What is Marketing Procurement and how it has been impacted by COVID-19?
Procurement is a necessary contributor to the marketing strategies and campaigns of any company, as it involves the purchase supporting products and services. Marketing procurement is essential to the success of any company and addresses the needs of the four P’s of marketing – product, price, place, and promotion. This process covers a wide variety of purchases, and supports categories including sponsorship and partnership contracts, advertisement, print marketing, and more. During the COVID-19 pandemic, marketing across industries changed significantly.
As digital media and platforms become the forefront and most reliable platforms for marketing, companies had to make significant changes, develop new strategies, adopt different technologies and approaches, leverage novel skill sets. This drastic change in marketing led to a substantial shift in marketing procurement, and companies need to make major adaptations as the post-COVID era becomes increasingly closer. To bring their marketing procurement strategies and efforts into the new era, companies must ensure they utilize best practices, keep pace with the market, and prepare their business for a new era.
Marketing procurement is a crucial tenet of any business, and lack of efficient planning can lead to significant challenges and losses. Our webinar “How COVID-19 Changed Marketing Procurement” aims to help you learn the role and value of marketing procurement.
How can the Marketing Procurement Process be Improved?
Build Relationships: Partnerships and agencies are imperative to success in marketing procurement, and cultivating strong, beneficial, and sustainable partnerships is imperative to the company. Maintaining open and transparent conversations can promote trust among employees, partners, and stakeholders.
Know your Needs: To maximize return on investment in the marketing procurement department, companies must understand their needs, set clear objectives, and invest accordingly. With clarity regarding needs and expectations, companies can cultivate trust, maintain healthy relationships, and ensure efficiency and success.
A strong marketing procurement strategy can propel companies in the right direction as industries recover from the global pandemic. View our webinar and gain insights into improving your marketing procurement strategies.
Take Risks: Marketing is a competitive and challenging field, where the constant need for innovation and differentiation drives ideation, risk-taking, and efficiency. To successfully capitalize on the innovation-driven and creative space, create strong partnerships with agencies, and motivate game-changing work with incentive and support.
Centralize Marketing Efforts: For widespread companies, maintaining rigid one-size-fits-all marketing campaigns will lead to disinterest and attrition. The best approach is to centralize brand image, major marketing procurement decisions, and allow distributors, dealers, and sales representatives to execute local marketing campaigns, and acquire loyal customers.
Digitization has transformed industries during the COVID-19 pandemic, and marketing procurement has witnessed significant change. Learn more about “How COVID-19 changed Marketing Procurement” by viewing our FREE webinar.