In an excellent article in M&M Global, Steve Lightfoot (senior manager, global marketing procurement, WFA) debunks some of the negative myths around marketing procurement - specifically research into 5 key areas that drive value.
With the high velocity of growth in this area, and the fact that leading advertisers are investing in quality staff and training, it is little surprise that over the last 5 years we have seen such fundamental change in how marketing procurement thinks and acts.
Our experience in working alongside these marketing procurement professionals, is that is now a much better understanding of exactly what is needed to enhance the relationship between marketers and their agencies. Of course that does not mean that they will always be popular with both agencies and marketers, but in many cases they have to make hard decisions around value, balancing both cost and revenue outcomes.
Below are the 5 myths that Steve discusses and we strongly recommend accessing the article in full to review the research findings.
- The first myth is that procurement knows little about marketing
- The second myth is that procurement is separate from marketing
- The third myth is that procurement is simply dictating what happens in marketing
- The fourth myth is that agencies and procurement mix as well as oil and water
- The final myth is that procurement only focuses on costs
Author: Richard Benyon (Decideware)