Procurement Strategies | ROI Analysis

Procurement leaders wear multiple hats, with managing organizational spend and enforcing proper procurement policies being of constant importance. The procurement landscape is inundated with a number of activities like purchase requisition management, purchase order process, contract management, supplier lifecycle management and many more.

Within your organization, marketing and sales teams likely contract with a wide variety of vendors and agencies. Being a strategic business partner means identifying the right agency or vendor, tracking their performance to contracted service expectations and ultimately promoting the value of your team. It’s also important that all of these vendors and agencies are aligned in terms of delivering critical data needed to optimize marketing investments and understand performance expectations. It’s a difficult proposition, but there is a way to make it happen.

Clients typically recover 100% of our fees within the first year of engagement and enjoy up to a 3:1 ROI in subsequent years.

Outcomes Decision Framework +-

Identify Solutions for Enhanced Business Performance

When your internal business partners are searching for new solutions, you must look for options that deliver the best price with capabilities that fit their requirements so you can forecast potential gaps and obstacles before they arise. Imagine identifying solutions your stakeholder has not even considered! Mojo can help you articulate the impact of your efforts. From rethinking the ways sales and marketing collaborate to integrating marketing performance metrics across all vendors and agencies, we know how to measure performance and ensure you’re making informed procurement decisions for your internal teams and outside partners.

Data-Informed Vendor Management Aligned with Key Outcomes

Our Outcomes Decision Framework is designed to help your marketing and sales teams integrate all their vendors and agencies into a turnkey solution that can also be used for procurement analytics. This solution provides insightful marketing attribution details and recommendations needed to optimize every dollar invested. Our approach creates accountability for all contracted partners based on mutually agreed upon key performance indicators (KPIs) and outcomes. We work collaboratively alongside your analytics and marketing teams to ensure company-wide alignment on goals, measurement performance and ROI.

Insights in Action: Discovering Vendor Success

There are multiple ways to assess vendor performance, so we design a robust measurement plan up front. For a recent client, iHeartRadio was found to underperform on one key metric that the agency was prioritizing. However, when we took a deeper look, it was clear that iHeart provided a solid, cost-effective source for all of the key activities the brand was tracking. As a result of this analysis, iHeart’s role was expanded the following year, instead of being cut, as was initially proposed in the media plan.

Marketing & Data Maturity +-

Give Partners Resources to Improve Skills

Internal business partners come to you for a multitude of resources and suggestions. In order to help them contract vendors and agencies that are focused on outcomes, creating a roadmap of where teams are today and ways to level-up is critical. Give your analytics team a head start by partnering with Mojo to build competency internally. With expertise in marketing and sales measurement and performance insights backed by a proven reporting architecture, we serve as an asset to your existing analytics resources.

Cross-Team Coaching

In order to create benefits for your company as a whole, your internal teams must have a common understanding of your data and know how to fill gaps in processes and technology. We deliver coaching services designed for your analytics and marketing teams that integrate data science and marketing efforts, giving your people data visualizations and analyses that help generate actionable recommendations while your campaigns are in market.

Standardized Reporting for Partners

Analytics teams must build out a data specification for all agency partners to inform contracting and data exchanges into your data warehouse. Our flexible approach provides direction for these teams, coaching your employees on creating standardized media activity reporting grounded in detailed measurement plans that align all partners on expectations and KPIs.

Partner Alignment & Accountability +-

Forecast Data Requirements

You work closely with your marketing teams, and your marketing teams work with many vendors and agencies. But when these new contracts begin, marketing may find it difficult to anticipate all the data measurement and optimization needs that should be included. Adding new data requirements after a project kickoff will impact vendor costs and require additional fees. Let us use our performance measurement experience to help you forecast these needs with clear data and reporting requirements and identify the right analytics to evaluate key partners. These quantifiable insights will also enable a shift to outcomes-based contracting to reward external partners based on achievement for the brands.

Minimize Risk in Risk-Share Contracts

Avoid unexpected contract disagreements by providing up-front clarity about three things: the target customers you’re contracting vendors to serve, how you validate the impact of their work, and careful reviews of the invoices. We’ve measured nearly every marketing agency or channel partner in pharma marketing, so we understand how they develop their programs and provide tools to help you contract them to create mutual success with well-defined metrics. We can help you take the risk out of risk-share contracts.

Insights in Action: Delivering Cost Savings

Our client had five brands within a franchise that were each purchasing target email lists and deploying for an annual cost of $683,500. We observed the expenditure and proactively reviewed list providers and usage by brands. As a result of the review, we recommended purchasing an annual unlimited use list from a single provider for use by the franchise and negotiating resend fees, saving the client more than $500k annually.

Procurement

Creating Harmony Across Business Partners

Giving Procurement Teams Insights for Data-Driven Decisions