LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on how smart procurement can help companies unlock ROI from marketing and improve spend management.
With proliferating marketing channels and increasing competition, it becomes difficult for CMOs to improve their marketing spend management. They require strategies that can help them maximize value from every dollar. Procurement can help companies deal with numerous suppliers and agencies, document performance standards, and conduct regular audits of media. It can make CMOs responsive to changing customer and market demands in a cost-effective manner.
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At SpendEdge, we understand that it becomes difficult for CMOs to maintain transparency in spend management. Therefore, we have highlighted the key strategies to improve marketing spend management.
Strategies to Improve Marketing Spend Management
Put marketing and procurement on the same scale
Most CMOs believe that procurement techniques can hamper their relationship with ad agencies and impact performance. However, techniques such as supplier relationship management and strategic sourcing can empower marketing by managing spend and measuring the value. Procurement can analyze the potential of new service providers and channels and efficiently address the requirements of the marketing team.
Want to know how bridging the gap between procurement and marketing can help you cash in on new sources of values. Reach out to our experts for industry-specific insights.
Evaluate external marketing resources
The procurement team can help companies evaluate the performance of partner agencies and develop links of collaboration to improve spend management. It can build closer working relationships, identify potential suppliers, and help businesses drive innovation by curtailing media spend. Establishing strategic relationships with agencies help firms ensure the best prices and capabilities for the marketing budget.
Evaluation of external marketing resources and suppliers is crucial for companies to ensure the best prices and capabilities. Request a free demo to access our web-based procurement platform and obtain specific supplier insights.
Optimize media spend
Optimizing media spend is a complex task. A robust procurement strategy can help companies to manage marketing buying while consolidating the buying process. It can help companies to develop effective negotiation strategies and create an incentive-based compensation structure for ad agencies.
To know in detail about the strategies to improve the marketing spend management, request for more information from our experts now!
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SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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