Top 10 tips for procuring advertising services – Infographic

Procurement has many useful tools and processes to optimize governance and efficiency in the marketing function of any business. Working with procurement in a disciplined and organized manner ensures compliance to business policies and suitable ‘fit for purpose’ contractual agreements. To help ensure that marketing is assessed in the appropriate manner, here are some useful pointers.

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From the infographic:

1. Avoid open tenders when procuring advertising services. These typically attract the lower end players desperate to win business, rather than the professional players who avoid the roulette of open tenders.

2. Determine and agree clear requirements and criteria with the marketing team. The process will stall and consume more time and resources if they are not set and agreed up front.

3. Extensively review the market offering before establishing a participant list. There is great diversity but low differentiation, so research is vital in selecting the right candidates up front.

4. Ensure all documentation reflects the language and process of the category. Modify standard services documentation or purpose draft material to reflect the industry or risk low compliance.

5. Avoid having too many agencies participate in the selection process. Six or more adds to the cost and time requirements. Instead, use a gate approach to reduce a wide selection rapidly to the three key candidates.

6. Create managed opportunities for parties to test and establish chemistry. You are procuring a process that is “people” driven and relies on chemistry and shared values to work effectively.

7. Establish scope of work requirements at both a project and relationship level. As this forms the basis of your remuneration negotiation.

8. Negotiate with more than one agency during the process. Rather than selecting the one preferred agency, commence the negotiation process in parallel with the selection process to determine relative value.

9. Have in principle agreement on contract including scope of work and performance metrics. Including an agreed method and schedule for monitoring and managing the same.

10. Contact TrinityP3 for help with your marketing procurement.