LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global brand management services market is expected to grow at a CAGR of over 6% over the next five years due to the growth in popularity of digital advertising.
The research report titled ‘Global Brand Management Services 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.
“Brands are increasingly relying on agencies to enhance customer experiences by using themes such as detailed explanations about products and simplicity of design. There is a need for effective branding services, as brands need to stay relevant in the market by differentiating themselves effectively from competitors,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Marketers are adopting regional branding strategies to create effective and targeted campaigns that consider cultural differences and consumer behavior trends,” added Angad.
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Cost Saving Opportunities in Brand Management Services
The adoption of cost optimization levers can help buyers of brand management services realize cost savings and achieve category management and value benefits, including a reduction in procurement complexities.
Technavio procurement experts have segmented the cost saving opportunities in the brand management services 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
Buyers are using visual recognition technology to analyze visuals of content, objects, and faces to derive more insights. For instance, Shazam partnered with McDonald's to launch the #SipShareWin campaign that allowed users to click pictures, unlock song lyrics, and upload content to win passes.
VR helps brands use technology creatively and differentiate from similar brands. Using VR can deliver superior customer experiences. For instance, Samsung is using VR to create immersive shopping experiences for its customers.
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Optimization of procurement practices saving aspects
Measuring the effectiveness of the marketing campaigns are necessary to gauge the performance of the supplier and the need for the related efforts. Hence, it is efficient for buyers to utilize ROI measurement methodologies for marketing programs.
Buyers should opt for suppliers that can create country-specific brand campaigns by converting global branding strategies into local campaigns that are consistent with cultural values of the region in consideration.
Bundling of services saving aspects
Omni-channel marketing refers to the use of different channels such as websites, e-mail, social media, and print media to reach the target audience. It helps buyers obtain better customer insights, increases their brand exposure, and subsequently increases their revenue. For instance, omni-channel marketing can increase customer retention by about 100%–130%, as per the research conducted by a leading mobile marketing automation provider in 2016.
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