{"id":5427,"date":"2023-08-09T20:46:14","date_gmt":"2023-08-09T20:46:14","guid":{"rendered":"https:\/\/theapsgroup-com-prod.apsmos.com\/innovation-hub\/unmasking-deceptive-greenwashing-2\/"},"modified":"2024-06-18T14:05:40","modified_gmt":"2024-06-18T14:05:40","slug":"i-the-emerging-marketing-procurement-trends-shaping-the-future","status":"publish","type":"innovation_hub","link":"https:\/\/theapsgroup-com-prod.apsmos.com\/en-us\/innovation-hub\/i-the-emerging-marketing-procurement-trends-shaping-the-future\/","title":{"rendered":"The Emerging Marketing Procurement Trends Shaping the Future\u00a0"},"content":{"rendered":"\n\n\n
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In a fast-paced business landscape, marketing procurement is a critical part of developing and aiding businesses to achieve marketing goals efficiently and cost-effectively.<\/span>\u00a0<\/span><\/p>\n

As technology advances and customer and consumer behaviours change, the marketing procurement process must develop continuously. This article highlights some of the key trends that are currently redesigning marketing procurement strategies for successful businesses.<\/span>\u00a0<\/span><\/p>\n

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Data-driven decisions\u00a0<\/strong><\/p>\n

Data analysis has become the foundation of modern marketing procurement. Businesses are leveraging data analytics and market intelligence tools to make informed decisions about their marketing budgets and spending. If<\/span>
\nwe analyse customer insights, market trends and performance metrics, marketing procurement teams can identify areas for improvement, optimise their marketing campaign investments and increase return on investment.<\/span>\u00a0<\/span><\/p>\n

By leveraging data analytics and using this to make data-driven decisions, businesses marketing campaigns fit their target markets better and create more personalised campaigns.<\/span>\u00a0<\/span><\/p>\n

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Building strategic supplier relationships\u00a0<\/strong><\/p>\n

Building strong, considered relationships with suppliers is paramount. Marketing procurement professionals are actively seeking suppliers who can bring innovation, agility and market expertise to the table. Developing long-term partnerships with suppliers encourages sharing supplier knowledge and capabilities to stay ahead of the competition, drive innovation and provide a more unique, personalised customer experience.<\/span>\u00a0<\/span><\/p>\n

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\u201cWhen you consider your suppliers, not just your vendors but your partners, it leads to developing a healthy relationship with them. You are helping each other benefit. It is impossible to overstate the importance of excellent relationships and open communication with your suppliers, and it is this communication that will provide a significant edge to ensure you achieve your goals. Suppliers often have their finger on the pulse for the latest technology advancements, process improvements, market innovations and sustainability technology.<\/span><\/i>\u00a0<\/span><\/p>\n

A good supplier also knows the importance of winning hearts and minds with your stakeholders and can be the link pin between you and your stakeholders to ensure a seamless programme of all parties working and achieving together. \u201c<\/span><\/i>
\n<\/span>George Smart, MBA. Global Director of Customer Solutions & Strategic Growth<\/span>\u00a0<\/span><\/p><\/blockquote>\n

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Flexible marketing procurement\u00a0<\/strong><\/p>\n

While everything is moving rapidly businesses need to be adaptable and reactive. This coincides with flexible marketing procurement that allows businesses to quickly respond to market changes, consumer trends and emerging opportunities. Prioritise shorter procurement cycles, adaptable and flexible contracts, and cross-functional collaboration where possible in order to respond to the market.<\/span>\u00a0<\/span><\/p>\n

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Sustainable, ethical sourcing\u00a0<\/strong><\/p>\n

Consumers are increasingly aware of the environmental and social impact of the products and services they use and demand that sustainable and ethical practices are required. Some practices are regulated and required by law, and some practices are simply needed to ensure success within the industry due to consumer awareness and demand. A recent report shows that \u201882% of shoppers want brands to embrace sustainable, people-first practices and Gen-Z is leading the charge.\u2019 (Forbes, 2022) Consequently, businesses are embracing sustainable and ethical procurement practices within their marketing supply chains, meaning marketing procurement teams are requesting and searching for suppliers that align with their company and customer values, and which demonstrate responsible practices transparently. This includes sourcing eco-friendly materials, ethically produced products and suppliers that support equality, diversity and inclusion. Subsequently, by sourcing sustainable, ethical practices, businesses can enrich their brand reputation.<\/span>\u00a0<\/span><\/p>\n

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Emerging technology\u00a0<\/strong><\/p>\n

Enhanced technology, artificial intelligence (AI), machine learning, automation and digital platforms are developing marketing procurement processes. AI software can analyse large datasets quickly, programme and implement routine assignments, improve forecasting, and instantaneously monitor performance. Digital platforms provide visibility into the procurement landscape, simplifying supplier management and contract negotiations. Using technology-driven processes, marketing procurement teams can efficiently lower costs, reduce timings and make more strategically supported decisions.<\/span>\u00a0<\/span><\/p>\n

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Marketing procurement is evolving rapidly, driven by businesses incorporating these marketing procurement trends: data-driven decisions, developing premeditated supplier relationships, implementing flexible procedures, using sustainable and ethical practices and staying up to date with AI technology. Providing driven solutions, businesses can drive innovation and marketing success.<\/span>\u00a0<\/span><\/p>\n

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At APS we work closely with our clients, building meaningful relationships, it is paramount our clients feel secure, and in safe hands as well as with a company who is continuously striving for growth.<\/span>\u00a0<\/span><\/p>\n

Our teams are always researching the business landscape, producing thought provoking articles, horizon scan documents and white papers as well as creating working group meet-ups and roundtables. We deliver insights, share up-to-date analytics, our achievements and aim to remain transparent throughout. Our Innovation team is continuously evolving and developing to ensure we\u2019re aware of any new and emerging technologies or advancements that we can share with our clients to help us remain at the forefront of our field.<\/span>\u00a0<\/span><\/p>\n

\u00a0You can download our visual PDF below.<\/strong><\/p>\n <\/div>\n

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