The use of wireless media and the internet to help businesses promote their products and services is referred to as digital marketing. It includes advertising on digital platforms including electronic, online, and digital platforms. Its flexibility and cost-effectiveness make digital marketing a competitive advertising channel compared to traditional costs.
The Procurement Pain Point
A leading chemical manufacturer in the US was facing challenges coping up with the rapid changes in the supply market landscape. To shortlist the right suppliers, the client wanted an in-depth understanding of the supplier performance evaluation criteria, supplier engagement models, supplier relationship management, and price negotiation strategies. Furthermore, the client was also finding difficulty in identifying cost-saving opportunities and major cost components in digital marketing and advertising.
Procurement Insights Offered and the Outcome
To provide effective strategies for supplier selection to the client, SpendEdge deployed a team of highly experienced analysts with an extensive knowledge of the local as well as the global supply market landscape and the standard cost structure. The research experts referred to a vast database of secondary resources including industry blogs, reports and journals, category webinars, and news articles and periodicals to carry out a deep-dive assessment of the supply market for the digital marketing domain. The category experts also engaged in interviews with industry experts, procurement managers, industry consultants, and account heads. This digital marketing study helped our analysts understand the supplier relationship management, pricing models, supplier relationship management, and service level agreements to help the client shortlist suppliers.
This supplier assessment study helped the client shortlist the best suppliers in the target region. This supply market intelligence study also helped the client with efficient supplier relationship management and improved contractual terms. Furthermore, the chemical company got a better understanding of the pricing models, price negotiation strategies, and cost components which eased the overall process of selecting and evaluating suppliers.
This digital marketing study offered the client insights into the supplier cost breakup and suppliers’ performance evaluation criteria.