, in-housing and decoupling strategies all benefiting from data intelligence
Decision making backed by robust, reliable data
Clear demonstration of reduction in marketing budget without affecting campaign success
Compensation transparency established as a contractual obiligation
Standardized templates and best practice formats in place for all scopes of works (SOW)
New MSA language introduced to bring consistency and efficiencies
Documentation created to streamline the contractual process and provide clarity to non-marketing stakeholders
Efficiencies implemented in the marketing procurement process – saving significant time, money and resource.
All SOWs tracked and managed in a single location.
Clear cost drivers established and shared with all stakeholder
Consistent metrics shared, tracked and analyzed by all shareholders, including agencies.
Internal workflow rolled out for all agency projects
Annual agency reviews undertaken by a cross-department committee.
Collaborative approach to bring marketing & procurement together.
Extensive training to ensure all stakeholders are on the same page and working together to shared goals.
Agency expectations reset, clearly defined and communicated.
Agency partners encouraged to communicate more openly and provide transparency and clarity.
We work with global Marketing Procurement teams to consistently deliver advanced ROI and efficiencies.
On average our clients save ~20% on their marketing spend, which can be reinvested into MORE marketing or delivered as savings to the bottom line.
Take control of your marketing spend and deliver significant results, just book a call with the RightSpend team to find out how.
