Elevate Your Partnerships: New Year Resolutions for Marketing Procurement
How Marketing Procurement Can Forge Stronger Partnerships with Marketing, Finance, and Operations in 2024
As the year transitions to 2024, marketing procurement professionals have a unique opportunity to set resolutions that will not only improve their performance but also bolster their role as strategic partners to marketing, finance, and operations. In the ever-evolving landscape of marketing procurement, staying ahead and continuously adding value is imperative.
Let’s delve deeper into our suggested list of resolutions to provide a comprehensive guide for a successful year ahead.
1. Stay Informed with Marketing Industry Press
The world of marketing is dynamic, with trends and innovations constantly emerging. To truly understand your category, it’s crucial to immerse yourself in the latest industry developments. Regularly reading marketing industry press can provide you with valuable insights into market dynamics, consumer behavior shifts, technological advancements, and regulatory changes. This knowledge will not only foster trust but also lead to more productive collaborations with stakeholders. As you become well-versed in industry news, your confidence in discussions will soar.
Consider subscribing to reputable marketing publications (such as AdAge, AdWeek and Digiday), attending webinars, and participating in industry forums to engage with experts and gain a deeper understanding of the challenges and opportunities facing marketing today.
2. Learn from Case Studies
Case studies offer a window into real-world scenarios, providing invaluable lessons in marketing transformation, martech stack development, agency transitions, and the pursuit of efficiency and effectiveness. Dive into case studies from a variety of companies, both within your industry and beyond. Look for success stories and instances where challenges were overcome creatively. There is also room for learnings in case studies that may not have been totally successful.
Conferences like ANA Media Management, ANA Advertising Financial Management, ProcureCon Marketing, and MPIQ events often feature client-vendor presentations, making them prime opportunities to learn from firsthand experiences. Seek parallels to your own category and adapt these ideas to drive internal development.
Don’t limit your search to your company’s industry or products alone. Marketing is a versatile tool applicable to a wide range of products and services. Explore news and insights from platforms like ANA.net, which houses numerous case studies that can inspire fresh approaches.
3. Draw Insights from Other Procurement Categories
While marketing procurement is often considered unique, it shares common traits of other procurement categories such as professional services, travel, and other indirect segments. In some organizations, different aspects of marketing, such as media, creative, production, agency management, and event management, are managed by separate teams. Encourage cross-category knowledge sharing and brainstorming sessions, as many best practices and challenges align across these sub-categories.
Marketing procurement professionals should do everything in their power to avoid the “not invented here” syndrome. By collaborating with professionals from similar categories, you can uncover fresh perspectives and innovative solutions. Building bridges between different procurement domains can lead to more efficient processes and cost savings.
4. Keep Up with Marketing Procurement News
Staying informed in the fast-paced world of marketing procurement can be a daunting task. To manage the influx of information, consider several strategies. Several partners to marketing procurement (including yours truly) publish monthly or quarterly newsletters containing curated content. These newsletters offer a streamlined way to stay updated amid the deluge of information and can help you identify trending topics and new areas worth exploring.
Additionally, there are websites dedicated to marketing procurement news, insights, and case studies, such as mxpiq.com. This resource covers various aspects of marketing procurement, including creative production, media management (in-house and external), ethics, and ecology (DEI, ESG). Regularly visiting such platforms can be instrumental in staying “in-the-know” and making informed decisions in your role.
By incorporating these resolutions into your approach, you can embark on a journey to strengthen your role as a marketing procurement professional and enhance your partnerships with marketing, finance, and operations in 2024. In an environment where change is constant, staying informed, learning from others, and embracing collaboration are the keys to driving positive change and propelling your category forward in the coming year.
Elevate your partnerships and become an even more invaluable asset to your organization.
