We recently hosted a webinar where we gathered some of the best industry minds to discuss the true value of the Marketing Procurement function. Our founder / CEO Simon hosted, and we were very lucky to be joined by:
- Laura Forcetti, WFA
- Tracy Allery, WFA Sourcing Committee and ex-IBM
- Philipp Schuster, Bayer and
- Chris Kredo, PepsiCo
The discussion themes explored the strategies and trends shaping the future of marketing procurement, as well as how procurement can be reframed as strategic function of the business.
Key Themes:
- The Shift From Reactive to Proactive and From Savings to Value
The panel talked about shifting marketing procurement from just reacting to things, to being proactive. It’s important to create value and help the business grow meaningfully, it’s not just about cutting costs. The key takeaway was that marketing procurement needs to adapt to new trends and tech to stay effective and relevant.
Notable quotes were “modern marketing procurement is like blood – it removes waste, and brings oxygen.” “We live in the age of bothism – both savings and growth, it is not either/or.”
- The Convergence of Disciplines
The conversation focused on the growing convergence of marketing disciplines. This shift necessitates a more holistic approach to marketing procurement, requiring functions such as media, creative, PR, and e-commerce to work more seamlessly. This integration supports more cohesive strategies and stronger alignment with overall business goals. The panel stressed the importance of marketing procurement professionals understanding and navigating these interconnected areas to maximize value and growth. “We need to work together and all row in the same direction.”
- The Integration of Talent and Technology
Another key theme was the integration of talent and technology. The panellists discussed how the combination of human expertise and advanced technological tools can significantly enhance marketing procurement processes. AI/technologies can streamline operations, provide valuable insights, and improve decision-making. However, it’s crucial to find the sweet spot between human talent and tech, as skilled professionals are needed to interpret data, build relationships, and drive strategic initiatives. The integration of talent and technology is seen as a critical factor in achieving efficiency and effectiveness in marketing procurement.
Flock’s “Bionic Ecosystem” approach describes the marriage of talent and technology. If you would like to know more about this, or see Flock’s presentation “Illuminating AI” contact Flock using the contact box below.
- The Alignment of Procurement Goals with Business Objectives
Aligning procurement goals with broader business objectives was a recurring theme. Marketing procurement should not operate in isolation but should be closely aligned with the goals of marketing, finance, and the overall business. This alignment ensures that procurement activities contribute to the company’s strategic priorities, whether it’s driving growth, enhancing brand value, or achieving cost efficiencies. A key measure discussed was ROI as a means of aligning functions. “We need to move from plan to spend, to plan to invest.” “We need to move on from being savings farmers.” “Finance needs to learn to speak marketing and marketing needs to learn to speak finance.”
- Becoming a Client of Choice
Panellists discussed becoming a “client of choice” for agencies and partners which resonated well with attendees. This involves shifting the mindset from being a buyer to becoming a seller, where marketing procurement professionals actively sell their organization as an attractive client to work with. By fostering strong relationships, demonstrating value, and creating a collaborative environment, procurement teams can ensure they attract and retain top talent and resources. This approach not only enhances the quality of work delivered but also positions the organization as a preferred partner in the industry. A great quote was “We need to stop buying and start selling.”
“Magic Wand”
Each panellist was asked to use a magic wand and select just one wish for making marketing procurement more effective in the future.
“We need to focus on having shared goals with marketers.”
“We need to improve our storytelling skills.”
“Each individual should assess the time they spend against the business priorities and key initiatives that improves marketing procurement effectiveness.”
“We need to rebrand ourselves from marketing procurement and call ourselves marketing investment.”
Thank you to our panel – to get a glimpse into their minds was a real privilege! And a big thanks to everyone that tuned in to watch. Want to find out more about our upcoming events? Or would you like to discuss any of the topics mentioned above with our SME experts? Fill in the form below and we’ll be in touch!
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