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Read the full transcript from the video:

Resilient Supply Chains Transcript in partnership with CIPS & ITN Business.

Marketing Supply chains can be complex, but technology can help by driving transparency and efficiency.

Marketing procurement specialists RightSpend, use fact-based data to save businesses time and money, provide accurate cost analysis and help clients to negotiate their marketing spend with a range of companies.

When it comes to unlocking maximum potential and value from the marketing supply chain data, is the key. And holding that key revolutionary tech firm RightSpend.

The Marketing Supply Chain is very complex

Iain Seers, CEO tells us, “The marketing supply chain is very complex. Many companies we work with or many brands we work with have hundreds of different agencies. You then multiply that by different disciplines, so there may be hundreds of creative agencies, then you’ve got media companies and you’ve got PR companies, production companies. So that all gets complex, and it moves very fast.”

George Roumanis, US Director, continues, “You’re going to pay a very different rate for a copywriter in Columbia than you’re going to pay in London than you’re going to pay in New York City because of salaries, because of benefits, bonuses, all those things that go into an employee’s compensation. Those could be very, very different outcomes for you depending on where they are.”

“By using our system, you get that transparency and clarity across that supply chain.” Iain explains, “So, you know, how much should I pay for a TV commercial? Should that creative director in Buenos Aires cost this much? All of that is very hard to do, and that’s where our system comes in.”

That system uses established benchmark data from 75 global markets and $10 billion assessed every year, while taking into account an agency’s size, remit and location to make sure its clients are getting a fair price.

“And that’s really a differentiator for us because all of our data comes from our clients”, says George. “It’s actual negotiated and contracted rates.”

Marketing Supply Chain: it’s different to other procurement categories

“We go in for a meeting and they said, ‘Oh, this is great. We don’t really understand marketing. I was buying something else last week’.”

Daniella Greenwood, Client Success Manager, gives us an insight to the client side, “There’s lots of different challenges that our clients face; some of them are taking on new agencies, they’re getting new rates that they want to assess, and then some of them are assessing rates that they’ve had for over five years, and they’ve never reviewed them. So just really making sure that they understand their rates better.”

“It’s not something that’s a rack rate or a survey of rates. It’s after all the negotiations have happened and clients and agencies have agreed to do business at these numbers. That then becomes very real for us. And that’s, I think, what separates ours, our marketing procurement system for others out there.”

The RightSpend philosophy is if you wouldn’t overpay for goods, why would you overpay for marketing?

Bringing Transparency & Clarity to the Marketing Supply Chain

Its technology brings transparency and simplicity to the marketing supply chain. In a client’s hands its data is an invaluable tool in driving negotiations and ultimately saving money for brands globally.

And of course, the proof isn’t just in money saved, but client satisfaction and confidence. As Daniella reveals, “Over time, we start seeing them coming back to us. You can see their confidence growing, just in how they approach the entire process.”

A process made simpler by a user-friendly client dashboard.

“When clients first log in to our marketing procurement system, they get an overall dashboard, which gives them the picture of their complete marketing spend – by discipline, by agency, by geography.”

Negotiating the Marketing Supply Chain

“What we encourage from a negotiation’s perspective is let the data do its talking. We don’t think you have to necessarily pay benchmark. We want you to look at that and say, you know what, If there’s an agency that’s doing fantastic work for us and we want to pay them a premium, let’s pay them a premium. But, what RightSpend does, it gives you insights into what type of premium that is,” explains George.

And as the technological landscape changes, so does RightSpend. As Iain, shares more, “We have a lot of development work ongoing. We have a huge amount of data in our data lake, which is updated on a regular basis, but AI can pull out more insights from our data almost on a minute-by-minute basis, telling us what we’ve got new benchmarks, new insights that we can actually supply to our clients.”

Because as they say, at RightSpend…

‘without data, you’re just another person with an opinion’.