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At a time when Marketing Procurement is still striving for transparency, it remains an essential principle at the heart of agency investment.
In a future defined by data, marketing procurement transparency must be used to translate complexity into results and value. With the right partners, embedding open and honest communication into every engagement and marketing activity should be a contractual foundation, that is implemented without hesitation.
Here are our Marketing Procurement Transparency 4 B’s to help brands and agencies achieve marketing procurement transparency and clarity, and realise the benefits that come with them:
Marketing Procurement Transparency #1. Benchmarking
Having clarity into agency and brand processes and procedures ensures every part of spend and procurement is aligned. Benchmarking provides certainty in marketing procurement costs, market expectations, value, and results.
Marketing Procurement Transparency #2. Brand Bridges
The brand must have clarity in its internal processes and expectations across multiple silos and stakeholders. Building stronger bridges by willingly sharing and explaining every detail minimises the internal and external friction between departments. It also ensures strategic investment is managed realistically and within agreed KPIs.
Marketing Procurement Transparency #3. Building Connections
By transforming collaboration between agency and brand through honest communication and a breakdown of cost and information, companies can revolutionise their procurement spend and results. The key is to cut away the pain points with transparent communication and information. Optimising processes to work together to achieve the right results for the spend.
Marketing Procurement Transparency #4. Better Data
Data-driven procurement is inherently transparent and delivers immeasurable clarity. It’s the ability to assess marketing spend to discover the best strategies, achieve the right results, and see the measurable value. In-depth insights enable brands to negotiate with agencies from the point of empowerment.
Discover more marketing procurement transparent by looking at the details of where your spend sits, what value hides within a project, and how to embed integrity with a partner that understands the industry.