Marketing Procurement team using RightSpend marketing platform

The value of marketing procurement

Marketing Procurement are an important element in empowering Marketing teams to become more strategic, data-driven and agile

Marketing Procurement has become a powerful ingredient within the marketing mix, offering Marketing teams access to data-driven insights and intelligence that allows for improved strategic thinking, increased agility, and holistic value creation. From cost-obsessed to data-driven, Marketing Procurement can use tools like RightData to shine a light in every corner to find bottlenecks, inefficiencies and opportunities for improvement.

Rather than inhibit the Marketing role, this granular visibility empowers both teams to generate value while benefiting from improved productivity and cost savings. 

Value of Marketing Procurement: It’s cost-as-a-service

Marketing Procurement’s focus on savings and optimisation should be reframed. Thanks to their focus on cost management and remaining laser-focused on spend, Marketing Procurement provides Marketing decision-makers with an invaluable service. Their insights ensure Marketing teams gain a deeper understanding of the nuances of spend and how to maximise efficiencies.

This impact can be felt across four key areas:

Value of Marketing Procurement: The Why

When Marketing Procurement is focused on the Why of costs and uses data to assess where spend sits across suppliers, campaigns, agencies etc, then they can provide Marketing with strategic advice that’s designed to improve efficiencies and enhance budgets. Using real-time data to benchmark, Marketing Procurement can ensure that costs and expectations align – and give Marketing a lot more value, which is always appreciated.

For example, RightData helps Marketing Procurement achieve significant savings thanks to benchmarking data. A client was able to reinvest 17% of their budget into additional marketing – read the case study here.  All this from reviewing the data and applying the findings to their decision-making and agency negotiations. 

Value of Marketing Procurement: Accountability

There is the added benefit of accountability. This has never been more important, for both teams – how can they justify spend, how can they ensure their agencies are the right fit, what benchmarking have they put in place to mitigate the risks of over-charging, poor transparency and weak performance? 

RightData allows Marketing Procurement to assess how agencies are performing against clearly defined metrics, avoid the risk of overlap between agencies, and ensure spend is aligned with strategy. The Procurement team holds accountability as a priority when determining how well an agency, or any other Marketing supplier, is performing and whether or not spend is justified based on this performance. When decision-making is driven by data and facts, Marketing Procurement can drill down into their activities so they can determine if their approaches are, in fact, delivering results to Marketing.

Marketing Procurement’s role in ensuring open communication across both internal and external stakeholders is critical. It ensures that everyone understands the processes they need to abide by, what their roles are, and adhere to the same standards. And, if Marketing Procurement holds itself as accountable as it does every other team and supplier, then this forges relationships built on mutual respect and shared goals. 

Value of Marketing Procurement: Data Obsessed

Procurement teams obsessed with the data are seeing bigger results.

Using tools like RightData to be able to track, review, evaluate and assess at all times gives Procurement the upper hand to address inefficiencies, and quickly identify areas of improvement.

Marketing Procurement can review and evaluate spend against clearly defined, shared, criteria that allow for teams to find underperforming spend and reinvest in better performing campaigns. Benchmarking data can also be used to ensure agency rates are fair and competitive.

Value of Marketing Procurement: The Digital Value Chain

Marketing Procurement teams are skilled at understanding and interpreting data, and are translating their expertise into a powerful resource for Marketing teams. Marketing Procurement are a strategic ally that understands Marketing’s goals and can help them achieve them at speed and with success.

By balancing their understanding of finance, numbers and data with marketing procurement tools like RightData, Marketing Procurement teams can fundamentally empower Marketing and the brand. 

Value of Marketing Procurement: Understanding the Value of a Digital Ally

RightData has provided global organisations with real-world data and technology designed to support Marketing Procurement, and enhance successful decision-making. Our goal is to help you optimise your approaches to data so you can optimise your investments. RightData collaborates with you to help you find those efficiencies and gain confidence when negotiating with agencies – with RightData it’s all about optimisation used in the right ways to get the best possible results. 

To RightData, cost-as-a-service isn’t a technology term, it’s a data-driven solution. We enable you to save on your costs in tangible ways against clearly defined metrics that align with your brand and your strategy.