Increasing Agency Value through Budget Optimization and Relationship Management
Marketing departments must develop a clear message for their company’s core products and services while staying ahead of the changes in the industry.
Achieving product differentiation, creating a lasting impression, and maintaining customer loyalty are often complicated by timelines, budgetary constraints, rapid technological advances, and strict adherence to government and industry regulations. Overcoming these time-consuming hurdles places an undue burden on existing marketing teams. Couple that stress with the evaluation and selection of creative agency suppliers and your marketing team can easily become overwhelmed.
Source One’s benchmarking services and decision support process can deliver results for your company’s marketing department. Our strategic sourcing team can identify the right creative agencies for your company – increasing value, reducing risk, and facilitating competitive best-in-class agreements.
Source One’s strategic sourcing team can help bridge the gap that often exists between procurement and marketing departments. We have the procurement expertise as well as the understanding of the marketing category to deliver results that will meet the needs of both parties.
Communication and collaboration are critical factors for thriving in the fast-paced and nuanced environment of marketing. Source One supports marketing leaders and their procurement counterparts as they seek to establish long-term partnerships, a positive ROI, and competitive pricing. Through benchmarking and supplier & category management, we can identify and evaluate the right advertising and creative agencies that can provide value to your brands and organization.
OUR MARKETING PROCUREMENT AND STRATEGIC SOURCING APPROACH
Our work is built on the following approaches:
- Using in-house knowledge to identify, qualify, and obtain marketing support requirements
Source One’s procurement and strategic sourcing team carries out agency searches that emphasize your current needs, ranging from the evaluation of full-service agency of records to a more niche service provider such as a brand story consultant. Through our day-to-day communication with agencies, we build relationships that generate insights into the marketplace.
- Establishing full transparency
We understand the nature and structure of marketing agency networks. This knowledge translates into better contract management and establishing agreements that deliver full transparency. In addition, we know what details to request in standard contract language pertaining to agency fees and staffing plans.
- Simplifying the selection process
We dive into the details for our clients by carrying out full strategic sourcing initiatives that encompass the following:
- A thorough conflict of interest screening with potential agencies under consideration.
- Development of sourcing documentation (e.g., RFI/RFP) outlining proposal expectations and scope of work details.
- Coordination and scheduling of meetings, such as briefing calls, onsite capabilities presentations, and live pitches.
- Assembling the right team members to provide insight and direction.
- Rate card and contract negotiations.
- Developing statements of work for awarded assignments.
- Facilitating productive kick off meetings to seamlessly onboard a newly selected agency.
Source One’s agency sourcing experts can help in the following Marketing and Advertising spend categories:
Our strategic sourcing and procurement team will collaborate with your marketing department to provide insightful consultation and management of creative and advertising agencies. We can even help with Advertising Agency Audits and in Benchmarking your Marketing Spend. Contact our Marketing Category Management Experts today.