Welcome to the September edition of TrinityP3’s e-news
The considerations and challenges for marketing are becoming more complex. Issues including ad fraud, ethical business, net zero greenhouse gas emissions (see below), modern slavery (also below), diversity, equity and inclusion and more are now as much part of the marketing consideration as they are on the corporate and board agenda.
This has created a space for procurement to assist and add value beyond simple contract reviews, tender management and cost reduction. It is an opportunity for marketing teams to engage procurement within their organisations to develop and implement strategies to address and manage these issues.
But for procurement, it means going beyond cost and focusing on optimising value and managing risk. This is the promise outlined in the WFA Project Spring White paper, which we discuss below. This is a step-change in the evolution of marketing and procurement from the original Magic and Logic that was first released more than fifteen years ago.
Net Zero Targets
First the good news. With the term ‘Net Zero’, carbon emission targets have finally become a globally accepted rallying cry that is helping corporations set out a sustainable business pathway. The bad news is that there is still plenty of self-interested politicisation of climate change action by governments, especially here in Australia.
Unfortunately, meeting Net Zero targets is complex and time-consuming, and is also a major business challenge, the importance of which will only increase as things continue to heat up.
To help people who are not currently directly working in the sustainability division of a company we have structured a three-part guide that will assist the marketing community and their procurement partners better to rewrite their strategies to support Net Zero targets. Read the guide here
Free Marketing Procurement Health Check
A must read for procurement and marketing. A health check prepared by procurement for marketing procurement. It is free and
According to the law firm, Norton Rose Fulbright, “At its broadest, the term ‘modern slavery’ refers to any situations of exploitation where a person cannot refuse or leave work because of threats, violence, coercion, abuse of power or deception”
So, what does this mean for the advertising industry? Well, if you read the industry trade media and listen to the agency leaders at any of the virtual or real industry conferences, nothing. It would appear the industry has all of the United Nations 17 Sustainable Development Goals in hand and underway.
And while we are not suggesting the advertising industry is practicing ‘slavery, servitude, the worst forms of child labour, forced labour, human trafficking, debt bondage, slavery-like practices, forced marriage and deceptive recruiting for labour or services’
this topic is becoming an area of increasing importance for procurement teams globally. Therefore, it is worth looking at examples where advertising agencies may need to rethink their processes, culture and behaviours. Here are three that may be of interest here
Free Agency Fee Decision Tree
A must-read for procurement, marketers, and agencies. What fee models are available and which ones are right for you? It is free and
“It’s time for a revolution in marketing procurement. A transformation from savings to value, which can rid the profession of bad practice and reduce the number of opportunities for negative articles about the discipline”
read the the WFA Spring Report press release and accompanying webpage.
It went on: “Evolving perceptions, however, also requires changes in the way procurement works with its stakeholders inside and outside each company: evolution to procurement processes, improving people’s understanding of procurement, building new performance KPIs beyond just savings and involving external partners to ensure a true perspective”
In the 40-page WFA Project Spring report, there is one page outlining seven core values. How well is your marketing procurement aligned to these values? Find out more here
Most in Demand for this Month
The TrinityP3 team helped our clients on the following projects last month:
Aligning the marketing structure and function of an online retail brand to the evolved strategy of the business
Assessing the operational and cultural alignment of marketing teams, dealers and agencies for a major automotive brand
Identifying current and emerging media and data management requirements for the next five years for a major public utility
Assessing the last twelve months of production activity for an emerging service marketer, and designing a new approach to governance
Managing tender processes for multiple marketers across the drinks, insurance, telco, aged care, online retail and finance sectors.