I've recently started my role as a procurement Category Manager for Marketing & Sales. Would like to establish solid foundation in this space. Would you recommend any tool to learn about marketing procurement? (podcast, articles, books, networking space etc) Thank you for your help in advance.
A very interesting discussion. I would also recommend to look at Seth Godin's TED talks and his book "This is Marketing". It shows an interesting approach into the market and how it has changed, compared to previous decades.
Congratulations on the new role.
Both Stacy & Bennett have provided some great independent sources of information for your research into this tactile category.
From a practical perspective, the relationship between M&A / Procurement teams has typically been one of tension albeit improving as we collectively embrace digitization. However, as the old cliche goes, there are two sides to every story. Let me share some of my anecdotal experiences over the journey.
Marketing / Advertising & Procurement: From Each Others Perspective:
1. A Moments Notice
M&A do not provide Procurement with sufficient notice of a campaign / event to allow the necessary planning Procurement requires for developing its 'go to market strategy.
On many occasions campaigns / concepts / customer or market engagement do not allow for time consuming Procurement processes.
As a category manager embed yourself within the Marketing & Advertising team. Become a trusted advisor by earning their respect based upon your knowledge of the marketplace. Obtain a seat at the planning table such that you have visibility into the following years' plans that allow you to manage expectations & delivery accordingly.
2. Spend vs Save
Marketing do not provide visibility into actual budgeting (FP&A) analysis that would allow Procurement to make informed decisions regarding opportunity analysis.
Procurement are considered the 'budget police' with only one goal in mind...buy the cheapest and save the money. We cannot compromise our brand / product on this basis.
A measure goal / objective of Procurement is likely to be cost savings; however under no circumstances should you approach the Head / Director of Marketing with a broad brush statement that you are going to ratchet down their annual budget expenditure by 20%. Your opening statement should be that you are going to work with M&A to obtain 20% more for their annual investment.
3. Over Promise and Under Deliver
Marketing has the tendency to apply unrealistic deadlines & demands upon vendors associated with go to market events. This places strain on both internal & external resources to deliver the most desired outcome.
Procurement get bogged down with unnecessary process, policy, procedure and procrastination. We must act in the now in order to maintain a competitive advantage in a fluid marketplace.
Plan, plan & plan..."those who fail to plan, plan to fail". Collaboration as a CatMgr is fundamental to the success of both the M&A / procurement value propositions. Work with the senior management team in your client group to develop a panel of service providers that are absolutely representative of what is required year on year. On that basis M&A are able to react quickly and engage the panel for whatever services might be required without having to step through a time consuming Procurement process...they have the services rate cards / contracts / SoW. You merely need to ensure as the CatMgr that these deliverables were adhered to by measuring success via KPI's / billing accuracy / campaign success etc.
I hope this helps you with your exciting new challenges.
For podcasts, you should check out The Sourcing Industry Landscape by Dawn Tiura (https://sig.org/sourcing-industry-landscape). You can also find it on iTunes or podcast apps. Specifically, there is a podcast with an exec from Adobe who manages marketing/sales categories: https://sig.org/owning-complex-spend-categories. For networking opportunities, check out Sourcing Industry Group's events calendar: https://sig.org/networking-events
I'd suggest taking a look at the Strategic Sourceror (https://www.strategicsourceror.com/search/label/Marketing?max-results=7). The blog features loads of best practices and tips from Marketing Procurement professionals.