Reshape your marketing procurement intelligence, review your marketing spend and explore better clarity, transparency and insights
Marketing Procurement intelligence plays a key role in today’s modern organisation. Key to meeting the evolving needs of the business, connecting brands to agencies in ways that build loyalty and longevity. However, Marketing Procurement faces its own challenges. It has to prove its value using metrics that demonstrate return on investment (ROI) and consistently deliver on expectations.
To achieve transparent quality through ongoing clarity and visibility, Marketing Procurement also has to navigate the complexities of limited insight into agency costs. This can feel a lot like climbing a mountain in a fog, but fortunately technology and data have caught up and can offer the right tools to manage and monitor spend.
Welcome to the era of marketing procurement intelligence
Marketing procurement professionals can generate significant cost savings using the RightSpend benchmarking and assessment platform as it provides them with a regularly updated data pool that’s segmented across 75 markets and 10 categories. Putting innovative performance marketing strategies at the centre of successful procurement strategies and fuelling growth while achieving real-time ROI measurements.
We help you gain transparency and clarity into your marketing costs. We work with some of the greatest brands in the world, who use our system in ways that transform their visibility and control.
The way it works is simple: you upload your scope of work or advertising plan that can be either local, or span the globe or simply be a project-based approach. Then, you analyse the value and metrics of that plan against data and proof points that have real world applications and proven value. The system will identify you where problems lie, what the success probabilities are, and so much more.
It’s marketing procurement intelligence and spend analysis in a single ecosystem using relevant data to prove ROI, fuel your growth, and transform your spend.
It’s not rocket science. It’s data science.
The RightSpend system puts the power back into your hands. In addition to identifying savings and efficiencies that can be reinvested into further marketing campaigns and strategies, you’re able to stay ahead of ever-changing media costs and market shifts. Your budgets and procurement strategies are built on solid foundations.
We scrutinise the marketing costs. We give you the tools you need to deep dive into marketing expenses, agency fees and media costs so you know when:
- you’re spending more than industry standard on a campaign
- you’re paying for anything unnecessarily
- You’re paying for the wrong team make up
- You’re playing in a territory that isn’t relevant
- You’re paying too much for marketing activities compared with similar brands in your market
- You’re agency are making in excess of agreed profit margins
- You’re concentrating on the wrong marketing category and need to diversify
- You can make significant efficiencies that can leverage richer campaigns and strategic planning
- You can add more value
- You can get more bang for your buck
What if you could enhance agency relationships and save marketing budget? RightSpend will answer this question for you. And we do so with benchmarking, data, and insights that work.
Marketing procurement can genuinely help the business make decisions that impact both the top and the bottom line.
Marketing Procurement Intelligence – $5.92 million in savings
That is precisely how much one company were able to identify as savings when they used the RightSpend platform to overcome challenges in its marketing procurement process and spend.
Before working with RightSpend, this global technology giant didn’t have a formal marketing procurement process in place and there was growing pressure from management to better control marketing expenditure.
Procurement wanted a seat at the table but were shut out by marketing and the vendors. The situation was further complicated by a lack of tools and resources so work was rushed and of lower quality than it should have been.
The company was spending a lot on marketing but was unable to measure performance and ROI.
One of the key challenges was that the company had an internal database that didn’t represent fair market rates and was fast becoming obsolete. They didn’t have a view of their regional market rates and some of the vendor team was operating offshore, but they didn’t have clarity on who or where.
Another challenge they were facing was that their historical Master Service Agreement (MSA) was fixed and not marketing-centric. Leading to limited to no transparency in agency rates or compensation. They also didn’t have consistency across key terminology across their vendor roster that caused further inefficiencies.
The third challenge was that processes were not clear. Contracts were not regularly reviewed and simply assumed to be fit-for-purpose, and there were no internal processes for pitching long-term deals. This was further complicated by siloed knowledge in areas where there was a high staff turnover every two years.
Finally, there were relationship issues with friction between marketing gatekeeping the agency relationships from procurement; and vendor-partner operations shrouded in mystery. There was a perception that procurement was only there to negotiate as a final step.
RightSpend consulted with the company to find out what it needed to really reshape its spend and its relationship with procurement.
Our role was to help instil order and process while introducing a data-driven approach to procurement and marketing decision-making and to add value by providing a consultative service that complemented our data-driven platform. The company chose us because we’re experts in the marketing procurement space and our data is proven in its value and depth while our teams have proven expertise on both sides of the marketing fence.
We implemented a solution across four key strands:
Strand 01: Data
The RightSpend platform enabled the procurement team to benchmark key vendors to $40million of total spend against industry and regional peers, creating a cost-model analysis to support future project budgeting. We recommended that, as standard, they ask all vendor-partners to provide detailed staffing lists and locations to ensure line of sight and visibility into exactly who worked on each project.
Strand 02: Contract
We helped implement a standardised template and best practice format for all future scopes of work and introduced a new agency MSA language that introduced consistencies and improved efficiencies. As part of this, a glossary was created that included key definitions with assistance from vendor-partners.
Strand 03: Process
We created a single pane of glass visibility, with a single location to track and manage all current and future scopes of work. Consistent metrics were agreed upon, shared and monitored by key stakeholders. We developed a question list to be used for future agency projects and established clear cost drivers that were shared across all stakeholders.
Strand 04: Relationships
The procurement team undertook extensive training and a collaborative approach was introduced to bridge the gap between them and the marketing team. As part of this, agency partners were encouraged to provide transparency and clarity, and work in collaboration with both marketing and procurement.
This global technology company saved $5.92 million (14.8% of their marketing spend) within just six months. All by improving their data, contracts, processes and relationships.
Marketing Procurement Intelligence delivered other significant results too…
It didn’t just stop after the first wave of savings. We delivered an ongoing advanced ROI that clearly demonstrated value to the C-Suite. Future decisions were backed by robust data from RightSpend, which provided additional value and a level of comfort to internal stakeholders. The data also positively influenced offshoring, in-housing and decoupling strategies.
Our contract transformation processes resulted in compensation transparency becoming a contractual obligation from all agency partners, and a new vendor Master Service Agreement language ensured consistencies and efficiencies into the future. Key terms were clarified for non-marketing stakeholders that improved engagement and understanding.
The marketing procurement process efficiencies established meant that both time and money were saved. Plus consistent metrics were tracked and analysed by all stakeholders, ensuring everyone was on the same page. We also helped create a cross-department committee tasked with reviewing agreements annually.
An informed and empowered procurement team saw improved relationships with marketing. Which, in turn had a positive impact on, vendor-partner relationships where expectations were reset and clearly defined with transparency and clarity embedded and encouraged.
This is just one company saving money with RightSpend. You could make the same savings with the right balance, the right service and the right data with RightSpend.