LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global media training market is expected to grow at a CAGR of almost 5% over the next five years due to the increasing relevance of new age communication.
The research report titled ‘Global Media Training Market: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The global media training market comprises media training institutes and PR agencies. They organize customized educational and training workshops for businesses,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “They also educate businesses on how to utilize opportunities provided to them through media interactions such as interviews, press conferences, video and sound bites, and through mentions in newspapers and digital media sources,” added Angad.
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Cost Saving Opportunities in Media Training
The adoption of various cost optimization levers allows buyers to not only realize direct cost savings but also enhance category management and value benefits (such as reduction in procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the media training market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Media training firms are working back-end to develop tools that help businesses identify customer sentiments and trends from social media channels to help them track and meet their customer needs.
Authenticity gap is a methodology that helps organizations to evaluate and proactively manage the gap between audience expectations and actual experiences with a company/brand. These insights allow businesses to create long-lasting relationships with their audiences by helping them bridge the gap between the expectations of their consumers and the real scenario.
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Optimization of procurement practices saving aspects
Organizations must partner with service providers that provide maximum value from their training sessions. While training modules provide knowledge on the theory, practical interviews are considered the best form of learning.
Media training firms must have the requisite knowledge and understanding of the client's business before beginning the workshop and customize the training program based on their objectives and requirements.
Bundling of services saving aspects
The use of technology in media is always seen as a cost-saving opportunity as well as a best practice in terms of ease of use. For example, the use of social media monitoring metrics by using tools such as Hootsuite helps business track, monitor, and analyze the impact of a media monitoring training program or workshop.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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