Smarter, faster, more innovative marketing spend
Find out how Procurement can be Marketing’s best friend in our new report Smart Spending at Speed
Generate significant value
Given today’s marketing pressures, such as tighter budgets, leaner staff, higher stakes with marketing technology, and expectations of increased and tangible return on marketing investments, smart and fast marketing sourcing has become a team sport.
This has led to a grassroots refresh of Marketing’s relationship with Procurement. Why? CMOs who more actively involve Procurement in marketing sourcing enjoy a more positive impact on the overall maturity and quality of marketing sourcing decisions.
Dive into our thinking:
Smart Spending at Speed.
How to Turn Procurement Into Your (Not So) Secret Growth Engine
Download PDFMethodology
We surveyed and interviewed more than 200 marketing leaders in both B2B and B2C industries as well as executives at brands like E&J Gallo Winery, Commvault, Audacy, and more. Our study, developed in partnership with CMO Council, examines:
- The different ways Marketing and Procurement collaborate
- The impact of Marketing and Procurement collaboration on marketing sourcing capabilities, governance, and outcomes
- How to improve the sourcing process and unlock value in marketing spend
With procurement helping us, we ended up saving 25% to 30% in hard dollars. A lot of these cost savings were rolled back into the media budget.
- Anonymous Marketer
Key findings
26%
Only 26% of marketing leaders actively partner with Procurement in the identification, selection, and negotiation of marketing vendors. This represents a sizable opportunity for Marketers to leverage procurement services.
71%
71% of marketing leaders who limit or avoid procurement involvement say Procurement doesn’t understand Marketing, particularly with creative agencies and services. This identifies a need for procurement professionals to learn how to better evaluate marketing vendors.
78%
78% of marketing leaders in “very effective” working relationships with Procurement tend to also involve digital/e-commerce functional groups in marketing sourcing decisions. This points to a greater maturity in digital.
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