When it comes to putting together an effective marketing strategy that can reach a large audience and lead to conversions, procurement is never often thought about.
Instead, as marketing experts, we focus our attention on our SEO efforts, as well as, the paid advertising that we conduct. But when it comes to running a truly effective campaign for maximum results, we need to change the way that we think,
Through the addition of procurement, we can ensure that our targets are hit every time and that the business is making a profit.
We aim to explore within this blog the relationship between marketing and procurement and the benefits of combining these two factors.
What is procurement?
As marketing experts, you can be excused from asking the question, what is procurement?
For those unfamiliar with this term, procurement is often linked with supply management and this can involve the buying of goods and services. These purchased goods and services are incorporated into the running of the business, with procurement essential in helping to run a profitable business.
How are marketing and procurement linked?
Whether you are a large global organization or a small startup business, chances are that you are going to hire the services of an external consultant. Whether a digital marketing consultancy to run your paid ads or a print company to develop your latest leaflets, procurement can help to smoothen and choose the best company for your needs. Through the use of procurement transformation experts, they can review any current and future contracts and ensure that your company is getting the most out of their money. Something that is important more so than ever before.
The benefits of incorporating procurement within your marketing
When it comes to marketing and procurement, there are a number of benefits.
From the ability to review and assist in the renewing and commencing of new contracts to the stepping in when a contractor starts unfulfilling their requirements.
Another benefit of procurement and one that is appealing to companies worldwide and that is the ability to review and find new sources of value. By taking the time to look at your expenditure and see the cracks that require fixing, you can review and reshape your marketing strategy for the better.
How to add procurement into your marketing strategy?
When it comes to combining procurement and marketing, it can seem like an unsure and a daunting challenge. But it needn’t be.
There are a number of simple steps that you can take to see a more efficient and reliable campaign for your intended results.
1- Review contacts
By bringing in an external company, either when you are just about to renew or when approaching the end of a contract, they can review and make their recommendations on the terms and conditions. It might be discovered that you are missing out on crucial services, or that the procurement team is able to negotiate and haggle for that lower price, a task that you have been putting off. By managing the suppliers, whether this is agencies that you use, you can get a competitive price for the best service possible. Something that is commonplace within procurement.
2- Monitor efficiency
Likewise with taking the time to review the contracts that you have, taking the time to monitor efficiency is also important. You need to understand the level of service that you are receiving from your chosen agency and whether this meets the cost that they are charging. If the efficiency and standard of their work are not up to the level that you require, you may decide in the future that this could be a task that you choose to bring in house, for your team to complete.
When hiring a procurement team, they will be aware of how to correctly track the performance and review the work of the agencies, helping you and your team to achieve the highest results.
3- Communicate with agencies
When something goes wrong or the results achieved from the latest ads campaign are non-existence, speaking honestly and bravely to external agencies can be a challenge. This is where a procurement team can help. Able to speak honestly to the team, they can raise any concerns and help to highlight the errors and the targets that have not been reached. Playing bad cop in turbulent times, this action allows the marketing department to maintain their close relationship with the external team in question.
4- Highlight the right capabilities
When working within marketing, there are a number of goals and a selection of different tasks occurring all at one time. Through the added vision and insight offered by the procurement team, they can highlight which of the expected goals are unachievable and where marketers should focus their attention.
5- Move more quickly
As we are all aware when working within digital marketing, trends and algorithms are continually updating and with nothing staying still for too long. Through the combination of marketing and procurement, this addition of an extra team allows the marketing department to focus on occurring trends, allowing them to stay up to date and relevant for the benefit of their task at hand.
This they can achieve through the procurement team completing, communicating and reviewing the work of external employed companies.
There you have it, the many benefits of incorporating procurement within your marketing strategy and team. Able to review contracts and targets, along with the standard of all work completed, procurement could be the lifeline needed, making sure that all your marketing efforts are profitable and to a high standard.
Not just for large organizations, the addition of a procurement team, whether internal or external should be considered for all sized businesses. Helping to ensure that no funds are wasted, all profits made from the reviewing of these crucial elements can be pumped back into the marketing strategy, helping to promote both your brand and message.
A simple yet effective addition to the way that you run your marketing campaign, we would love to hear if you have used a procurement team to review your contracts and if you have witnessed any benefits?